The Great Life-Insurance Temptation
{April 4th, 2014} by Leslie Scism at leslie.scism@wsj.com
Life-insurance policies have gotten a surprising sales boost from a rising stock market. But if share prices sag, customers could be in for a shock. The recent rally has increased the appeal of two types of life insurance that link benefits to stocks: “variable universal life” and “indexed universal life.” Last year, when the S&P […]
How life insurers can attract old customers and keep new ones
{April 3rd, 2014} by Brian DeMaster
Life insurance customers are more demanding than ever, and those who don’t get what they want find it easier than ever to switch providers. Accenture research indicates that one in 10 life insurance customers will take out a new life insurance contract with a new provider within the next twelve months, and that seven percent […]
Tracking, complying with regs top concerns of industry execs
{April 3rd, 2014} by Warren S. Hersch
Insurers’ concern and attention to compliance and risk management issues dipped slightly since the fourth quarter of 2013 but remains high, new research shows. Wolters Kluwer Financial Services unveils this finding in “Regulatory & Risk Management Indicator, U.S. Insurance Industry.” The March 2014 report surveyed nearly 300 insurers about their most pressing regulatory and risk […]
A.M. Best Revises Outlook to Positive for Ameritas Mutual Holding Company Subsidiaries
{April 3rd, 2014} by Best's News Service
Oldwick – A.M. Best has revised the outlook to positive from stable and affirmed the financial strength rating (FSR) of A (Excellent) and issuer credit ratings (ICR) of “a+” of Ameritas Life Insurance Corp. (Ameritas Life) (Lincoln, NE), Ameritas Life Insurance Corp. of New York (Ameritas NY) (New York, NY), Acacia Life Insurance Company (Acacia […]
BB&T Insurance Services Buys Woodbury & Co. on the Carolina Coasts
{April 3rd, 2014} by Marie Suszynski, Best's News Service correspondent
RALEIGH, N.C. – BB&T Insurance Services Inc., the sixth-largest insurance broker in the United States and internationally, has acquired an agency on the Carolina coasts. BB&T bought Woodbury & Co. and plans to combine its existing agencies in Wilmington, N.C. and Myrtle Beach, S.C. with the company. The transaction is expected to be completed April […]
Annuity sales through banks topped $35 billion in 2013
{April 3rd, 2014} by Daniel Williams
Good and bad news hit annuity sales through financial institutions in 2013, according to figures released in the annual BISRA Report. Fixed annuities led the way, growing 39 percent from the previous year, but premiums continue to swoon, falling 36 percent since the record high in 2008. We saw a nice progression as the year […]
Guidelines for Use of Professional Designations
{April 3rd, 2014} by Annuity Outlook Magazine Staff
NAFA Guiding Principles are published by the NAFA Education Committee for annuity professionals to help them prepare to better communicate with consumers. The following is a summary of NAFA Principles for Use of Professional Designations. Learn more and read the full principle paper and others here: www.NAFA.com/education. The pursuit of professional designations can help further […]
What makes baby boomers tick?
{April 3rd, 2014} by Vanessa De La Rosa
You’ve heard it a million times: 10,000 baby boomers will turn 65 each day for the next 15 years. They are living longer and aiming to retire earlier. They also control a large portion of the nation’s wealth. Click here to read…
A.M. Best Comments on Under Review Status of Lincoln Benefit Life Company
{April 2nd, 2014} by Business Wire
A.M. Best has commented that the financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” of Lincoln Benefit Life Company (LBL) (headquartered in Northbrook, IL) remain under review with negative implications following the announcement that The Allstate Corporation (Allstate) (Northbrook, Il) [NYSE:ALL] has completed its previously announced sale of LBL to […]
A.M. Best Affirms Ratings of Nationwide Mutual Insurance Company and Its Key Operating Subsidiaries
{April 2nd, 2014} by Business Wire
A.M. Best has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of “aa-” of the four participating property/casualty pool members and 30 reinsured affiliates of Nationwide Group (Nationwide). A.M. Best also has affirmed the FSR of B+ (Good) and ICR of “bbb-” of Nationwide Indemnity Company (NIC), the group’s […]
Report Warns of Impact of Tight Regulations on Life Captives
{April 2nd, 2014} by Thomas Harman, associate editor, BestWeek: Tom.Harman@ambest.com
WASHINGTON – Tight capital regulations help ensure solvency for life insurers but could shrink the market considerably if applied too tightly to life captive reinsurance transactions, according to a new paper from the Federal Reserve Bank of Minneapolis that also calls for increased transparency for life captives. It was issued as state regulators gather at […]
Court rules estranged wife entitled to life policy proceeds
{April 2nd, 2014} by Steven A. Meyerowitz
A federal district court in Pennsylvania has ruled that the estranged wife of a doctor who committed suicide was entitled to the proceeds of a life insurance policy on his life, notwithstanding his attempt to remove her as beneficiary, where the couple previously had reached a marital settlement agreement that allocated the policy to her. […]
Why ‘Radical’ Annuity Change In U.K. Interests The U.S. Market
{April 2nd, 2014} by Linda Koco
In a radical change to its 90-year-old retirement system, the United Kingdom plans to decouple annuities from retirement plans. Annuity professionals in the United States can glean some takeaways from the massive disassembling that is about to occur. Targeted at defined contribution retirement plans, the proposed changes will make it so that people will no […]
Zurich CFO’s Widow to Confront Insurer at Annual Meeting; Company Defends Probe
{April 2nd, 2014} by Alice Baghdjian and Katharina Bart; Editing by Noah Barkin
