ZIONSVILLE, Ind.–(BUSINESS WIRE)–
Group 1001 Insurance, a leading financial services company, today announced the appointment of Derek Towriss as President of Gainbridge Insurance Agency, LLC. Towriss has extensive experience in financial services, process improvement, and implementing forward-thinking strategies that align with the company’s growth plans.
“Derek’s proven track record of leadership and deep understanding of our annuity products and systems will guide Gainbridge to the next level of success,” said Linda Wang, president of the Group 1001 Life & Annuity business unit. “His career reflects a consistent ability to approach challenges with innovation and guide teams to achieve results.”
Towriss joined Delaware Life Insurance Company, a Group 1001 company, 10 years ago as an actuary, progressing through the valuation, hedging, and pricing disciplines while earning his FSA (Fellow of the Society of Actuaries) designation. He founded and built Group 1001’s administration system, which now powers all new business at Delaware Life and Gainbridge.
“I’m honored to serve in this role and lead Gainbridge,” said Towriss. “I look forward to working closely with our talented teams to build on our strong foundation, drive innovation, and create lasting value for our customers and stakeholders.”
Towriss has a Bachelor of Science in Business Administration-Economics from the University of Florida and is a Fellow of the Society of Actuaries (FSA) and a Certified Enterprise Risk Actuary (CERA).
About Group 1001
Group 1001 Insurance Holdings, LLC (“Group 1001 Insurance” or “Group 1001”) is a collective that empowers companies to create positive growth. Our insurance and annuities are easy to understand and accessible to all. Our online investing platform gives individuals control over their savings. Our technology and innovation help companies succeed. And our strategic partnerships bring people together through education and sports.
As of June 30, 2025, Group 1001 had more than 1,500 employees and combined assets under management of approximately $72.9 billion and currently provides over 493,000 active annuity contracts and life insurance policies. It comprises the following brands: Delaware Life, Gainbridge®, Clear Spring Life and Annuity Company, Clear Spring Property and Casualty Group, Clear Spring Health, and the RVI Group, among others.
About Gainbridge®
Founded in 2018, Gainbridge Insurance Agency, LLC (“Gainbridge®”) is an insurtech subsidiary of Group 1001 that empowers consumers to take control of their financial future with solutions that are accessible to everyone, no matter their budget or financial knowledge. Its platform provides access to financial products that are simple, intuitive, and backed by smart technology with no complexity or hidden fees. Gainbridge® is headquartered in Zionsville, Indiana. For more information, visit www.gainbridge.com.
The following information was released by the New York State Department of Financial Services (DFS):
Governor Hochul has appointed Kaitlin Asrow as Acting Superintendent
September 29, 2025
Governor Kathy Hochul today announced that after four years of service, Superintendent Harris has decided to leave the Department of Financial Services.
The Governor is appointing Kaitlin Asrow to Acting Superintendent of the Department of Financial Services effective October 18, 2025.
“I’d like to thank Superintendent Harris for her four years of service at DFS, working every day to make our financial system work for New Yorkers, while also rebuilding the Department into a regulator fit for the financial capital of the world,” said Governor Hochul. “Between her time at the Federal Reserve, Financial Health Network, and within DFS, Kaitlin is well suited to lead the Department into the future, expanding access to affordable financial services for all New Yorkers while ensuring our great state continues to be a center for responsible innovation.”
Superintendent Harris said, “It has been a privilege and an honor to serve New Yorkers, delivering positive outcomes for consumers; cementing DFS as a global regulatory leader; and transforming the Department’s operations. I want to express my deep gratitude to Governor Hochul, and to the DFS team for the excellent work they do every day to create a more equitable, transparent, and resilient financial system.”
Kaitlin Asrow said, “I am humbled by the opportunity to continue working in service of New Yorkers under Governor Hochul’s leadership. I am committed to ensuring that New York remains the global financial capital, a leader in consumer protection, and a hub for responsible financial innovation.”
Kaitlin Asrow has worked at DFS for the past four years as Executive Deputy Superintendent of the Research and Innovation division. In that role, she oversaw the regulation of virtual currency companies, building one of the largest and most sophisticated virtual currency regulatory teams in the world. She is also responsible for the Department’s policy work around innovation and financial inclusion. Ms. Asrow has helped lead the operational transformation of the Department and is committed to continuing investment in technological infrastructure and key processes.
Ms. Asrow came to the Department from the Federal Reserve System, where she served as a Senior Policy Advisor for both the Bank of San Francisco and the Board of Governors. She was responsible for leading supervision and policy initiatives related to data and artificial intelligence. During her tenure with the Federal Reserve, she served as a coordinator on innovation policy among the 12 district banks, as well as between the Federal Reserve, the OCC, and FDIC.
Prior to the Federal Reserve, Ms. Asrow worked for the Center for Financial Services Innovation, now the Financial Health Network, which is the leading authority on consumer financial health. Ms. Asrow graduated from Stanford University with a Bachelor of Arts degree and subsequently earned her Master of Public Policy degree from the University of Chicago.
Superintendent Harris was nominated by Governor Hochul to lead DFS in August 2021. As the longest-serving Superintendent, Harris led efforts to rebuild the Department to better protect New Yorkers, regulated entities, and the global financial system. Since August 2021, DFS has recovered more than $725 million in restitution for New Yorkers and done significant work to make the state’s financial system fairer and more equitable. Nationally, she became the first New York State representative to serve on the U.S. Financial Stability Oversight Council.
