American International Group, Inc. (NYSE: AIG) launched AG Asset Protector, a suite of riders for a life product that provides financial security to customers. AG Asset Protector consists of two riders that allow policy holders to access their death benefit while they are still living: the Accelerated Access Solution in the event of a chronic illness, and the Lifestyle Income Solutionthat offers customers more financial control during uncertain economic times and affordable protection against outliving retirement income.
The features and benefits offered by AG Asset Protector provide protection against the excessive costs of dealing with chronic illnesses and conditions as well as the fear of outliving retirement income, giving policy holders the option to receive living benefits from their life insurance policy.
In other news:
Munich Re is expanding its presence in the U.S. health reinsurance business with the opening of a new regional office in Minnetonka, Minn.
This decision was taken to seize opportunities arising from the Patient Protection and Affordable Care Act (PPACA).
The Minnetonka office will be led by David Sipprell, president of Munich Re’s Managed Care unit, and have a staff of six with room for expansion. Currently, the staff primarily services Munich Re’s managed care unit, but plans call for additional resources in support of both the reinsurance and stop loss business.
The new office is located at Crescent Ridge II, 10900 Wayzata Blvd., Suite 620, Minnetonka, MN 55305.
Symetra Life Insurance Company today announced new appointments within its Benefits Division sales leadership team as it positions the division’s three product sales lines — group life and disability income, medical stop-loss and fixed-payment indemnity insurance — to better serve employee benefits brokers and third party administrators in a new Affordable Care Act era.
Jeff Farmer has been named national sales director, Group Life and Disability Income Insurance. A 26-year employee benefits market veteran, Farmer assumes responsibility for leading the external wholesaling team as the group life and disability income product line adds absence management services and continues to expand through partnerships with key employee benefits brokers and consultants across the United States. Farmer is based in Norcross, Ga., and reports to Craig Raymond, senior vice president, Group Life and Disability Income Insurance.
To better support the self-funded insurance market, Symetra has segmented its medical stop-loss sales distribution channel into two regions. Based in Boston, Regional Vice President Thomas Costello will manage the Eastern region. Chicago- and Bellevue, Wash.-based Regional Vice President Thomas Bittner is responsible for the West/Central region. Bittner and Costello are tasked with identifying new ways to meet employers’ evolving needs as a result of health care reform changes. They report to Michael Fry, executive vice president, Benefits Division.
Focusing on opportunities in the supplemental medical market, Symetra has tapped Bill Edrington to head up distribution of its Select Benefits fixed-payment indemnity insurance. Edrington will drive initiatives to increase awareness of additional coverage options for employer-sponsored health care plans. Based in Norcross, Ga., Edrington reports to Michael Fry.
AssuredPartners Inc. recently completed the acquisitions of AirSure Limited LLC, Anna Berman Agency LLC and Creech & Stafford Insurance Agency, Inc.
Founded in 1984, AirSure Limited is headquartered in Golden, Colo., with additional operations in Plano, Texas, and specializes in insurance coverage, employee benefits and risk management services for businesses in the aviation industry, including commercial operations, corporate aircraft services and helicopters. AirSure Limited reports revenues of approximately $13 million. As part of the acquisition, 35 AirSure Limited employees will join AssuredPartners. Operations will continue out of the Golden, Colo. and Plano, Texas office locations.
The Anna Berman Agency LLC, is an independent insurance firm that specializes in commercial insurance, including liability, workers’ compensation and group health; and personal insurance, including auto, homeowners’, flood and earthquake located in North Brunswick, N.J. As part of the acquisition, the Anna Berman Agency operations will move into the Donald F. LaPenna offices, an AssuredPartners subsidiary, located in Clark, N.J.