There’s a new annuity market player in the game, and earlier this week they announced plans to introduce a contract by June 30.
According to a recent ThinkAdvisor article, Ibexis Life & Annuity Insurance Co., plans to focus their first products on fixed annuities.
Ibexis Life “offers fixed annuities to help clients protect their financial future and prepare for retirement,” the company said. “Our fixed annuities can help individuals accumulate interest without risk of losing principal and provide guaranteed income during retirement.”
The Ibexis Life website includes proposed marketing information for the MYGA Plus annuity contract, which will offer a choice of a three-, five- or seven-year rate guarantees.
The creation of Ibexis Life occurred in November 2021 with the backing of Investcorp and the acquisition of an existing life insurance company, Sunset Life Insurance of America, from Kansas City Life Insurance Co.
Ibexis Life currently has an A- rating from AM Best and licenses to issue insurance in 43 states and the District of Columbia. The company claims that the high rating was awarded partly because of its own strong balance sheet, and partly because of capital commitments from Investcorp, which has about $40 billion in assets under management.
The CEO of Ibexis Life, Nate Gemmiti, assisted Apollo Global Management build Athene, and was later the chief operating officer of Knighthead Annuity & Life Assurance Co. in the Cayman Islands. He is also the founding chairman of the Cayman International Reinsurance Companies Association.
Written by Rachel Summit
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