Sunset Life Renamed Ibexis Life & Annuity Ahead Of New Product Launch
Received A- (Excellent) Rating from AM Best in Advance of Launch
NEW YORK, April 25, 2022 /PRNewswire/ -- Sunset Life Insurance Company of America ("Sunset Life") announced today it will be renamed Ibexis Life & Annuity Insurance Company ("Ibexis") as it relaunches the brand under new leadership and direction. Following the appointment of CEO Nate Gemmiti and a significant capital investment from global alternatives firm Investcorp in November 2021, Ibexis represents the next chapter for Sunset Life as it looks to build a best-in-class insurance platform.
With insurance licenses in 43 states and the District of Columbia, Ibexis will launch new fixed annuity product in the second quarter of 2022. Ibexis is focused on being a long-term stable provider of retirement-oriented fixed annuity products and delivering them through a platform that leverages innovative technology to provide a better experience for both customers and distribution partners.
As the firm prepares to launch new products, Ibexis was recently upgraded by ratings agency AM Best to a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of "a-" (Excellent). Both ratings have a "stable" outlook. The ratings reflect the strength of Ibexis' balance sheet, the capital commitments and financial resources of $40 billion manager Investcorp, and good financial flexibility and liquidity resources.
AM Best assigns an A- Financial Strength Rating (4th highest of 13) to insurance companies that, in their opinion, have "an excellent ability to meet their ongoing insurance obligations." Ibexis' full ratings report may be viewed at www.ambest.com.
Nate Gemmiti, Chief Executive Officer of Ibexis, commented: "We are extremely pleased that AM Best acknowledged our excellent financial strength and credit. When considering a retirement product, advisors and clients demand financial security with regards to the underlying insurance company. As we look to launch new fixed annuity product, we are very pleased that all stakeholders can review this independent assessment."
About Ibexis Life & Annuity Insurance Company Founded in 1937, Ibexis offers fixed annuities to help clients protect their financial future and prepare for retirement. Our fixed annuities can help individuals accumulate interest without risk of losing principal and provide guaranteed income during retirement.
About AM Best Founded in 1899, AM Best is the world's first credit rating agency and is now the largest credit rating agency in the world specializing in the insurance industry. AM Best rating services assess the creditworthiness of and/or reports on over 16,000 insurance companies worldwide.