Under Superintendent Harris’s leadership, DFS created seven new Banking Development Districts; allowed state-chartered banks to offer Bank On accounts to satisfy their basic banking obligations while broadening access to low-cost accounts; and changed the way check cashing fees are calculated to incorporate consumer needs, saving New Yorkers more than $22 million in check cashing fees.
Superintendent Harris also set clear guardrails around the use of artificial intelligence in insurance underwriting and pricing; prohibited life insurers from offering inferior versions of the same product which was primarily impacting low-income households and consumers of color; and spearheaded critical health equity work requiring insurers to cover insulin without cost sharing and requiring them to collect voluntarily-disclosed demographic data from policyholders to address systemic health inequities.
Over the past four years, the Superintendent has transformed the Virtual Currency Unit into a global leader in the regulation and supervision of digital assets. The Superintendent hired more than 60 subject matter experts who prevented FTX, Voyager, and Celsius from operating in New York; issued 11 pieces of regulatory guidance; brought the first enforcement actions against cryptocurrency companies; and returned $2.1 billion to consumers around the world from Gemini.
Since DFS was given the authority to regulate pharmacy benefit managers (“PBMs”) in 2022, Superintendent Harris has built a PBM team, adopted market conduct rules to govern PBMs, and begun examining these entities. The rules put in place by DFS protect New Yorkers’ access to prescription drugs, prohibit certain business practices that increase the cost of prescription drugs, and help ensure that small, independent pharmacies can compete with large pharmacies affiliated with PBMs.
Superintendent Harris also has taken decisive actions on defining issues impacting the financial services sector, amending DFS’s nation-leading cybersecurity regulation; issuing guidance to the insurance, banking, and mortgage industries, setting expectations on managing the financial and operational risks of climate change; and rebuilding the Insurance Frauds Unit to combat financial fraud in New York State
The Superintendent’s commitment to operational excellence has resulted in more than 1,200 hires and promotions since January 2022. For the first time since the agency was established, the Department was fully-funded and has now surpassed 1,400 employees. Over the last four years, the Superintendent has cultivated a culture of innovation, invested in new technological infrastructure, and updated key processes. A significant component of the agency’s technology overhaul is DFS Connect, a single portal which is transforming all facets of how the Department engages with entities and consumers, and keeping data organized, centralized, and up to date in real time.
NEW YORK–(BUSINESS WIRE)–
Winged Keel Group “Winged Keel” is pleased to announce the addition of Jacob Boston as Managing Director, Marketing and Communications. In this newly created role, Jacob will oversee the strategic direction and execution of Winged Keel Group’s marketing and communications platform. His remit includes advancing the firm’s messaging around M&A activity, corporate growth initiatives, and institutional partnerships, as well as deepening engagement with key Centers of Influence. He will also partner closely with the firm’s events team to enhance Winged Keel’s highly curated national event platform.
Jacob brings more than 25 years of communications and marketing leadership in the financial services industry. Most recently, he served as Senior Vice President, Head of Communications and Engagement, at NFP, an Aon company, where he led internal and external communications, including those related to the firm’s $13 billion acquisition by Aon in 2024. At NFP, he also oversaw strategic partnerships with two major sports leagues to strengthen brand awareness and client engagement.
Previously, Jacob was Vice President of Communications and Government Affairs at M Financial Group, where he led communications strategy, member firm content development, and event programming, while also managing relationships with congressional leaders and advocacy groups such as Finseca. Earlier in his career, he directed communications for acquired firms at NFP in New York, guiding messaging through periods of significant growth and evolution. Boston, who resides outside of Portland, OR graduated from Emory University with a degree in political science.
“Jacob brings proven expertise in shaping communications for complex, high growth organizations,” said Sean O’Reilly, COO of Winged Keel Group. “His experience at the intersection of financial services, corporate strategy, and brand storytelling will help us expand our reach, enhance transparency, and deliver a stronger platform for our clients, advisors, and institutional partners.”
“I’m proud to join Winged Keel Group and be part of the firm’s continued growth,” said Boston. “With exceptional people, a clear vision, and significant opportunities in every area of the business, the firm is well positioned to achieve its goals. I’m excited to collaborate with the team to drive meaningful results in how we tell our story and articulate our value to stakeholders.”
Winged Keel Group is excited to welcome Jacob to the team and looks forward to the expertise and value he will bring as the firm continues to expand. This appointment reflects Winged Keel’s continued investment in people and platforms to support its national growth strategy following its 2025 partnership with GTCR.
About Winged Keel Group
Winged Keel Group is an independent life insurance brokerage firm that creates and implements customized life insurance solutions for high and ultra-high net worth, family office, and institutional clients. With offices in New York, San Francisco, Boston, Richmond, Washington, D.C., Houston, Atlanta, Denver, St. Louis, and Minneapolis, the firm specializes in the structuring and administration of Traditional Life Insurance, Business Continuation Insurance, Private Placement Life Insurance and Annuities, and Corporate-Owned Life Insurance portfolios. For more information on Winged Keel Group, please visit www.wingedkeel.com.
