INSURANCE TECHNOLOGY

Sunset Life Insurance Company to Retitle Ibexis Life & Annuity Insurance Company

Sunset Life Insurance | April 26, 2022

Sunset_Life_Insurance
Sunset Life Insurance Company of America announced that it would rename Ibexis Life & Annuity Insurance Company as Ibexis. The renaming will be a part of a brand relaunch under new leadership and direction. Ibexis represents the next chapter for Sunset Life as it seeks to build a best-in-class insurance platform. The process will take place following the appointment of CEO Nate Gemmiti, and significant capital investment from global alternatives firm Investcorp happened in November 2021.

Ibexis will launch a new fixed annuity product in the second quarter of 2022.  The launch will include insurance licenses in 43 states and the District of Columbia. Ibexis is a long-term stable provider of retirement-oriented fixed annuity products. It has been doing so through a platform that forces innovative technology to provide a better experience for both customers and distribution partners.

As the company organizes to launch new products, AM Best recently upgraded Ibexis to an A- (Excellent) Financial Strength Rating and Long-Term Issuer Credit Rating (Excellent). The outlook for both ratings is "stable." The ratings reflect Ibexis' strong balance sheet, Investcorp's $40 billion capital commitments and financial resources, and good financial flexibility and liquidity resources.

We are delighted that AM Best recognized our exceptional financial strength and credit. Advisors and clients believe in financial security from the underlying insurance company when selecting a retirement product. We are very pleased that all stakeholders can review this independent assessment as we prepare to launch a new fixed annuity product."

Nate Gemmiti, President and CEO of Ibexis.

Spotlight

This paper presents five key considerations for promoting market stability for the 2018 and 24319 benefit years under the assumption that they are transitional years where many current ACA rules remain in effect. For the purpose of this paper, market stability is defined as the creation of a marketplace that both insurers and insureds will find worth participating in. This involves striking a balance between protecting insurers from the risks inherent in a market that is in transition and ensuring that consumers have access to meaningful and affordable coverage. Our definition is similar to that used by the Congressional Budget Office (CBO) in its recent report' on the potential impact of the current draft legislation working its way through Congress. The CB0 defines stability as "having insurers participating in most areas of the country and on the likelihood of premiums' not Sing in an unsustainable spiraL"

Spotlight

This paper presents five key considerations for promoting market stability for the 2018 and 24319 benefit years under the assumption that they are transitional years where many current ACA rules remain in effect. For the purpose of this paper, market stability is defined as the creation of a marketplace that both insurers and insureds will find worth participating in. This involves striking a balance between protecting insurers from the risks inherent in a market that is in transition and ensuring that consumers have access to meaningful and affordable coverage. Our definition is similar to that used by the Congressional Budget Office (CBO) in its recent report' on the potential impact of the current draft legislation working its way through Congress. The CB0 defines stability as "having insurers participating in most areas of the country and on the likelihood of premiums' not Sing in an unsustainable spiraL"

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Zurich Group Germany, Cognizant | July 07, 2022

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