Independent Insurance Group Introduces iStructure — the First Uncapped Index-linked Structured Settlement Annuity linked to the Franklin BofA World Index™
December 20, 2021 by Independent Insurance Group
JACKSONVILLE, Fla., Dec. 15, 2021 /PRNewswire/ — Independent Insurance Group, LLC (“Independent Group”) announced today that its life and annuity subsidiary, Independent Life Insurance Company (“Independent Life”) is introducing iStructure, the first uncapped index-linked structured settlement annuity. iStructure, which provides the opportunity for growth in payout amounts with the same flexibility and tax benefits of traditional structured settlements, will be available to all appointed agencies in early Q1 of 2022.
“iStructure is the result of our ongoing innovation initiatives, and we are simultaneously developing a new quoting and administration system along with it,” said George Luecke, President and Chief Strategy Officer of Independent Group. “Aimed at improving the lives and needs of our payees and distribution partners, we believe this new annuity product and system are ‘first-of-their-kinds’ in our industry.”
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 with the potential for high profitability.”
“With iStructure, our clients will receive higher future payments when the index returns are positive but will not lose anything when the index returns are negative,” said James Atkins, FSA, MAAA, Chief Executive Officer of Independent Life. “We are excited to give our clients the opportunity to put more money in their pockets, with a combination of uncapped potential plus downside protection via minimum guaranteed payments.”
“In designing this customized index for Independent Life, we used our proprietary equity factor research that points to the efficacy in selecting stocks that promote quality, value and momentum,” said Doug Sue, Vice President and Senior Client Portfolio Manager at Franklin Templeton Investment Solutions. “As we believe strongly in the value of taking a diversified approach to equity investing, we are leveraging an investment universe that encompasses both U.S. and international securities.”
“We are delighted to partner with Franklin Templeton on this innovative and creative index,” said Gabriel Lettieri, Director at Bank of America. “Bank of America’s proprietary intraday risk management strategy was deployed inside the index with the goal of achieving consistent returns plus attractive upside potential.”
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, is dedicated to providing 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 October 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.
SOURCE Independent Insurance Group