New York Life received the Retirement Income Industry Association’s first annual Innovation in Retirement Income Products award sponsored by Retirement Income Journal.
New York Life’s deferred income annuity, the Guaranteed Future Income Annuity (GFIA), was awarded for transforming a long overlooked product category into a growing area of the market today.
New York Life repositioned the product as a way to help pre-retirees build their own pension-like stream of guaranteed lifetime income at retirement. Before 2011, the deferred income annuity market was a $50 million market. After New York Life launched its GFIA in July 2011 the market has expanded to more than $1 billion in sales per year.
In other industry news:
AssuredPartners of New Jersey, an AssuredPartners Inc. platform operation, acquired Anderson-Jackson-Metts dba AJM Insurance. The agency specializes in commercial insurance coverage, personal insurance coverage and financial planning and health benefits for corporations and individuals.
Founded in 1944, the agency reported revenues of approximately $5.3 million.
As part of the acquisition, 30 AJM Insurance employees will join AssuredPartners of New Jersey.
Conning appointed Neil Holmes as head of Business Development – UK and Benelux. Based at Conning Asset Management Limited in London, and with more than two decades of commercial banking and global client relationship management experience extending to insurance and reinsurance industries, Holmes will be responsible for driving Conning’s growth in his respective markets.
Prior to joining Conning, Holmes served as a senior banker within the Financial Institutions Group at Crédit Agricole Corporate and Investment Bank, responsible for managing and growing a portfolio of UK life and non-life insurance companies, banks, bancassurers, and select Dutch banks.