Added Customization Options Help Clients Venture Forward with Confidence
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–
Pacific Life announced today that it has added a new flexible premium universal life (UL) insurance product to its lineup. Pacific Venture UL 21 provides a robust set of choices and replaces the Versa-Flex Venture UL2 product. This versatile UL product is designed for business owners and affluent clients looking for competitively priced insurance protection and the ability to use the policy to meet a variety of financial needs—whether that’s income replacement, business protection, or legacy planning.
A Straightforward Yet Multifaceted Design
With the addition of no-lapse guarantees to age 90 included at no additional cost and enhanced living benefit riders to help cover the cost of chronic illness or long-term care, Pacific Venture UL 2 now gives clients even greater flexibility. Protection can be structured to address their main financial concerns in a way that may be less complex than a typical indexed or variable universal life policy.
“Pacific Venture UL 2 can be thought of as the Swiss Army knife of ULs—it’s versatile and can support a wide range of customer needs,” says Sim Zady, vice president of life product development, Consumer Markets, Pacific Life. “It empowers clients to tailor their coverage to meet specific personal or business financial needs. The product offers strong performance potential across age groups and risk classes, combining robust death benefit protection with attractive cash value growth potential through a competitive interest-crediting rate. It may also allow for tax-free3 distributions.”
Pacific Venture UL 2 offers a variety of client-friendly features:
Cash value growth potential
Three customizable coverage types to help meet a variety of needs
Guaranteed protection via a choice of no-lapse guarantee riders to prevent policy lapse4
Three ways to plan for chronic illness or long-term care expenses
“Clients don’t always have a straightforward objective when it comes to life insurance,” says Kevin Kennedy, senior vice president and chief sales and marketing officer, Consumer Markets, Pacific Life. “If they have more than one goal, such as retirement income and legacy planning, and want to make sure they can access any cash value for chronic illness or long-term care costs, Pacific Venture UL 2 offers that opportunity in one product.”
About Pacific Life
Pacific Life provides a variety of products and services designed to help individuals and businesses in the retail, institutional, workforce benefits, and reinsurance markets achieve financial security. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative life insurance and annuity solutions, as well as mutual funds, that provide value and financial security for current and future generations. Supporting our policyholders for nearly 160 years, Pacific Life is a Fortune 500 company headquartered in Newport Beach, California. For additional company information, including current financial strength ratings, visit PacificLife.com.
1Pacific Life Insurance Company Pacific Venture UL 2 (Form series P25UL, S25VEN2, varies based on state of policy issue).
2 Pacific Life Insurance Company Versa-Flex Venture UL(Form series P18UL, S18VEN, varies based on state of policy issue).
3For federal income tax purposes, tax-free income assumes, among other things: (1) withdrawals do not exceed tax basis (generally, premiums paid less prior withdrawals); (2) policy remains in force until death (any outstanding policy debt at time of lapse or surrender that exceeds the tax basis will be subject to tax); (3) withdrawals taken during the first 15 policy years do not cause or occur at the time of, or during the two years prior to, any reduction in benefits; and (4) the policy does not become a modified endowment contract. See IRC Secs. 72, 7702(f)(7)(B), 7702A. Any policy withdrawals, loans and loan interest will reduce policy values and may reduce benefits.
4Age 90 No-Lapse Guarantee Rider (Form series R22NLG, S22NLG, varies based on state of policy issue) is issued with all policies electing Death Benefit Option A or B with insureds issue ages 79 and under. Paying only the Age 90 No-Lapse Premiums will guarantee the death benefit to the insured’s attained age 90 but will not guarantee cash value accumulation. If your client discontinues paying the no-lapse guarantee premiums, the no-lapse feature will terminate before the guaranteed duration. If this occurs, additional premiums in an amount equal to the shortfall can be paid to bring the no-lapse feature back in force. If policy loans or withdrawals are taken, additional premiums may be required to keep the no-lapse feature in force. Additional premiums may be required to continue the policy beyond the guaranteed duration. Flexible Duration No-Lapse Guarantee Rider (Form series R25FNL, S25FNL, varies based on state of policy issue), depending on how your client structures their policy, has a maximum duration of the insured’s lifetime, subject to certain limits. If your client’s net no-lapse guarantee value is zero, the no-lapse feature terminates. If the no-lapse feature terminates, additional premiums would be required to resume the no-lapse guarantee. If policy performance is such that your client’s policy is being maintained solely by the no-lapse guarantee, your client’s policy will not build cash value.
Pacific Life Insurance Company is licensed to issue insurance products in all states except New York. Product/material availability and features may vary by state.
Pacific Life is a product provider. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.
Insurance products and their guarantees, including optional benefits and any crediting rates, are backed by the financial strength and claims-paying ability of the issuing insurance company. Look to the strength of the insurance company with regard to such guarantees because these guarantees are not backed by the independent broker/dealers, insurance agencies, or their affiliates from which products are purchased. Neither these entities nor their representatives make any representation or assurance regarding the claims-paying ability of the issuing company.
Pacific Life, its affiliates, their distributors, and respective representatives do not provide tax, accounting, or legal advice. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor or attorney.
Riders will likely incur additional charges and are subject to availability, restrictions, and limitations. When considering a rider, request a policy illustration from your life insurance producer to see the rider’s impact on your policy’s values.
