The Advanced Markets unit of John Hancock Life Insurance Company, Boston, has developed two technology tools that aim to help producers better meet the needs of key client groups: high net worth customers and small business owners.

One tool, Business Analyzer, lets producers help business owners determine the most appropriate non-qualified plan options available to help them address retirement and estate planning objectives for themselves and for key employees.

The second tool, Estate Tax Calculator, projects estate values and potential estate taxes due by high net worth clients.

Business Analyzer is an interactive decision-tree tool that facilitates data gathering to help advisors narrow non-qualified plan options, such as a restricted endorsement bonus arrangement, supplemental executive retirement plan or executive bonus plan.

Tax Calculator also enables producers to show clients the gift taxes due on a new gift, or estate taxes due on an estate that has made prior taxable gifts.

Pacific Life Funds, a unit of Pacific Life Insurance Company, Newport Beach, Calif., announced the addition of three new mutual funds to its line of options for investors seeking income. The new fixed-income funds are: the PL Short Duration Income Fund, the PL Strategic Income Fund, and the PL High Income Fund. Existing funds

include the PL Income Fund and the PL Floating Rate Income Fund.

According to the company, key characteristics of the new funds are:

• PL Short Duration Income Fund: Designed for investors seeking current income with protection against sudden or large interest-rate changes. Short-term bonds provide income with less sensitivity to interest rate movements.

• PL Strategic Income Fund: Designed to seek higher levels of income through non-investment-grade corporate debt and has the flexibility to adapt to changing market conditions.

• PL High Income Fund: Designed to produce high income through disciplined, active portfolio management focused primarily on high-yield corporate bonds.

The Penn Mutual Life Insurance Company, Horsham, Pa., has disclosed that Jonathan Corteen, co-founder and president of The Heartland Group, Penn Mutual’s career agency in Chicago, has received the General Agents’ and Managers’ Association (GAMA) International Management Award at the Gold level.

Dedicated to promoting the professional development of managers in the insurance and financial services profession, GAMA recognizes the success of leaders or first-line managers of an agency or firm through its International Management Awards. This award acknowledges outstanding managers whose excellent leadership is demonstrated by the performance of the eight or more full-time agents, advisors or sales representatives under their supervision.

With 13 years of experience in the industry, Corteen was previously honored for his accomplishments at Penn Mutual with the 2011 and 2010 Award of Excellence for the Career Agency System.

Presidential Life Corporation, Nyack, N.Y., has completed the purchase of Great American Life Assurance Company, an Ohio domiciled insurance company with approximately $5.60 million in statutory capital and surplus, for cash of $7.04 million. 

Upon purchase, GALAC’s statutory capital and surplus principally consists of cash, short-term investments, and bonds with minimal liabilities as policyholder obligations related to in-force contracts are fully reinsured, President Life says. The purchase price is subject to adjustment for the differential between final statutory capital and surplus at June 30, 2012 and $5.60 million.

GALAC maintains licenses to write life and annuity business in 38 states plus the District of Columbia. The company is obtaining the aforesaid licenses and statutory capital and surplus as part of this transaction.