Two Global Bankers Insurance Group veterans are helping to start Pillar Life Insurance — a company that hopes to begin selling non-variable annuities directly to consumers through a web-based self-service process by April 2023.
The insurer has posted guides to multi-year guaranteed annuity (MYGA) contracts and single-premium immediate annuities — or SPIA contracts — on its website.
The Interstate Insurance Compact, an organization that helps participating states review product and rate filings, has already approved Pillar Life forms for an SPIA contract and a single-premium deferred annuity contract.
Pillar Life says it also intends to offer life insurance and supplemental health insurance products.
What It Means
Your clients may soon have more ways to buy annuities on their own, without the help of any financial professional.
That might further complicate the task of going through clients' paper and online files and finding out what they own.
The People
CEO Wilfred Romero previously was the head of risk and strategy at Global Bankers. He also spent 10 years working for New York Life and 10 years as managing director at Swiss Re.
Robert Kiesel, the chief investment officer, was global head of credit at Global Bankers' GB Capital affiliate. He also has worked at investment firms, including at Intermediate Capital Group, a private equity firm.
Global Bankers was once controlled by Greg Lindberg's Eli Global holding company.
Aspida Holdings acquired Global Bankers about a year ago.