Not all products or optional benefits are available in all states or firms, and features may vary by state and firm.
Pacific Life Insurance Company reserves the right to change or modify any non-guaranteed or current elements. The right to modify these elements is not limited to a specific time or reason.
Life insurance is subject to underwriting and approval of the application and will incur monthly policy charges.
The home office for Pacific Life Insurance Company is located in Omaha, Nebraska.
Investment and Insurance Products: Not a Deposit • Not Insured by any Federal Government Agency • Not FDIC Insured • No Bank Guarantee • May Lose Value
Question : I got an email supposedly from the U.S. Department of Education to “alert me ” that my FSA ID is locked and telling me to click on a link to unlock it. I think this is a phishing scam because I didn’t apply for financial aid this year—my daughter already graduated from college. I deleted the email without clicking. Have others reported this ?
Answer : Yes, cybercriminals are at work, but likely not in the way you think ; more likely someone was trying to log into your idle Federal Student Aid account and failed to guess your password so the system locked them out after three attempts. The lockout would generate an email from “donotreply @studentaid.gov ” to the address on file for the account.
Although it’s never wise to click on a link in an unsolicited email, you do need to secure your FSA ID. Go to and try to log in. If your account is locked, “you’ll need to use your verified mobile phone number or verified email address, an authenticator app, or your challenge questions to unlock it, ” the website says. Follow the instructions to reset your password and take other recommended security steps.
You can’t delete your FSA ID, even though your daughter has finished college, and the website’s instructions to disable an account no longer seem to work—these are problems for law-abiding students and parents amid identity theft so rampant that officials said it imperils the federal student aid program for college students.
In June, Federal Student Aid, an office of the U.S. Department of Education, announced new rules to combat the fraud, in which criminals use stolen FSA IDs or other credentials to obtain grants and loans and then enroll chatbots in online classes. Artificial intelligence and remote learning fuel these schemes. Victims whose identities were stolen must deal with the aftermath, trying to prove they never sought or received a student loan, for example.
“Recent data from Federal Student Aid, States, and financial aid administrators at a wide range of institutions of higher education has made it clear that the rate of fraud through stolen identities has reached a level that imperils the federal student aid programs authorized under Title IV of the Higher Education Act. As such, the Department and its institutional partners must act to protect the integrity of federal student aid programs funded by taxpayers. This is especially acute for the Pell Grant program, which is already facing a budgetary shortfall and has been targeted by technologically advanced fraud rings, ” FSA said in its June announcement, which you can read at.
Q : Can that life insurance finder be used for people who aren’t dead ? We have a situation with dementia and missing records.
A : No, the National Association of Insurance Commissioners’ Life Insurance Policy Locator, a free online service, helps beneficiaries track down life insurance policies and annuity contracts held by people who have died, and only after the tool’s user has made a “diligent search ” for the deceased person’s records on their own. The service “is not to be used to try to locate potential benefits from life insurance policies and annuity contracts on living persons, ” according to its website, .
Although the online tool is not for people in your situation, with relatives who can’t recall where important records are kept, the NAIC and other insurance sites do offer tips that might help. They suggest that a person’s authorized representative could :—Contact the person’s employer or former employer (s ) to ask whether they are entitled to group life insurance benefits. Likewise, if the person is or was in a labor union, ask the union.—Review the person’s bank statements and canceled checks, if available, for payments to a life insurance company.—Ask other family members if they know of any insurance policies or annuity contracts, and if they know of any safety deposit boxes or other locations where records may be kept.—Check with the company or companies that insures or insured the person’s car or house, as they may also have sold the person life insurance. Likewise, if the person is or was a member of a group such as AARP or AAA, check for life insurance purchased through the group.—Search for unclaimed property via, which may include contents of safe deposit boxes, deposits held by utility companies, dormant savings and checking accounts, insurance and medical refunds, shares of stocks, uncashed travelers checks, money orders, dividend checks and payroll checks, according to Hawaii’s Department of Budget and Finance. The search page also includes instructions for filing a claim if property is found.————Write to Kokua Line at Honolulu Star-Advertiser, 500 Ala Moana Blvd., Suite 2-200, Honolulu, HI 96813 ; call 808-529-4773 ; or email kokualine @staradvertiser.com.————
South Korean-based DB Insurance Co. Ltd. announced Sept. 26 it is buying Jacksonville-based specialty insurance company Fortegra Group Inc. for $1.65 billion.
The deal comes 11 years after Connecticut-based investment company Tiptree Inc. bought then-publicly traded Fortegra for $218 million.
Fortegra has grown significantly under Tiptree’s ownership. The company reported revenue of $179 million in the first six months of 2014 before that deal was announced. Its revenue grew to $994 million in the first six months of 2025.
Tiptree tried to take Fortegra public again twice, in 2021 and 2024, but called off the sale both times because it couldn’t get the price it wanted.
Investment firm Warburg Pincus LLC acquired a 24% stake in Fortegra in 2021 after the first attempt at an initial public offering was withdrawn.
Tiptree’s majority stake in Fortegra is the company’s largest investment.
DB Insurance said the acquisition of Fortegra is a strategic step in its goal of growing its presence outside of South Korea.
“This acquisition will mark the first-ever purchase of a U.S. insurer by a Korean non-life insurer and represents a turning point for DB Insurance in its journey to become a global insurer,” said Ki-Hyun Park, head of global business for DB, in a news release.
