Venerable Aims to Power Variable Annuity Issuers’ Fund Menus
August 31, 2023 by Allison Bell
Venerable Holdings — a reinsurer that has taken responsibility for giant blocks of variable annuities off the shoulders of companies like Voya, Equitable and John Hancock — wants to provide the investment funds inside the annuities.
The West Chester, Pennsylvania-based company announced Tuesday that it’s setting up its own RIA and its own variable insurance trust to help insurers use Venerable funds when they’re separating from unwanted variable annuity blocks.
Wink’s Moore on the Market: An insurance company starting their own RIA?
Okay- I have zero idea of the implications of a move like this, but it seems that the annuitants could end-up paying higher costs.
Am I off here?