Over $100 million in committed sales to date
JACKSONVILLE, Fla., Nov. 23, 2022 /PRNewswire/ -- Independent Insurance Group, LLC ("Independent Group") announced today that its life and annuity subsidiary, Independent Life Insurance Company ("Independent Life") crossed the milestone mark of $100 million in committed sales of iStructure, the first uncapped index-linked structured settlement annuity. Independent Life has secured the committed sales for the product predominantly from plaintiff settlement recoveries, attorney fee deferrals, 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. Over 150 individuals have elected to use iStructure for future periodic payments, ranging from catastrophically injured minors to seasoned trial lawyers.
"I can't tell you how many times I have seen a quote request and thought, 'iStructure would be perfect for this case,''' said James Atkins, FSA, MAAA, Chief Executive Officer of Independent Life. "Having so many consumers, ranging from a minor's case approved by a judge to a long-duration attorney fee structure agree with that and choose iStructure is very satisfying. We are committed to continuing to improve the product and the Mosaic quoting software so that our distributors can offer the best solution to their clients and our payees," he added.
The underlying annuity contract is linked to the Franklin BofA World Index™, which is powered by the quantitative insights of Franklin Templeton and Bank of America. The volatility-controlled index is designed to capture long-term growth by systematically allocating to companies around the world with the potential for high profitability. Learn more at www.FranklinBofAWorldIndex.com
"The adoption of iStructure in less than a year from our distribution partners is unlike anything ever seen for a new product in the settlement planning industry," said Christopher Bua, Senior Vice President of Sales for Independent Life. "The stories I continue to hear of how iStructure is changing the lives of the injured and providing more opportunities for settlement consultants to help their clients are both rewarding and humbling."
iStructure can be used for a variety of situations including personal injury cases, structured attorney fees, structured installment sales, taxable settlements, and NIL agreements. 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 155 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 over 1,300 investment professionals, the California-based company has over 75 years of investment experience and approximately $1.3 trillion in assets under management as of October 31, 2022. For more information, please visit franklinresources.com.
ABOUT FRANKLIN BofA 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).
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SOURCE Independent Insurance Group