“By combining Fortegra’s expertise with DB Insurance’s global network and capital strength, we aim to enhance customer value and market competitiveness while simultaneously achieving our dual objectives of increasing shareholder value and contributing to the national economy,” he said.
“This agreement with DB Insurance marks a significant new chapter in Fortegra’s journey. We look forward to partnering with DB Insurance to advance the shared goal of building a leading insurance group,” Fortegra CEO Rick Kahlbaugh said in the release.
Kahlbaugh has been chief executive of Fortegra since 2007.
“As Fortegra embarks on its next chapter, we remain proud of what we’ve built together and confident in the company’s continued success,” Tiptree Executive Chairman Michael Barnes said in the release.
The companies expect to complete the sale in mid-2026.
HONG KONG–(BUSINESS WIRE)– AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of “a” (Excellent) to Samsung Property & Casualty Insurance Company (China), Ltd. (Samsung P/C China). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings of Samsung P/C China reflect its balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.
Samsung P/C China is a non-life insurance company established in 2005. The company was a wholly owned subsidiary of Samsung Fire & Marine Insurance Co., Ltd. (SFM) until 2022, during which time Shenzhen Tencent Domain Computer Network Company Limited (Tencent Domain), an affiliate of Tencent Holdings Limited (Tencent), and four minority shareholders made investments of RMB 1.95 billion into the company. Following the introduction of Tencent Domain, Samsung P/C China continues to receive explicit and implicit support from SFM, including stable business relationships with affiliated Samsung entities and Korean Interests Abroad (KIA) clients, strong brand recognition, reinsurance support and underwriting know-how. The company also benefits from the distribution capabilities and extensive market outreach of Tencent’s online platforms and overall management oversight.
Samsung P/C China is a small-sized player in China’s non-life industry. The company has built a stable commercial book and a growing personal line portfolio with the support of its two major shareholders. The company offers a wide range of insurance products including commercial property, liability, engineering, accident and health (A&H) and shipping return insurance. Samsung-affiliated businesses and KIA clients are primarily managed by Samsung P/C China’s direct channel, with client management, pricing, underwriting guidance supported by SFM. The company leverages on Tencent’s platforms to acquire shipping return business and distribute A&H products, while continuing to diversify its third-party business sources by partnering with brokers, agents and external platforms.
Samsung P/C China has consistently delivered positive earnings over the last few years. The company recorded significant top-line growth in terms of gross premiums written in 2024, primarily driven by shipping return insurance and health insurance distributed through WeSure, a Tencent-backed online insurance platform. Underwriting profitability was under some pressure due to higher loss ratios and increased operating expenses over the last two years. Investment returns have been consistently positive, supported by a steady stream of interest income sourced from deposits and fixed-income investments.
AM Best assesses Samsung P/C China’s risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), supplemented by its conservative investment strategy, sound liquidity and a comprehensive reinsurance programme. The company’s capital position was materially enhanced following the shareholding change, with its local solvency ratio considerably higher than the regulatory minimum requirement level. AM Best views SFM and the parent group of Tencent Domain as being equipped with superior credit fundamentals. These companies also are expected to continue to provide financial and non-financial support to Samsung P/C China over the intermediate term. AM Best also views Samsung P/C China’s overall risk management practices as appropriate for its risk profile.
Negative rating actions could occur if there is significant and adverse deviation in Samsung P/C China’s business execution compared with its business plan, leading to material deterioration in its operating performance. Negative rating actions could also occur if the company’s balance sheet strength materially deteriorates, due to a significantly reduced level of support from major shareholders, including financial flexibility and reinsurance. Negative rating actions could also arise if there is a reduced level of business and distribution support from major shareholders, which negatively impacts Samsung P/C China’s business profile assessment. While deemed unlikely over the intermediate term, positive rating actions may occur if the company demonstrates sustained and favourable operating performance with no material deterioration in its current balance sheet strength assessment.
Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Parent of Security Benefit Life Insurance Company diversifies investor base and capitalizes on current market opportunity to refinance
TOPEKA, Kan.–(BUSINESS WIRE)–
SBL Holdings, Inc. (“Security Benefit”) today announced the completion of an offering of $500 million of 5.900% senior notes due 2028. Security Benefit is the parent company of Topeka-based Security Benefit Life Insurance Company.
Security Benefit intends to use the net proceeds of the issuance principally to redeem in whole its 5.125% senior notes due 2026, of which $374,457,000 are outstanding. The redemption date will be October 14, 2025. The remaining net proceeds will be available for general corporate purposes.
The new notes due 2028 have been assigned a rating of BBB- (Stable Outlook) by S&P Global Ratings and BBB- (Stable Outlook) by Fitch Ratings, Inc.
“We were able to leverage our financial strength, consistent earnings, and sustainable business model, while taking advantage of this moment in rates and spreads, to refinance our senior notes due 2026,” said Doug Wolff, CEO of Security Benefit. “The securities were offered on an attractive basis and added additional available capital to Security Benefit.” Brian Beckett, CFO of Security Benefit, added, “The new senior notes further diversify our investor base, together with our successful offerings last October and this past April. We were pleased to see the confidence expressed in Security Benefit, as investors in these new notes included some holders of the notes being redeemed.”
