John Hancock Unveils Tools for HNW Clients, Small Business Owners

• 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.