Specialty Program Group, LLC (SPG), a leading operator of specialty insurance brokerage firms and underwriting facilities, announced today the acquisition of the assets of Brokers’ Service Marketing Group II, LLC (BSMG) as of December 15, 2021. BSMG is a leading life and annuity brokerage general agency (BGA) serving advisors and financial institutions. The company was… Continue reading SPG Acquires the Assets of Brokers’ Service Marketing Group
Tag: life insurance
Liberty Company Insurance Brokers Partners with Innovative Solutions Insurance Services
The Liberty Company Insurance Brokers announced today that it has partnered with Innovative Solutions Insurance Services. Led by Lynne Rosenberg, Innovative Solutions is a national Brokerage General Agency for life insurance, disability, and annuity programs, offering a single solution for insureds and brokers. The partnership with Innovative will provide a major conduit for Liberty in… Continue reading Liberty Company Insurance Brokers Partners with Innovative Solutions Insurance Services
AIG and Blackstone Close Transaction in Life & Retirement Business
American International Group, Inc. and Blackstone today announced that the previously disclosed transaction for Blackstone to acquire a 9.9% equity stake in AIG’s Life & Retirement business and for Blackstone to manage an initial $50 billion of Life & Retirement’s existing investment portfolio has closed. It was announced back in July that the pair had… Continue reading AIG and Blackstone Close Transaction in Life & Retirement Business
Life Insurance Policies Increasingly Owned by Private Equity, Asset-Management and Investment Firms
Americans own more than 160 million individual life insurance and annuity policies. A big, unexpected change is ahead for many of them. Traditional life insurers are leaving the business in droves. The responsibility for death benefits, which might be a half-century away, or for annuity income streams that run over decades, is increasingly in the… Continue reading Life Insurance Policies Increasingly Owned by Private Equity, Asset-Management and Investment Firms
Insurify, a ‘Virtual Insurance Agent,’ Raises $100M Series B
Today, Insurify, a startup that wants to help make it easier for people to get better rates on home, auto and life insurance, announced that it has closed $100 million in an “oversubscribed” Series B funding round led by Motive Partners. Existing backers Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures and Moneta VC also put… Continue reading Insurify, a ‘Virtual Insurance Agent,’ Raises $100M Series B
Individual Life Insurance Sales Grow at Rapid Clip in Q1
Increased consumer awareness about life insurance amid the COVID-19 pandemic may have played a key role in boosting sales in the first quarter of 2021, as the industry recorded the largest increase in total life premiums in a first quarter since at least 2018. The life insurance market logged $48.93 billion in total life premiums… Continue reading Individual Life Insurance Sales Grow at Rapid Clip in Q1
LIMRA: First Quarter U.S. Life Insurance Policy Sales Highest Since 1983
Total individual life insurance policy sales increased 11% in the first quarter, compared with first quarter 2020. This is the highest growth in the number of policies sold in a quarter since 1983. New annualized premium also experienced significant growth, up 15% from prior year, according to LIMRA’s First Quarter U.S. Individual Life Insurance Sales… Continue reading LIMRA: First Quarter U.S. Life Insurance Policy Sales Highest Since 1983
Life Insurance Startup Ethos Valued at More than $2 Billion
Life insurance startup Ethos Technologies Inc. has raised $200 million in a funding round valuing the business at more than $2 billion. The investment, led by General Catalyst, had participation from existing investors including Sequoia Capital, Accel and GV. The startup also attracted celebrity financiers including rapper Jay-Z’s Roc Nation and the investment vehicles of… Continue reading Life Insurance Startup Ethos Valued at More than $2 Billion
How COVID-19 Accelerated a Digital Revolution in Benefits Insurance
For those of us in the insurance and protection industry, 2020 was a test of our noble purpose – to help people through the unexpected moments. Risk analysis, crisis planning, and helping people when they need it most are at the core of our business, and COVID-19 presented both a huge challenge and opportunity to… Continue reading How COVID-19 Accelerated a Digital Revolution in Benefits Insurance
Americans Flocked to Buy Life Insurance, Prepare Wills and Trusts Last Year
More Americans turned their attention to life insurance, wills and trusts last year as the coronavirus pandemic made the reality of death unavoidable. The number of life insurance applications from people under age 44 increased by more than 7 percent in 2020, according to the MIB Group, a data sharing service for insurance companies, which… Continue reading Americans Flocked to Buy Life Insurance, Prepare Wills and Trusts Last Year