The redemption price for the notes due 2026 will be the greater of (i) 100% of the principal amount of the notes at the redemption date and (ii) the required “make-whole” amount, plus, in each case, accrued and unpaid interest to, but not including the redemption date. The make-whole amount will be based on the Treasury Rate (as defined in the indenture governing the notes due 2026) plus 50 basis points.
A formal notice of redemption of the notes due 2026 will be sent to holders.
This press release and the notice of redemption are posted at www.securitybenefit.com under the “Investor Relations” tab.
This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of SBL Holdings, Inc. or Security Benefit Life Insurance Company or a notice of redemption of the senior notes due 2026.
The senior notes due 2028 were offered and issued in compliance with Rule 144A/Reg S procedures under the Securities Act of 1933 (the “Securities Act”). The notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction, and may not be offered or sold in the United States or to U.S. persons without registration under the Securities Act or the applicable securities laws of any other jurisdiction or an applicable exemption from the registration requirements.
About Security Benefit
SBL Holdings, Inc., through its subsidiary Security Benefit Life Insurance Company, a Kansas-domiciled insurance company that has been in business for more than 133 years, is a leader in the U.S. retirement market. Security Benefit, together with its affiliates, offers products in a full range of retirement markets and wealth segments for employers and individuals and held $57.6 billion in assets under management as of June 30, 2025. Security Benefit, an Eldridge Industries business, continues its mission of helping Americans To and Through Retirement®. Learn more at www.securitybenefit.com and follow us on LinkedIn, Facebook, and X.
How many clients do you have in your current book of business? What if I told you that you could earn an additional $150 per year in commissions from each of those clients with very little effort?
Todd Villeneuve
Let’s do the math on this: If you currently serve 100 clients in your book, that’s an extra $15,000 in revenue each year. If you have 1,000 clients, that’s an additional $150,000 per year.
And the key to realizing that additional income is simple: cross-selling.
While stepping outside your comfort zone and selling new products may feel uncomfortable and scary – no one wants to lead a client astray with bad advice – agents and advisors who don’t offer a portfolio of solutions leave money on the table. A lot of money. Even worse, they leave their customers hungry and vulnerable to other agents who do offer a range of products that change and grow with industry trends and evolving demographics.
Cross-selling protects your clients
If you’re an independent insurance agent or a financial advisor who is seeking long-term success and stability, a diversified portfolio is crucial. For example, if you sell life insurance, chances are your clients could also benefit from long-term care insurance, short- or long-term disability coverage or supplemental options such as hospital indemnity or critical illness coverage.
Because health and financial wellness are so closely connected, your clients should also understand how financial products like annuities can provide security during retirement, while allowing them to plan for and leave a legacy for their loved ones.
The same is true if you’re a financial advisor. Integrating insurance products such as individual health, Medicare, disability and long-term care into the broader financial plan for clients can deliver long-term wealth, security and protection, while mitigating risk and delivering important tax advantages.
If selling Medicare converge is your bread and butter, congratulations! But don’t stop there or you may leave clients with serious gaps that can impact their financial future. Remember that your clients are looking to you for life-changing help and advice, so don’t hesitate to introduce them to insurance and financial options that increase their protection, all while cementing your relationship with them.
Don’t go it alone
I understand why cross-selling is a challenge: lack of time (you must be responsive to existing clients, first and foremost), lack of experience in new product areas, lack of resources (financial and bandwidth) and lack of access to or knowledge of marketing. But there’s good news: You don’t have to go it alone.
If you don’t currently work with an independent marketing organization, consider how the support and resources an IMO offers might benefit your business. If you do work with an IMO and they aren’t encouraging you to cross-sell or if they don’t have the expertise and tools to help you grow your business through cross-selling, then it may be time to find a new partner.
It’s also helpful to turn to your professional network and ask other agents and advisors about the resources they use to drive business growth through cross-selling. Maybe you’re affiliated with strategic partners, a larger agency or practice, or an IMO where other resources are available. If so, look for a way to represent the product with another agent, or make a referral to an advisor or agent who can write the business on your behalf. The advantage is that your customer receives uninterrupted service and the business stays within your circle of influence. Plus, it’s likely you can also arrange a shared commission or referral bonus, so everybody wins.
Cross-selling gives you the power to weather market changes
If your goal is to grow a stable, high-performing agency or practice, product diversity is critical. Diversification will also allow you to weather market changes that are completely out of control. For example, when carriers make changes to commissions or pull products from the market, it causes upheaval for everyone. However, by not putting all your eggs in one basket, you can keep your sales pipeline and commissions flowing until the industry rights itself again–as it ultimately will.
Cross-selling delivers advantages such as increased customer retention, opportunities for growth, improved risk management, greater earning potential, a higher business valuation and a stronger marketing position. It also nourishes your customer relationships by giving them options that adapt as they move through life, allowing them to maximize their investments and safeguard their lifestyles and legacies.
