Nassau Re, the private equity-backed reinsurer that acquired the Phoenix Companies Inc. in 2015, is introducing its first new annuity since it completed the Phoenix deal.
Nassau Re is using PHL Variable Insurance Company, a Phoenix unit, to write the Nassau MYAnnuity (5X, 7X).
The product is a single-premium, multi-year guarantee annuity. The annuity pays a guaranteed rate of interest, and a purchaser can choose between a 5-year or 7-year guarantee period. The current rate is 3.4% for the 5X version of the annuity and 3.5% for the 7X version.
Nassau Re says it will distribute the new annuity through independent marketing organizations (IMOs).
The contracts have a death benefit equal to the contract value.
Tom Buckingham, Nassau Re’s chief product officer, said in a statement that the company is aiming the annuity at retirement savers looking for relatively high guaranteed interest rates and safety of principal.
— Read Golden Gate-Backed Nassau to Buy Phoenix in First Acquisition on ThinkAdvisor.