REUTERS: Seven months after the suicide of Zurich Insurance finance chief Pierre Wauthier, his widow is set to confront the company over its handling of the tragedy, reopening a scandal that unsettled investors. In the first extensive interview since her husband’s death last August, Fabienne Wauthier told Reuters she would attend Zurich’s annual general meeting […]
Florida Lawyer Sentenced to 10 Years for Insurance Fraud
{April 2nd, 2014} by Associated Press
A South Florida attorney has been sentenced to 10 years in federal prison for his involvement in an $800 million death benefits insurance fraud scheme. U.S. District Judge Robert Scola imposed the sentence Tuesday on Anthony Livoti Jr., who was convicted by a jury of money laundering and fraud conspiracy in the Mutual Benefits Corp. […]
Life Insurers Flock to ‘Easy’ Iowa As More Federal Oversight Looms
{April 1st, 2014} by Zachary Tracer
After Symetra Financial Corp. was formed in 2004, the life insurer set up shop in a 25-story glass tower outside Seattle, put its name on the building and pushed the state to adopt more favorable rules for its business. The company advocated for a law to reduce its cost of investing in derivatives, saying that […]
Trends in Regulatory Oversight – Part 1: “The Battle Over Standard of Care”
{April 1st, 2014} by Kim OBrien
Message From President I have never been much of a conspiracy theorist. In fact, those who know me would probably peg me as a Pollyanna of all things positive. However, there is no doubt here at NAFA that our fight to protect the fixed annuity didn’t end with Rule 151A. And for those who think […]
Interstate Compact Supporters Remain Hopeful Holdout States Will Join
{April 1st, 2014} by Thomas Harman, associate editor, BestWeek: Tom.Harman@ambest.com
ORLANDO, Fla. – Supporters of the interstate insurance compact model designed to help life insurers speed their products remain hopeful the remaining few jurisdictions that have not approved it ultimately will — and in so doing meet a Federal Insurance Office recommendation to do so. During the National Association of Insurance Commissioners Spring National Meeting […]
Biggest boomer retirement regrets
{April 1st, 2014} by Lisa Barron
The last of the baby boomer generation will be turning 50 this year, and it’s time for them to get a fix on how they are going to prepare for retirement. Fortunately, there are valuable lessons, financial and otherwise, to be learned from those who have already reached their later years. On the financial front, […]
Evidence Of Faked Death Was Itself Faked
{April 1st, 2014} by Steve Patterson
An insurance company that said a Jacksonville businessman’s death inVenezuela was faked, used phony records itself to try to convince a judge, lawyers for the businessman’s son are arguing. And they’re asking that the judge throw out as “a sham pleading” a claim by Hartford Life and Annuity Insurance Co. that Circle K Furniture owner […]
Americans Passive About Financial Education, Study Says
{April 1st, 2014} by PR Newswire
RICHMOND, Va. (March 31, 2014) / PR Newswire / — Americans recognize that as they become more financially savvy they are more likely to have a larger nest egg at retirement. Yet despite this knowledge, relatively few take steps to improve their understanding of financial matters. These are among the key findings of the latest […]
Don’t overlook opportunities with middle-market households
{April 1st, 2014} by LIMRA
With nearly three fourths of all middle-market households in the workforce and actively saving for retirement, a real growth opportunity exists for financial firms and advisors, according to the LIMRA Secure Retirement Institute (LIMRA SRI). One key recommendation encourages companies to grow long-term relationships with the middle-market. Click here to read…
Insurance Executives See Jump in Acquisitions Ahead
{April 1st, 2014} by Towers Watson
After a slowdown following the 2008 financial crisis, the volume of insurance mergers and acquisitions should increase over the next one to three years, according to North American insurance executives. A sizable 86 percent of those executives participating in a Towers Watson survey said they expect to see an increase in insurance M&A activity, with […]
Allstate Closes Sale Of Lincoln Benefit Life
{April 1st, 2014} by PR Newswire Association LLC
NORTHBROOK, Ill., April 1, 2014 /PRNewswire/ –The Allstate Corporation (NYSE: ALL) has completed the sale of Lincoln Benefit Life Company to Resolution Life Holdings, Inc. “This divestiture is another strategic step for Allstate to serve distinct consumer segments with differentiated offerings,” said Thomas J. Wilson, chairman, president and chief executive officer of The Allstate Corporation. […]
What’s Next For G-SIIs And SIFIs?
{April 1st, 2014} by Susan T. Stead
After several years of debate and consternation, certain insurance groups have been deemed to be systemically important to the U.S. and global economies. The regulatory oversight of these insurance groups will change. But how? Two different sets of “policy measures” have been developed to help regulators and the companies manage systemic risk, one developed by […]
Davison Takes Helm As CEO For OneAmerica
{April 1st, 2014} by N/A
INDIANAPOLIS (March 31, 2014) — J. Scott Davison, CLU, ChFC, will begin serving as chief executive officer for the companies of OneAmerica® on April 1, 2014. A 28-year industry veteran, Davison has held various leadership roles in his 14 years at OneAmerica including chief financial officer, executive vice president and, most recently, as president since […]
Life Happens Announces New Officers and Members to its Board
{April 1st, 2014} by Life Happens
Eighteen member board drawn from a diverse field Arlington, Va. – March 27, 2014 – Life Happens, a nonprofit organization formerly known as the LIFE Foundation (LIFE), today announced the appointment of two new officers and eight new members to its board of directors. Cindy V. Gentry, CLU, ChFC, LUTCF, of Corpus Christi, Texas is […]
