Credit: Monkey Business/Adobe Stock
Mutual of Omaha — an insurance company owned by its customers, rather than outside investors — is expanding its retail annuity and long-term care planning product business.
The Omaha, Nebraska-based mutual insurer has formed a new Health and Annuity Solutions unit to sell products such annuities, long-term care insurance and critical illness insurance.
Laura Huscroft, an actuary, will be the head of the new unit.
Huscroft talked about Mutual of Omaha's status as a policyholder-owned mutual in a statement about the launch.
"Mutual of Omaha's policyholder ownership, financial strength and disciplined approach to risk management give our customers confidence that we will be there for the long-term," Huscroft said.
What it means: Mutual of Omaha's announcement could be a sign that strong mutual insurers will be in a good position to gain market share in an era of increased investment market volatility.
For clients and their advisors, that kind of shift could mean that ownership structures and other corporate governance considerations could get more attention.
Mutual of Omaha: Mutual of Omaha was founded in 1909. It now has $55 billion in assets and 6.7 million policies in force.
It recently began building a new 44-story headquarters building in downtown Omaha.
Credit: Monkey Business/Adobe Stock
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