Forethought Completes Acquisition
• Completes acquisition of product, distribution and marketing units, including a broker/dealer from The Hartford
• Will launch a new variable annuity in early 2013, expanding its annuity business while many other companies scale back
• Robert Arena, Executive Vice President, will lead the annuity organization
• Has opened offices in Simsbury, Conn., and Berwyn, Pa., to support the annuity business
HOUSTON--(BUSINESS WIRE)--Forethought Financial Group, Inc. completed its acquisition of the individual annuity new business capabilities and a broker/dealer from The Hartford on December 31, 2012. This acquisition broadens Forethought’s annuity distribution platform to include the broker/dealer channel while also facilitating the addition of a variable annuity product line. The company’s expansion will help meet the growing need for retirement income products in a marketplace facing diminished availability.
With the acquired broker/dealer, now known as Forethought Distributors, LLC, Forethought now has underwriting and distribution capability for variable products. As a result, Forethought plans to launch its first variable annuity into the marketplace during the first quarter of 2013.
“This acquisition will extend the reach of Forethought products to thousands of the most respected financial advisors nationwide at a time when the demand for these products has never been greater,” said John Graf, Chairman, President and CEO.
The transaction includes over 100 annuity professionals in product, distribution and marketing. Robert Arena, who previously led The Hartford’s individual annuity business, joins Forethought as President, Forethought Annuity, a division of Forethought Life Insurance Company.
“We are extremely pleased to welcome to Forethought the outstanding team of annuity professionals led by Rob Arena. Their experience in developing deep distribution relationships, competitive and profitable products, and innovative advisor support services will be an important addition to our overall annuity platform,” said Graf.
The company has opened new offices in Simsbury, Conn., and Berwyn, Pa., to support the operation for Indiana-based Forethought Life Insurance Company. These capabilities complement Forethought’s existing non-registered distribution platform, led by Forethought veteran Paula Nelson, Executive Vice President.
“With the right talent in place, a growing list of committed distributors, and highly tailored annuity solutions, we look forward to establishing the company as a prominent player in the marketplace,” said Arena.
About Forethought Financial Group, Inc.
Founded in 1985, Forethought Financial Group, Inc. (“Forethought”) is a privately-held, diversified financial services organization based in Houston, Texas, with insurance operations throughout the United States. Forethought provides life insurance and annuities that help America’s senior middle market plan for their pre-retirement, retirement and end-of-life needs through key third-party distribution relationships.
Forethought’s experienced leadership and financial discipline underlie strong growth and success in the marketplace. With a targeted strategy and multifaceted product lines, Forethought delivers enduring value to customers, distribution partners and shareholders.
Forethought is Forethought Financial Group, Inc., and its subsidiaries, including Forethought Life Insurance Company, which is the issuer of annuities. Variable annuities are underwritten and distributed by Forethought Distributors, LLC, member FINRA.