Life Insurance Strategies Group forms new private placement life insurance company

Boston, MA – June 15, 2023 – Life Insurance Strategies Group, a leading provider of consulting and creative services to the high net worth life insurance marketplace, announced today the completion of formation and operational readiness of Verve International Insurance Ltd. Verve is the first Black-owned, Black-controlled and Black-led U.S. taxpayer life insurance company in operation since the cessation of North Carolina Mutual in 2018.  The company offers private placement deferred variable annuities to institutions and individuals who meet the IRS definition of an accredited investor and qualified purchaser.

Verve’s domicile in Barbados allows the insurer to provide its policyholders a choice of U.S. and non-U.S. underlying policy investments, investment managers and custodians, an advantage over domestic U.S. carriers who are limited to U.S.-based options.  By making investments via a Verve deferred variable annuity, policyholders can mitigate the erosion of their returns caused by tax-inefficiency and enhance investment yields.

“Verve is an inclusive brand that recognizes the distribution of wealth is changing to include historically underserved communities,” said LISG CEO, Jay C. Judas.  “Increasingly, women, people of color and LGBTQ+ high-net-worth individuals and their institutional advisors are in control when it comes to making investment decisions.  Today, there is a life insurance company in step with this reality.”

Verve is led by Chairman & CEO Jerry W. Hester, II, CLU®, a life insurance industry luminary and a former professional athlete.  “Throughout my years as a successful producer, it was evident that very few people looked like me in the life insurance industry -- at the carriers or anywhere in the distribution process.  It became important to me that I form an insurance company that was as diverse as the clients Verve will serve.”

Andy Man, Chairman and founder of Apeiron International, is a Verve co-founder and serves as Vice Chairman and Director.  Andy’s career includes decades of experience in leading tax-exempt organizations as well as multi-jurisdiction life insurance distribution entities.  “Verve’s ability to deliver tax-efficient investment solutions, combined with the company’s inclusivity, aligns perfectly with the direction of the affluent investor.  I look forward to helping grow Verve into a leading private placement insurer.”

An industry first, Verve’s entire shareholder base, leadership team, and external advisors consist entirely of individuals who are women, people of color, and/or identify as LGBTQ+.   “Verve is proof that diversity and inclusion matter, and can drive an organization’s success,” said Jonathan Man, a co-founder of Verve.  “We’re excited to bring our diverse experiences together in this new venture to provide exceptional service to our policyholders and partners.”

LISG’s consulting unit led the formation and operational readiness of Verve and Jay C. Judas serves as Director.  LISG and Verve were advised by Deloitte, Chancery Chambers, Strategic Risk Solutions and First Caribbean Bank.