Sunset Life Insurance Company of America renamed Ibexis Life & Annuity Insurance Company ahead of new product launch
Received an A- (Excellent) rating from AM Best prior to launch
NEW YORK, April 25, 2022 /PRNewswire/ — Sunset Life Insurance Company of America (“Sunset Life”) announced today that it will be renamed Ibexis Life & Annuity Insurance Company (“Ibexis”) as it relaunches the brand under new management and direction. Following the appointment from the CEO Nate Gemmiti and a significant capital investment from global alternatives firm Investcorp in November 2021Ibexis represents the next chapter for Sunset Life as it seeks to build a premier insurance platform.
With insurance licenses in 43 states and the District of ColombiaIbexis will launch a new fixed annuity product in the second quarter of 2022. Ibexis is focused on being a stable, long-term provider of retirement-focused fixed annuity products and delivering them through a platform that leverages a innovative technology to provide a better experience for both customers and channel partners.
As the company prepares to launch new products, Ibexis was recently upgraded by rating agency AM Best to a financial strength rating of A- (Excellent) and a long-term credit rating of “a- ” (Excellent). Both ratings have a “stable” outlook. The ratings reflect the strength of Ibexis’ balance sheet, capital commitments and financial resources of $40 billion Investcorp manager, and good financial flexibility and liquidity resources.
AM Best assigns an A- financial strength rating (4th highest out of 13) to insurance companies that they believe have “an excellent ability to meet their ongoing insurance obligations”. The full Ibexis assessment report can be viewed at www.ambest.com.
Nate GemmitiCEO of Ibexis, said, “We are extremely pleased that AM Best has recognized our excellent financial strength and credit. When considering a retirement product, advisors and clients demand financial security from the underlying insurance company. As we look to launch a new fixed annuity product, we are very pleased that all stakeholders can review this independent assessment.”
Please visit the company’s website at www.ibexis.com.
About Ibexis Life & Annuity Insurance Company
Founded in 1937, Ibexis offers fixed annuities to help clients protect their financial future and prepare for retirement. Our fixed annuities can help individuals earn interest without risking loss of principal and provide guaranteed income during retirement.
About AM Best
Founded in 1899, AM Best was the world’s first credit rating agency and today is the world’s largest credit rating agency specializing in the insurance industry. AM Best’s rating services rate the creditworthiness and/or report of more than 16,000 insurance companies worldwide.
Distribution Director at Ibexis
SOURCE Ibexis Life & Annuity Insurance Company