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Americom, Legacy Release S&P 500 EIA

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NU Online News Service, Nov. 16, 2004, 5:28 p.m. EST

A major insurance distributor has helped a U.S. arm of Old Mutual P.L.C., London, develop a new fixed annuity.[@@]

The Old Mutual unit, Americom Life and Annuity Insurance Company, Austin, Texas, has introduced the AmeriMark equity indexed annuity. Americom designed the flexible-premium, deferred annuity together with Legacy Marketing Group, San Francisco, Americom says.

The EIA contract has a crediting rate tied to the performance of the S&P 500 stock index. The crediting rate resets every 3 years, Americom says.

Legacy will be the sole distributor of future Americom fixed annuity products, but agents who now have contracts with Americom Life can continue to sell existing Americom products, Americom says.