Brookfield Reinsurance and American Equity Investment Life Holding Company (AEL) have entered into a definitive agreement whereby Brookfield Reinsurance will acquire all of the outstanding shares of common stock of AEL in a cash and stock transaction that values AEL at approximately $4.3 billion. Brookfield Reinsurance expects to maintain AEL’s headquarters in Des Moines, Iowa, and that growth in the AEL platform over time should increase net jobs in Iowa. This is the second major U.S. insurance company acquisition in as many years for Brookfield Reinsurance. Last year, Brookfield Reinsurance acquired American National Group for $5.1 billion. | more
The National Association of Insurance Commissioners (NAIC) revised the Suitability in Annuity Transactions Model Regulation 275 in February of 2020. The revisions require completion of either a 1-hour General Annuity Training CE course available to producers who have taken the previous NAIC Annuity Suitability training or a new 4-hour General Annuity Training CE for those who have not taken it previously. General Annuity Training CE must be completed with a training vendor approved by the state in which the writing agent is taking the application in.
The revision is being reviewed by various state insurance departments and has been adopted by 40 states. Before doing business in these states, agents must fulfill the General Annuity Training requirement. | more
The Brokers Network is proud to announce our newest addition, Columbus Life Insurance Company. Founded as Columbus Mutual in 1906, Columbus Life is a member of the highly rated Western & Southern Financial Group and is licensed to offer life insurance in all states except New York. Columbus Life offers 10-, 15-, 20- and 30-year Nautical Term but is most known for their cash-value portfolio of fixed and indexed universal life with living benefits. Look for more information to follow in the coming weeks.
John Hancock’s Protection Term and Vitality Term are now available in Vive. Vive is an exclusive term life insurance submission platform only available to LIBRA Insurance Partners and also includes term products offer by American General, Banner Life, Cincinnati Life, Lincoln National, Pacific Life, Principal, Protective, Prudential, United States Life NY, William Penn NY and now John Hancock. Vive simplifies the submission of your term life business with a fairly uniform process with only a few variations from company to company. To learn more about Vive or to schedule a demo, contact Joe Mack at 800-749-9900, ext. 150.
Effective February 1, 2023, Zurich is closing their Wealth Builder IUL, Select IUL, Survivor IUL and Zurich Term to new sales. To preserve one of these plans for your clients, applications must be received by January 31, 2023, and placed in force with premium by March 28, 2023. While we are disappointed by this news, we look forward to the unveiling of Zurich’s new simplified underwriting term life portfolio in 2023.
American National has arrived at the purposeful decision to cease term life sales at this time. As of 12/1/2022, American National will no longer accept applications for Signature Term Life Insurance. This announcement does not affect any conversion privileges or reinstatement privileges on existing term policies. | more
Great American Life is now MassMutual Ascend. “Ascend” was chosen because it speaks to their mission to always move onward and upward in the pursuit of securing financial futures and elevating partnerships. MassMutual Ascend will operate as a stand-alone subsidiary of MassMutual but their products and your customers’ existing annuities will remain the same.
We are excited to announce that AIG Life & Retirement is now Corebridge Financial, a $350 billion New York Stock Exchange publicly traded company. The names of the underlying life insurance companies – American General, United States Life of NY & VALIC – will remain the same. | more
We are pleased to announce Guggenheim Life and Annuity Company is now Clear Spring Life and Annuity Company. While their name has changed, the Clear Spring Life A.M. Best rating of A- (Excellent) remains unchanged.
Clear Spring Life will accept Guggenheim Life branded forms for the next 45 days. Clear Spring Life forms and applications are available at clearspringlife.com. Clients with in-force policies will be receiving a letter and a policy endorsement from Clear Spring Life informing them of the name change in the near future. The Clear Spring Life Customer Service team will be available to provide you and your clients with the help you need on in-force policies and they can be reached at 800-990-7626.
We have expanded the quoting options on our website with the addition of Principal disability and the final expense, long-term care, cancer, critical illness and express issue life insurance plans issued by Mutual of Omaha. These can all be found by clicking on Illustrations from the menu after logging in. Look for additional enhancements to our website in the coming weeks.