SEOUL, South Korea & GREENWICH, Conn. & NEW YORK–(BUSINESS WIRE)–
DB Insurance Co., Ltd. (“DB Insurance”) (CEO Jong-Pyo Jeong), Tiptree Inc. (NASDAQ: TIPT) (“Tiptree”) and Warburg Pincus LLC (“Warburg Pincus”) announced today that the parties have signed an agreement for DB Insurance to acquire 100% of the outstanding shares of The Fortegra Group, Inc. (“Fortegra”), a U.S.-based specialty insurer, for approximately $1.65 billion (approximately KRW 2.3 trillion) in cash from Tiptree and Warburg Pincus. The transaction will be funded in cash with internal resources from DB Insurance. The transaction will mark the largest U.S. market entry by a Korean non-life insurer.
DB Insurance first entered the U.S. market in 1984 through its Guam branch and has since pursued a differentiated global business strategy with the goal of establishing “a second DB Insurance” abroad. The decision to acquire Fortegra, with 2024 annual premiums of KRW 4.4 trillion, reflects a strategic step to secure scale and capabilities as a global insurance group.
Founded in 1978 and headquartered in Jacksonville, Florida, Fortegra has built a portfolio spanning specialty insurance, other insurance and services. The company operates across the U.S. and Europe, supported by strong underwriting discipline and risk management, and has maintained a long-term combined ratio of approximately 90%.
For 2024, Fortegra reported gross written premiums of $3.07 billion (KRW 4.4 trillion) and net income of $140 million (KRW 200 billion). It operates in all 50 U.S. states and eight European countries, including the U.K. and Italy, and holds an A- financial strength rating from A.M. Best.
The acquisition is expected to provide DB Insurance with a platform for global growth in the world’s largest property and casualty (P&C) markets, enable entry into the profitable surety and warranty sectors, and enhance earnings stability through broader geographic and business-line diversification.
This agreement also provides Fortegra with a strong capital base to support its continued profitable growth as it joins an insurance group with strong financial ratings: AM Best A+ (Superior) and S&P A+ (Stable).
Ki-Hyun Park, Head of Global Business at DB Insurance, said: “This acquisition will mark the first-ever purchase of a U.S. insurer by a Korean non-life insurer and represents a turning point for DB Insurance in its journey to become a global insurer. By combining Fortegra’s expertise with DB Insurance’s global network and capital strength, we aim to enhance customer value and market competitiveness while simultaneously achieving our dual objectives of increasing shareholder value and contributing to the national economy.”
Rick Kahlbaugh, CEO of Fortegra Group, added: “This agreement with DB Insurance marks a significant new chapter in Fortegra’s journey. We look forward to partnering with DB Insurance to advance the shared goal of building a leading insurance group.”
Michael Barnes, Tiptree’s Executive Chairman, said: “For more than a decade we have had the pleasure of working closely with Rick and his team to nurture Fortegra’s growth and deliver a track record of consistent performance. As Fortegra embarks on its next chapter, we remain proud of what we’ve built together and confident in the company’s continued success.”
Dan Zilberman, Global Head of Capital Solutions and Global Co-Head of Financial Services at Warburg Pincus, said: “Fortegra successfully accelerated its growth and cemented its position as a leading global specialty insurer during our partnership with the company. We, along with our friends at Tiptree, are proud to have supported Rick and the Fortegra team through this exciting period, and are highly confident that DB Insurance is the right partner for Fortegra in this next chapter of its growth.”
Barclays and BofA Securities are serving as financial advisors to Fortegra. Goldman Sachs & Co. LLC is serving as a financial advisor and Tatsuhiko Hoshina as a global strategy advisor to DB Insurance. Ropes & Gray LLP and Sidley Austin LLP are serving as legal advisors to Fortegra. Latham & Watkins LLP is serving as legal advisor to DB Insurance.
The acquisition is subject to receipt of Tiptree stockholder approval, required regulatory approvals and other customary closing conditions and is expected to close in mid-2026.
About DB Insurance
DB Insurance was established as Korea’s first automobile insurance company in 1962 and today is the second largest non-life insurer in South Korea, servicing over 11 million customers. DB Insurance offers a diversified portfolio including long-term medical, auto, and property and casualty insurance policies.
About Fortegra
For more than 45 years, Fortegra, via its subsidiaries, has underwritten risk management solutions that help people and businesses succeed in the face of uncertainty. As a multinational specialty insurer whose insurance subsidiaries have an A.M. Best Financial Strength Rating of A- (Excellent) and an A.M. Best Financial Size Category of ‘X’, we offer a diverse set of admitted and excess and surplus lines insurance products and warranty solutions. For more information: www.fortegra.com.
About Tiptree
Tiptree Inc. (NASDAQ: TIPT) allocates capital to select small and middle market companies with the mission of building long-term value. Established in 2007, Tiptree has a significant track record investing across a variety of industries and asset types, including the insurance, asset management, specialty finance, real estate and shipping sectors. With proprietary access and a flexible capital base, Tiptree seeks to uncover compelling investment opportunities and support management teams in unlocking the full value potential of their businesses. For more information, please visit tiptreeinc.com and follow us on LinkedIn.
About Warburg Pincus
Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $87 billion in assets under management, and more than 220 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has been a leading investor in the insurance industry for 30 years, investing more than $5 billion in equity capital across more than 20 investments, globally. These investments include Aeolus Re, Arch Capital, Fetch Pet Insurance, Fortegra, Foundation Risk Partners, ICICI Lombard Insurance, K2 Insurance Services, Keystone Agency Partners, McGill & Partners, ParetoHealth, RenaissanceRe, and Somers Re, amongst others.
