Annuity Market News articles from February 2003

Annuity Market News archives from February 2003

Allstate group slashes independent B/D channel.(At Deadline. multiple briefs )(independent broker/dealer channel)
February 1, 2003... Allstate Group Slashes Independent B/D Channel Lincoln Benefit Life, an Allstate subsidiary, in December cut approximately 30 positions from the independent broker/dealer channel for annuity distribution. The decision was based on...

Reinsurance Mart Vanishes as AXA Pulls Out: Risk Crisis Reaches Head as AXA Refocuses on Insurance.
February 1, 2003... French insurer AXA announced in January that it would shut down operations of AXA Corporate Solutions Reinsurance Co. in New York. Beginning Nov. 15, the company absorbed the U.S. reinsurance arm into AXA Re and began limiting its business...

Skandia Sued for VAs in Tax-Deferred Plans.(variable annuities)
February 1, 2003... Investing in a variable annuity in a tax-deferred retirement plan has long been the target of industry critics, but last month a New York law firm did more than just harp on the practice. It filed a lawsuit against it. Wolf Haldenstein...

Carriers Pursue Risk Transfer Alternatives.(annuities)
February 1, 2003... It takes money to make money, the adage goes, and this is no less true for the annuity industry. The sale of variable annuity B shares requires up-front capital to compensate brokers and at the same time generates an asset-based income...

Fund Managers, Investors Unlikely to Profit From Elimination of Dividend Taxes.
February 1, 2003... While many are applauding President Bush's $673 billion economic stimulus package, it is expected to have very little impact on the mutual fund industry, and some even think it could actually hurt certain areas of the market. This, of...

Immediate Fixed Annuities a Tremendous Resource.
February 1, 2003... In the recent bear market, financial advisers have encountered a "perfect storm" for their retiring Baby Boomer clients. Their 401(k) values have dramatically diminished. They may have underestimated how long they will live. Market...

Ibbotson Associates Debuts Fixed Annuity Data.
February 1, 2003... Subscribers to Ibbotson Associates' Encore product are now able to include fixed annuity data in their modeling. The Chicago-based company is offering the Beacon Fixed Annuity Index Average Benchmark Series, which provides fixed annuity data...

Preaching to the Lutheran Choir.(Thrivent Financial for Lutherans)
February 1, 2003... One can easily dismiss niche companies as small and uncompetitive, but Thrivent Financial for Lutherans is looking to break that mold. The Minneapolis-based company, formed last year with the merger of the Aid Association for Lutherans and the...

Safeco Names New Chief Of Broker/Dealer Channel.(Safeco Life & Investment, Jeffrey Hardwick)(Brief Article)
February 1, 2003... Jeffrey Hardwick has joined Safeco Life & Investment as managing director of broker/dealer distribution, a channel that includes life insurance, annuities, retirement plans and mutual fund sales. Hardwick replaces Steve Manuel, now Western...

Cerulli Consultant Saccocia Now TowerGroup Analyst.(Cynthia Saccocia, formerly of Cerulli Associates)(Brief Article)
February 1, 2003... Cynthia Saccocia has joined TowerGroup as a senior analyst in the company's insurance practice. With the new hire, the company hopes to expand its coverage of life insurance and annuities. Saccocia's understanding of the insurance industry...

Burrows Joins GE as VP Of Wealth Sales Channel.(Rick Burrows joins GE Financial)(Brief Article)
February 1, 2003... GE Financial has hired Rick Burrows as VP of distribution development of the company's wealth and income management division. Burrows reports to Ron Felmus, senior vice president and director of strategic accounts. Burrows is responsible...

MONY Group Hires Cohen As VP, Compliance Officer.(Jay Cohen)(Brief Article)
February 1, 2003... The MONY Group has hired Jay Cohen as VP and chief compliance officer. Cohen is responsible for insurance market conduct and securities compliance, in addition to matters of customer privacy. Cohen reports to Michael Roth, chairman and CEO....

Kemper President Retires After Six-Year Reign.(William D. Smith departs as president and COO of Kemper Insurance)(Brief Article)
February 1, 2003... William D. Smith, president and COO of Kemper Insurance, has retired after six years. The company has created an office of the chairman to assume his duties as the company embarks on an executive search. David B. Mathis, chairman and CEO, had...

Sun Life, MFS Join Distribution Forces.(Sun Life Financial and its MFS Investment Management subsidiary)
February 1, 2003... To streamline their product lines and focus more on consultative product enhancements, Sun Life Financial and its subsidiary, MFS Investment Management, have joined their two annuity distribution lines. The new organization will be called...

Bill Boscow Underscores the Magnitude of Income for Life.(Lincoln Retirement's chief marketing officer)(Interview)
February 1, 2003... Lincoln Retirement of Fort Wayne, Ind., has actively broadcast a key role of annuities for retirement income, to the extent of rebranding its income annuity rider and itself. Even amid an effort to search for the right image and message to...

Fund Wholesaler Salaries Decline Nearly 20%.
February 1, 2003... It wasn't the devil, but the bear, that made them do it. Amidst grim market conditions and widespread layoffs, annuity and mutual fund giants have been forced to push wholesaler salary levels down nearly 20%, according to DGL Consultants....

Prudential Introduces Third Fixed Annuity.(Prudential Financial Inc. launches Strategic Partners Horizon Annuity)
February 1, 2003... Just three weeks after it agreed to buy American Skandia Life Assurance Co., Prudential Financial Inc. has expanded its own product offerings to include a third fixed annuity. The new product, Strategic Partners Horizon Annuity, like its...