Great American launches three-year FIAs
Great American Life has introduced two new fixed-indexed annuity (FIA) products: American Landmark 3, for the retail channel, and AssuranceSelect 3 Plus, for the financial institutions channel. Both seek growth and both allow penalty-free access to cash after three years.
Available indexed strategies include well-known indexes and ETFs, including the S&P 500®, iShares U.S. Real Estate ETF, and iShares MSCI EAFE ETF, providing upside potential with protection against market loss. Additionally, the American Landmark 3 and AssuranceSelect 3 Plus issue up to age 90, which gives older clients a safe vehicle for growth and legacy protection.
“As the only three-year fixed-indexed annuities available today, these products give consumers the flexibility to walk away after three years without penalty should their needs or market conditions change,” said Joe Maringer, national sales vice president, Great American Life, in a release.
Great American Life is a member of Great American Insurance Group. It is rated “A+” by Standard & Poor’s and “A” (Excellent) by A.M. Best for financial strength and operating performance.
Allianz Life backs a structured note platform
Allianz Life Ventures, part of Allianz Life Insurance Company of North America, has announced it has invested in Halo Investing, Inc. during the company’s most recent Series B financing round, it was announced this week.
“Halo is the world’s first independent, multi-issuer technology platform for structured notes, which have traditionally only been available to wealthy investors because they require a minimum investment of over $1 million,” a press release said.
The Halo platform leverages analytics to help financial professionals transparently manage structured note portfolios for clients, allowing them to monitor notes, analyze trends and sell for access to secondary liquidity.
Halo has raised $11 million from venture capitalists including an affiliate of Piton Investment Management, William Blair Circle, an affiliate of William Blair, and Allianz Life Ventures. Halo plans to use the money raised to pursue two strategic initiatives aimed at drastically changing the way structured products are manufactured, purchased and traded.
Guilbert becomes division president at Symetra Life
Daniel R. Guilbert has been named president of Symetra Life’s Individual Life and Retirement Divisions, Margaret Meister, president and CEO of Symetra Financial Corporation announced this week.
“As leader of the Individual Life Division (ILD) since 2017, Mr. Guilbert oversaw the unit’s launch of its first indexed universal life product and worked with the ILD leadership team to prioritize systems and processes modernizations,” a Symetra release said.
“Guilbert has helped build Symetra into a fixed indexed annuity leader since joining the company in 2010, simultaneously guiding an expansion and diversification of the company’s retirement product portfolio,” the release said. “Under his leadership, the Retirement Division achieved its first billion dollar sales quarter and Symetra products are now available in every major bank in the United States.”
Broadridge to buy TD Ameritrade retirement unit
Broadridge Financial Solutions, Inc., has agreed to buy the retirement plan custody and trust assets from TD Ameritrade Trust Company, a subsidiary of TD Ameritrade Holding Company.
The acquisition of TD Ameritrade’s retirement plan custody and trust assets will expand Broadridge’s Matrix Financial Solutions mutual fund and ETF trade processing platform, which provides the retirement industry with access to more than 25,000 funds.
Upon closing of the transaction, Matrix is expected to have approximately $420 billion in assets under administration and over 118,000 plan accounts in custody.
TD Ameritrade Institutional, a division of TD Ameritrade, Inc., provides custody and brokerage services to more than 7,000 independent registered investment advisors. It will continue to offer the TD Ameritrade Retirement Plan (TDARP), a turnkey bundle of record-keeping, administration and other services for plan advisors. TD Ameritrade Institutional will maintain its TDARP sales, service and marketing teams as well as its vendor relationships with TDARP service providers.
Terms of the deal were not disclosed. Pending regulatory approvals, it is expected to close in the second quarter of 2018. Wachtell, Lipton, Rosen & Katz serves as legal advisor to TD Ameritrade.
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