The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit warburgpincus.com or follow us on LinkedIn.
This press release contains forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “seek,” “may,” “plan,” “project,” “should,” “target,” “will,” and words and terms of similar substance used in connection with any discussion of future plans, actions or events identify forward-looking statements. All statements, other than historical facts, including statements regarding the potential synergies, future growth and expansion opportunities, credit ratings and other impacts to DB, Tiptree, Fortegra and U.S.-Korea economic ties relating to closing of the merger of Fortegra with and into a subsidiary of DB (the “Merger”), pursuant to the merger agreement between DB, Tiptree and Fortegra (the “Merger Agreement”) are forward-looking statements. These forward-looking statements are based upon present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of Tiptree, Fortegra and DB. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: (a) failure to satisfy the conditions to closing and the consummation of the Merger and the other transactions contemplated by the Merger Agreement, including required regulatory approvals; (b) potential legal proceedings relating to the Merger Agreement and the Merger; (c) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, including a termination of the Merger Agreement under circumstances that could require Fortegra or Tiptree to pay a termination fee; (d) failure to obtain stockholder approvals as required for the Merger; (e) failure to consummate the Merger in a timely manner or at all; (f) the effect of the announcement and pendency of the Merger and the other transactions contemplated by the Merger Agreement on Tiptree’s future operating results and financial condition; (g) the market price of Tiptree’s common stock; (h) the significant transactions costs that Tiptree will incur in connection with the Merger; (i) the effect of the pendency of the Merger on Tiptree’s business and Tiptree’s ability to attract, retain and motivate key personnel; (j) changes in Tiptree’s or Fortegra’s business or operating results; (k) any disruption of Tiptree or Fortegra management’s ability to spend time on the ongoing business operations of Tiptree and Fortegra due to the Merger; (l) limitations placed on Tiptree’s ability to operate the business by the Merger Agreement; (m) failure to close the Merger in a timely manner or at all; (n) failure of Tiptree to realize financial benefits currently anticipated from the Merger; (o) competitive pressures in the markets in which Tiptree and Fortegra operate; (p) the effects of market volatility or macroeconomic changes and financial market regulations on the industries in which Tiptree operates; (q) the effects of changes in, or Tiptree’s failure to comply with, laws and regulations; (p) cybersecurity attacks or information system failures disrupting Tiptree’s businesses; and failure of Tiptree’s insurance subsidiaries to meet liquidity requirements; and (r) Tiptree’s ability to continue as a going concern.
For additional information about risks and uncertainties that may cause actual results of the transaction to differ materially from those described, please refer to Tiptree’s reports filed with the SEC, including without limitation the “Risk Factors” and/or other information included in such reports. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. The forward-looking statements in this press release speak only as of the date hereof. Except as required by law, Tiptree assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
Additional Information and Where to Find It
In connection with the Merger, Tiptree will file with the SEC a preliminary proxy statement of Tiptree (the “Proxy Statement”). Tiptree plans to mail to its stockholders a definitive Proxy Statement in connection with the Merger. Tiptree may also file other documents with the SEC regarding the Merger. This document is not a substitute for the Proxy Statement or any other document that may be filed by Tiptree with the SEC.
TIPTREE URGES YOU TO READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TIPTREE, THE MERGER AND RELATED MATTERS.
Any vote in respect of resolutions to be proposed at a Tiptree stockholder meeting to approve the Merger or related matters, or other responses in relation to the proposed transaction, should be made only on the basis of the information contained in the Proxy Statement. You will be able to obtain a free copy of the Proxy Statement and other related documents (when available) filed by Tiptree with the SEC at the website maintained by the SEC at www.sec.gov. You also will be able to obtain a free copy of the Proxy Statement and other documents (when available) filed by Tiptree with the SEC by accessing the Investor Relations section of Tiptree’s website at https://investors.tiptreeinc.com.
The proposed transaction will be implemented solely pursuant to the Merger Agreement, which contains the full terms and conditions of the proposed transaction.
Participants in the Solicitation
Tiptree and certain of its directors, executive officers and certain employees and other persons may be deemed to be participants in the solicitation of proxies from Tiptree’s stockholders in connection with the Merger. Security holders may obtain information regarding the names, affiliations and interests of Tiptree’s directors and executive officers in Tiptree’s definitive proxy statement on Schedule 14A for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on March 17, 2025 and in Tiptree’s Current Report on Form 8-K filed with the SEC on May 1, 2025. Additional information concerning the interests of Tiptree’s participants in the solicitation, which may, in some cases, be different than those of Tiptree’s stockholders generally, will be set forth in the Proxy Statement when it is filed with the SEC and other materials that may be filed with the SEC in connection with the Merger when they become available. These documents (when available) may be obtained free of charge from the SEC’s website at www.sec.gov and the investor relations page of the Tiptree’s website at https://investors.tiptreeinc.com.
knife of ULs—it’s versatile and can support a wide range of customer needs,” says Sim Zady, vice president of life product development, Consumer Markets, Pacific Life. “It empowers clients to tailor their coverage to meet specific personal or business financial needs. The product offers strong performance potential across age groups and risk classes, combining robust death benefit protection with attractive cash value growth potential through a competitive interest-crediting rate. It may also allow for tax-free3 distributions.”
