According to Insurance News Net’s article “Phoenix Cos. Forms Alliance for Indexed Annuities, Continues to Seek New Distribution Channels,” the Connecticut based company is looking to sell their products through many new channels. They are now collaborating with AltiSure Group, an annuity company that also designs and distributes life insurance. The companies will work together in developing equity indexed annuities and life insurance in hopes to bring them to a much greater number of consumers. Independent marketing organizations distribute Altisure’s products. All combined in 2009, they had $4 billion of annuity premiums sold.
James D. Wehr took over as President and CEO at Phoenix in May 2009. He has been working to increase the company’s financial strength ratings by opening new distribution channels like this partnership and coming out with some alternative products for generating retirement income. They began private labeling their products, so that Phoenix became the private label manufacturer with a different financial institution actually putting their name on Phoenix’s products. Their A.M. Best financial rating increased last week from a B+ (Good) to an A- (Excellent). Their outlook was also listed as stable. As fixed annuity rates remain fragile, Phoenix looks to their equity indexed annuities and other annuity products to help customers gain the retirement income that they need.