PR Newswire
JACKSONVILLE, Fla., May 23, 2022
JACKSONVILLE, Fla., May 23, 2022 /PRNewswire/ -- Independent Insurance Group, LLC ("Independent Group") announced today that its life and annuity subsidiary, Independent Life Insurance Company ("Independent Life"), has successfully launched iStructure, the first uncapped index-linked structured settlement annuity. Independent Life has secured almost $50 million in committed sales for the product from both settlement recoveries and installment sales of real estate and businesses.
iStructure provides the opportunity for growth in payout amounts with the same flexibility and tax benefits of traditional structured settlements. Already, nearly 60 individuals have elected to use iStructure for future periodic payments, with a wide variety of adoption: minors, adults, attorneys, personal injury cases, taxable settlements, and installment sales. iStructure is now available to all appointed agents.
"iStructure has proven to be successful in helping to improve the lives and needs of our payees and distribution partners," said James Atkins, FSA, MAAA, Chief Executive Officer of Independent Life. "Our proprietary quoting software, Mosaic, has been built from the ground up and produces illustration packages that lead our marketplace in design and capability," he added.
The annuity will be linked to the Franklin BofA World Index™, powered by the quantitative insights of Franklin Templeton and Bank of America, with the objective of capturing long-term growth by systematically investing in a volatility-controlled equity index of companies around the world.
"Our distribution partners are incredibly excited about iStructure because it is unlike anything else they can offer their clients," said Christopher Bua, Senior Vice President of Sales for Independent Life. "One Fortune 50 company is already utilizing iStructure to resolve claims and their representative says this is the product they have been waiting 15 years for. We continue to listen to our partners on how to enhance an already great solution, so look for iStructure to become even more compelling as the product evolves."
iStructure can be used for a variety of situations including personal injury cases, structured attorney fees, structured installment sales and taxable settlements. The benefits for clients include tax-free and tax-efficient income, the potential for increasing income, customizable payment options, market-downside protection, and protection against inflation.
ABOUT INDEPENDENT GROUP
Founded by insurance industry experts, Independent Group is a forward-thinking enterprise whose complementary product and service companies improve outcomes for all structured settlement stakeholders. Independent Life, its underwriting division, provides structured settlement solutions, including annuities, to serve the needs of injured parties, their families and advocates. With its unique profile and ambitious vision for the structured settlement industry, Independent Life has attracted world-class partners: LKCM Headwater Investments, KKR's Kilter Finance and Hannover Re USA support Independent Life's growth initiatives. For more on what makes Independent Life different, visit www.independent.life.
ABOUT FRANKLIN TEMPLETON
Franklin Resources, Inc. [NYSE: BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 165 countries. Franklin Templeton's mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company brings extensive capabilities in equity, fixed income, multi-asset solutions and alternatives. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 70 years of investment experience and over $1.5 trillion in assets under management as of December 31, 2021. For more information, please visit franklinresources.com.
ABOUT FRANKLIN BoA World Index™
The Franklin BofA World Index™ (the "Index") has been created and is owned by BofA Securities, Inc. and its affiliates (collectively, "BofAS") based in part on an index licensed to BofAS from Franklin Templeton Companies, LLC ("Franklin") (collectively with BofAS, the "Licensors"). Any product referencing the Index is not sponsored, operated, endorsed, sold or promoted by the Licensors. Licensors' indices and related information, the name of the Licensors, and related trademarks, may not be copied, used, or distributed without their prior written approval. LICENSORS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE INDEX, ANY RELATED INFORMATION, THE TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).
There are risks relating to the Index discussed herein. Please request a copy of the applicable Index rulebook for risk disclosure.
View original content to download multimedia:https://www.prnewswire.com/news-releases/independent-group-announces-successful-launch-of-istructure-linked-to-the-franklin-bofa-world-index-301552090.html
SOURCE Independent Insurance Group
