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.