FIDx | March 10, 2022
Producers Choice Network® (PCN) has launched One Insurance Solution for RIAsSM (OIS), its exclusive concierge outsourced insurance desk for Registered Investment Advisers (RIAs) across the nation.
OIS simplifies the inclusion of commission-free insurance solutions to help meet clients' protected income, growth, and legacy planning goals. PCN partnered with Fiduciary Exchange LLC (FIDx), an industry leader in optimizing insurance integration through their cutting-edge technology platform.
Delivering a comprehensive, unbiased planning experience through our very own outsourced insurance desk was a must to properly meet the longevity planning needs of RIAs and their clients, PCN, in partnership with FIDx, is now able to offer an all-in-one insurance solution to RIAs across the core of their business."
Jamie Kosharek, President of Producers Choice Network.
OIS connects RIAs to concierge business support, advanced education, case design, efficient underwriting, and 24/7 virtual access via one comprehensive insurance platform.
Having a fully digital process to connect all parties to a single experience for the end client is the key, We realized this a few years ago and finding like-minded organizations like PCN who bring an incredible amount of experience in working with RIAs will further this goal. Like FIDx, they understand the challenges in offering annuities to their clients who need income and insurance solutions. They also know annuities should be as easy to implement as mutual funds, no matter what type of advisor you are."
Rich Romano, CEO of FIDx.
RIAs who are without the licenses necessary to provide annuity, life and long-term care insurance solutions to their clients can partner with OIS in support of their protective planning needs.
Beyond the inherent client benefits of incorporating annuity, life, and long-term care insurance solutions, OIS serves as an extension of the RIA's team, while keeping all assets under the RIA's fiduciary umbrella.
OIS is optimized to fit into the way RIAs do business in support of their client relationships and can even reduce costs as they extend their back-office productivity through our platform utilizing our e-delivery technology."
Fiduciary Exchange LLC (FIDx) is a technology-empowered network that seamlessly integrates the brokerage, insurance, and advisory ecosystems for best-in-class annuities and insurance solutions from the industry's leading carriers. FIDx enables advisors to offer guaranteed income and downside protection as core components of their clients' portfolios—integrated within the same wealth management platforms they already use every day. An independent technology firm, FIDx connects advisory firms to insurance carriers through a seamless, digitally-enabled process so advisors can truly deliver comprehensive advice and help clients reach their goals.
Milestone Partners | May 27, 2022
Milestone Partners announces the formation of specialty auto insurance holding company Drive Assurance Holdings LLC ("Drive Assurance"). It also announces the acquisition of GoAuto, LLC ("GoAuto") and its technology platform, Adaptive Information Technologies, LLC ("Adaptive Information Technologies") ("AIT").
GoAuto is a vertically integrated, tech-focused personal auto insurance platform that offers low-limit plans via its managing general agent and insurance carrier subsidiaries. GoAuto, which was founded in 2009 and distributes insurance directly to consumers online and through 70 captive shops, has traditionally achieved lower loss ratios and higher profitability than its industry counterparts by employing AIT's unique data analytics and underwriting technology. The dedicated balance sheet capacity of GoAuto's insurance carrier enables for better value chain capture, which is enhanced by reinsurance arrangements that enable an asset light approach and lower retained risk.
GoAuto's speciality market area is expanding, highly fragmented, and anticipated to account for nearly 22% of total personal vehicle insurance premiums of $260 billion. GoAuto is Louisiana's third largest personal auto insurance, with operations expanding into Texas, Nevada, and Ohio. At GoAuto, Milestone intends to implement policies in the areas of environmental, social, and governance, as well as diversity, equity, and inclusion.
GoAuto's proprietary software enables superior customer analytics and data-driven operations that have established them as a market leader. We look forward to working with the management team on executing their strategic initiatives."
Adam Curtin, Partner at Milestone.
Greg Tramontin, CEO and Founder of GoAuto, shared that they are looking forward to working with Milestone as they enter the next phase of their development. They are certain that, together, they will continue to provide best-in-class vehicle protection products and customer support to their loyal customers, given their specialized sector emphasis on financial technology companies and extensive experience in automotive finance services.
Resolution Life | January 05, 2021
Resolution Life Group Holdings LP, a global manager of in-force life insurance businesses, is charmed to declare today that it has finished the acquisition of Voya Financial, Inc.'s, individual life in-force business.
The fulfillment sees Voya offer to Resolution Life significantly the entirety of its in-force individual life business, including Security Life of Denver Insurance Company, Midwestern United Life Insurance Company and certain different subsidiaries, just as the reinsurance of Voya's remaining in-force individual life and annuity blocks.
Voya moved roughly 350 employees, along with the resources and frameworks used to deal with the business. On finish more than $25 billion of resources were added to the Resolution Life accounting report and it accepts accountability for the administration of the obtained business.
Following a transition period, which is relied upon to require as long as two years, Resolution Life will supplant Voya's corporate frameworks with its own frameworks. Resolution Life's more current platforms will give improved customer administration at lower cost.
Resolution Life has raised over US$3 billion of capital since 2018. Notwithstanding the acquisition of Voya's individual life in-force business, acquisitions to date include the A$3 billion acquisition of AMP Life in Australia and the fulfillment of a reinsurance transaction with Symetra Life Insurance Company with US$5.7 billion of stores.
The transaction gives Resolution Life a strong platform to benefit from future development openings in the US market, expands the Group risk profile against the Resolution Australasia and Resolution Re liabilities, and quickens its development story.
Sir Clive Cowdery, Resolution Founder and Executive Chairman of Resolution Life, said:
“We are delighted to welcome our new customers and colleagues to Resolution Life. By acquiring or reinsuring businesses from partners such as Voya, Symetra and AMP, we provide a well-capitalised and stable environment to deliver on long-term customer promises.
There is great opportunity for growth in the United States and completion of this transaction gives us an excellent platform to build from.”
About Resolution Life
Resolution Life is a global life insurance group focusing on the acquisition and management of portfolios of life insurance policies. Since 2003, prior Resolution entities together with Resolution Life have deployed US$16 billion of equity in the acquisition, reinsurance, consolidation and management of 30 life insurance companies. Together, these companies have served the needs of 12.6 million policyholders while managing over US$354 billion of assets. Resolution Life has operations in Bermuda, the U.K., the United States, Australia and New Zealand.