Genworth (NYSE:GNW) introduced its second index universal life (UL) insurance product, Foundation Builder Index UL, which provides death benefit protection backed by a no-lapse guarantee of up to 30 years, plus the opportunity to build cash value for future financial flexibility.
The Foundation Builder Index UL offers:
- Five index interest crediting strategies linked to the percentage change in the S&P 500 Index to help build cash value for future flexibility. Policyowners benefit from interest credits up to a cap and have a guaranteed floor of 0 percent.
- An optional Accelerated Benefit Rider for Long Term Care Services. The rider, available at an additional cost, combined with index universal life insurance coverage, creates reliable death benefit protection while offering access to the specified amount for covered long term care expenses. The rider includes at-home coverage with no waiting period as well as coverage for informal caregivers. If the policyholder does not need to use the rider or only uses a portion of the specified amount for covered long term care expenses, then the remaining portion of the specified amount will be paid as a death benefit.
The Principal Financial Group has streamlined the process of changing retirement plan providers with:
- The ability to sign transition paperwork electronically: Plan sponsors can safely and securely sign one or multiple documents in just a few clicks, saving valuable time;
- Easy-to-use online document hub: Retirement plan documents are securely stored in one location, and can be accessed anytime, helping sponsors stay well organized as they manage their fiduciary duties.
Plan sponsors also have the option of a streamlined strategy for transferring plan assets, automatically defaulting participants into a qualified default investment alternative (QDIA) selected by the plan sponsor. Participants have the choice to opt-out during the transition or after.
Securian Retirement launched the Matrix Retirement Platform, an online tool that streamlines investment analysis, menu selection, levelized compensation, model portfolio building and ongoing monitoring. The online tool is powered by Matrix, a Broadridge Financial Solutions company (NYSE: BR).
Securian Retirement, along with Matrix, developed the offering collaboratively with input from retirement plan specialist firms. The solution was designed with a specific set of advisors in mind – fee-based advisors who specialize in retirement plans, who prefer to utilize levelized compensation across plan assets, and are dedicated to help plan sponsors manage their fiduciary responsibilities and risks.
Conning is offering Working Capital Finance Investments for U.S. insurers.
Part of an approximately $4 trillion-plus market generally known as trade finance or trade credit, Working Capital Finance Investment programs are private placements of pools of commercial trade receivables that offer higher yields than other short duration investment options of similar quality. These high-quality floating-rate investments offer a hedge against rising interest rates.
The National Association of Insurance Commissioners recently approved Working Capital Finance Investments as an admitted asset for reporting entities.
Conning offers a range of investment strategies in noncore and alternative asset classes. In addition to innovative approaches to fixed income products, these strategies include high dividend equity, master limited partnerships, liquid alternatives and other products tailored to the unique needs of the insurance industry.
Senior Vice President Katherine O’Brien has been elected chief human resources officer for New York Life, effective Jan. 1.
In her new role, O’Brien assumes responsibility for Talent Development, Talent Acquisition, the HR Services unit, Compensation and Benefits, Employee Relations and the HR Business Partners function, with additional oversight for the Office of Diversity and Inclusion.
O’Brien is currently senior vice president and chief corporate counsel, leading all corporate practice teams in the office of the general counsel, including the employment and ERISA units. Previously, she was first vice president and deputy general counsel in the office of the general counsel after serving as the company’s first chief diversity officer in the Human Resources Department for two years. Prior to that, O’Brien held positions of increasing responsibility in the cffice of the general counsel. She joined New York Life in 1995 as a litigator, specializing in employment litigation and benefits compliance. Prior to joining New York Life, O’Brien worked with several law firms in New York in general commercial litigation.
O’Brien will report to Senior Vice President Barry Schub, who oversees a number of corporate departments including Corporate Strategy, Corporate Communications and Human Resources.
LifeMap Assurance Company selected Beth Andersen as its new president and chief executive officer. She will lead LifeMap’s strategic product development, customer focused operational efforts and financial growth.
Andersen comes to LifeMap from Aetna where she was president of the company’s western region, and also held the positions of vice president of sales and service for national accounts and head of underwriting for national accounts.
LifeMap offers a complete portfolio of insurance and benefit plans designed to offer financial protection to customers.
Andersen also serves on the advisory board for Mobiquity, a mobile solutions developer, offering health care insight and expertise. She holds a bachelor’s degree and Master of Business Administration, both from the University of California, Berkeley.
Andersen succeeds Bill Barr, who announced his departure in October.
John Milne joined Torus as accident & health underwriter. Milne, who has over 15 years’ Accident & Health experience across the Lloyd’s and London markets, will work alongside Underwriting Manager for Accident & Health, Stephen Hitch. Mr. Milne reports into Neil Attwood, Active Underwriter, Torus Syndicate 1301. Milne joins Torus from Argo Syndicate 1200, where he was most recently Line Underwriter responsible for the development of the syndicate’s Accident & Health account. He has also held positions at QBE, Park London/Glencairn Ltd/Willis, Apex and RGB Syndicate 490.