Today a new Structured Settlement Annuity Provider was announced and is entering the market for underwriting structured settlement annuities. Independent Life is announcing at the Fall NSSTA meeting and beginning the roll out and pre-launch phase ahead of their commencement of business. Per the press release provided to The Settlement Channel and The Legal Broadcast Network:
"After four years of designing and creating a new annuity provider with valuable input from industry leaders, Independent Life is weeks away from entering the structured settlement market. We will make a formal announcement at the NSSTA Fall Meeting in San Antonio where industry experts will have an opportunity to meet and greet the executive team."
The main features of this new company are:
- Annuities only for the structured settlement market
- Comprehensive medical underwriting for qualifying cases
- Competitive upper-tier pricing
- Ongoing financial support for broker and planner initiatives that promote the growth of the settlement industry for the benefit of all stakeholders
- An executive team with over 100 years of previous structured settlement experience.
- Domiciled in a major state with excellent regulatory reputation for oversight.
It is expected that over the next month more details on the new company and it's approach will become known. This is the first new life market to enter the structured settlement market since Mutual of Omaha several years ago and represents the first special purpose life market specifically designed to underwrite structured settlement annuities.
It will be interesting to see what supporting business lines will be included in this venture as it expands, such as structured legal fees, non-qualified immediate annuities or possibly taxable damage annuity options as well. Either way it's good to see a new entrant into a stale market and hopefully this portends further interest in the market by life companies and investors in the coming years. Trial lawyers and injury victims require a broad range of choices, options and security when it comes to structured settlements and guaranteed income streams, so any new player will be carefully vetted, but welcomed as additional competition and improved choices moving forward.