Nassau Re launches first re/insurance product under new brand
March 27, 2018 by Matt Sheehan
Nassau Re has announced the launch of a new single-premium multi-year guarantee annuity (MYGA), which will be the first new addition to its re/insurance offerings since its acquisition of Phoenix in 2016.
The new product, called Nassau MYAnnuity (5X, 7X), will renew the company’s focus on consumer value and choice, and will be made available through independent marketing organizations (IMOs).
Phil Gass, Chief Executive Officer (CEO) of Nassau Re, said: “In partnership with our IMOs, we are excited to launch our first new annuity since the closing of the Phoenix acquisition, and our first product under the Nassau Re brand.
“Over the last two years, we have invested significantly in our infrastructure and technology to enhance our existing products and make doing business easier for our distribution partners. Adding MYGAs to our product portfolio is a first step to expand and diversify our product offerings.”
Tom Buckingham, Chief Product and Service Officer for Nassau Re’s insurance segment, added: “With the launch of Nassau MYAnnuity, we are pleased to offer a market-leading guaranteed interest rate up to 3.5%.
“Nassau MYAnnuity is an attractive product for individuals looking for higher guaranteed interest rates and safety of principal as they plan for retirement.”
Nassau MYAnnuity will be offered with a five or seven year duration, will accept single premium payments ranging from $15,000 to $1 million, and will allow customers the flexibility of opting for a 10% Free Withdrawal Amount, which reduces the guaranteed interest rate by 0.25%.
