HARTFORD, Conn.--(BUSINESS WIRE)--Nassau Re today announced it has added a single-premium multi-year guarantee annuity (MYGA) to its insurance offerings, Nassau MYAnnuitySM (5X, 7X). It is the first new insurance product offering from Phoenix since its acquisition in 2016, and it launches a renewed emphasis on innovative products focused on strong consumer value and choice through Nassau Re’s insurance segment. Nassau MYAnnuity is available through independent marketing organizations (IMOs).
“In partnership with our IMOs, we are excited to launch our first new annuity since the closing of the Phoenix acquisition, and our first product under the Nassau Re brand,” said Phil Gass, chief executive officer of Nassau Re. “Over the last two years, we have invested significantly in our infrastructure and technology to enhance our existing products and make doing business easier for our distribution partners. Adding MYGAs to our product portfolio is a first step to expand and diversify our product offerings.”
“With the launch of Nassau MYAnnuity, we are pleased to offer a market-leading guaranteed interest rate up to 3.5%,” said Tom Buckingham, chief product and service officer for Nassau Re’s insurance segment. “Nassau MYAnnuity is an attractive product for individuals looking for higher guaranteed interest rates and safety of principal as they plan for retirement.”
Product Choices and Features
Nassau MYAnnuity is available with either a 5-year or 7-year duration, and customers can make a single premium payment ranging from $15,000 to $1 million. Customers have the flexibility to choose a 10% Free Withdrawal Amount, which reduces the guaranteed interest rate by 0.25%, or No Free Withdrawal Amount for the full guaranteed interest rate. Currently, the guaranteed interest rates are 3.40% for 5X and 3.50% for 7X.
- Required Minimum Distributions (RMDs) do not incur surrender charges or market value adjustment.
- At the end of the guarantee period, customers can select to surrender any amount of the contract or renew the contract for either the same or different duration, depending on what is available at the time.
- All contracts have a death benefit equal to the contract value.
- Customers can annuitize the contract any time after the first year and choose from seven fixed annuity payment options.
- Early withdrawal penalties may be waived for certain conditions, such as nursing home confinement and terminal illness, subject to state approval.
To learn more about MYGAs, visit the company’s website. Agents, financial advisors and other distributors can contact the Life and Annuity Sales Desk at 888-794-4447 to learn more about Nassau MYAnnuity.
About Nassau Re
Nassau Re was founded in 2015 with capital provided by Golden Gate Capital, a private investment firm. Nassau Re's segments include insurance, reinsurance, distribution and asset management. Our annuities and life insurance products are designed to meet income and protection needs of families and individuals planning for or living in retirement and are available primarily through independent agents and financial professionals. Our affiliates include Phoenix, Constitution Life, Saybrus, Nassau Asset Management, Nassau Corporate Credit and CorAmerica. For more information, visit nsre.com and nsre.com/phoenix.
This news release provides a summary of product features and options, which may vary by state. Actual product details, including all terms and conditions that apply, are contained in each contract.
Lifetime payments and guarantees are based on the claims paying ability of PHL Variable Insurance Company. Nassau MYAnnuity 5X, 7X (ICC17IFDA, ICC17IFDAN, ICC17IFDA) is issued by PHL Variable Insurance Company (PHLVIC) (Hartford, CT). PHLVIC is not authorized to conduct business in ME and NY.