What You Need to Know
- Nathan Gemmiti, an Athene veteran, is the Ibexis Life CEO.
- A partnership controlled by Investcorp affiliates brought the new insurer to life quickly by acquiring Sunset Life Insurance.
- Ibexis Life has licenses to write insurance in 43 states and the District of Columbia.
An insurer backed by Investcorp is moving ahead with efforts to enter the U.S. fixed annuity market.
The new annuity market player, Ibexis Life & Annuity Insurance Co., said Monday that it intends to introduce a contract by June 30.
The company is emphasizing that its first products will be fixed.
Ibexis Life “offers fixed annuities to help clients protect their financial future and prepare for retirement,” the company said in a description of its business. “Our fixed annuities can help individuals accumulate interest without risk of losing principal and provide guaranteed income during retirement.”
The company’s website shows proposed marketing information for the MYGA Plus annuity contract. The product will be a multi-year guaranteed annuity contract that comes with a choice of a three-year, five-year or seven-year rate guarantees, according to the website.
Product and feature availability might vary by state and by broker-dealer.
What It Means
Low interest rates and new accounting rules may be making some large, publicly traded insurers leery of offering annuities with rich guarantees, but other players still like the idea of selling those kinds of products.