Ibexis Life & Annuity Insurance Company – Ibexis Annuities & Life Insurance Company is a Missouri-based insurance company offering registered annuity products in 43 states and the District of Columbia. It used to be a subsidiary of Kansas City Life Insurance Company. In September, it launched a multi-year guaranteed annuity (“MYGA”) called MYGA Plus. Ibexis is currently writing business through nine independent marketing organizations. The company has hired a management team of industry veterans who have a proven track record of managing and growing fixed annuity businesses. We recently spoke with CEO and President Nate Gemmitty and Chief Distribution Officer Ryan Lex.
NG: The company was founded in Washington State in 1937 as Sunset Life. Much of the United States has a long history of manufacturing a variety of health and lifestyle products. In 2021, it was acquired with capital from Investcorp and renamed Ibexis Annuities & Life Insurance Company. Ibexis now has a new management team focused on fixed annuity products. We have an A- (Excellent) rating from AM Best with a stable financial outlook.
Ibexis Life & Annuity Insurance Company
RL: We recently launched MYGA Plus with several independent marketing organizations and will be rolling out the FIA in the coming months. With its high ratings and unique product features, we are confident that Ibexis will help increase customer value and interest in the fixed annuity market.
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NG: Investcorp is a $43 billion global alternative asset management company with over 40 years of experience. Over the years they have had a number of brands including Tiffany & Company, Gucci, Saks Fifth Avenue and my personal favorite Carvel Ice Cream. Investcorp operates an insurance-focused asset management business led by Todd Fonner, former chief investment officer of insurance solutions platform Blackstone. The organization acts as the custodian of Ibexis assets. Investcorp’s access to financial support, institutional background and wealth management expertise across all asset classes enables Ibexis to maintain financial stability and offer high lending rates.
I see a few familiar names on your management team and board of directors. Can you tell us a little more about the team?
NG: Basically, as an insurance company that helps individuals retire with financial security, we do business based on trust and relationships. Both the skills and integrity of our team members are important to me, and we’ve done this with individuals from well-known organizations such as Athens, National, and Transamerica, as well as public corporations, Big-4 accounting firms, leading statistical agencies, and regulatory agencies. . I am fortunate to have worked with each of them and am proud of how well we have grown as a team.
RL: Other recent entrants have shown that there is room for a reputable insurer that offers good products, competitive rates and a favorable brokerage and customer experience in the growing annuity market. Ibexis has created a technology-heavy agency experience without paper filing, electronic filing and various automated processes – meeting customer needs at every stage. Our MYGA Plus product has a number of intuitive yet innovative features aimed at creating greater value for policyholders.
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I read some press about MYGA Plus. It looks really interesting. Tell us more about it and how do resellers implement it?
RL: Basically MYGA Plus works like traditional MYGA. It offers a powerful flat rate for a fixed time. It has 10% free cash flow after the first year, including options for annuities and death benefits. The plus box is where the fun comes in. Clients have the option to invest up to 50% of the initial premium in an event pool that pays the client a significantly higher flat rate if the S&P 500 rises in any annual period. If the S&P 500 is fully bullish, the client will receive 100% of the full flat rate. In addition, the barrel is guaranteed for the full initial term of the fixed rate contract. The reception so far has been great! Even if clients don’t choose a feature, consultants love what our product has to offer because it sets them apart and gives them the opportunity to improve on their traditional core product.
There are several new competitors in the annuity space. Are you concerned about the effects of Ibexis?
NG: Competition is good for the industry. It promotes product innovation and makes rates more competitive. It will also raise awareness among the general public that fixed annuities can be a great investment option for those who want security of principal and good returns compared to other similar investment options.
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RL: The market is experiencing tremendous growth across all categories of fixed income products as an aging customer base requires security in a volatile investment market. There is a huge demand for financially strong insurance companies with good products and rates. We are proud to be part of the industry serving financial advisors and pension savers.
RL: We recently launched with limited distribution and have nine of the most prestigious IMO partners. We believe that this limited approach is the best way to provide a “regular communication” service to each of the IMO partners, along with their agents and advisers. This approach helps ensure that we can act as true partners as we grow, rather than just using it as a term.
Having a small team at launch helps us deliver great service, get feedback and make positive changes on behalf of our partners.
“Given our wealth management experience, lack of legacy business and technology-focused backgrounds, we hope to continue to offer highly competitive rates to our clients.” What are your future plans for Ibexis?
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NG: We’ve all seen insurance companies come and go over the years. They may no longer offer annuities, give up certain distribution channels, or their product offerings are unpopular. We’re here to stay. Ibexis is financially strong and has a large institutional partner to support its growth. We continue to strengthen existing distribution relationships and carefully build additional relationships. We continue to offer innovative features alongside our traditional products. With our wealth management experience, with no prior business and technology oriented background, we hope to continue to offer highly competitive rates to our clients. Finally, we are a trusted partner for any consultant or client who chooses to entrust their business to us.
Ibexis offers a safe way to grow wealth. Find out more about our fixed annuity products and how we help advisors and their clients find the right option. Call 866-376-1669 or visit ibexis.com.