Guggenheim Life Well Placed to Buy Aviva USA

[Norwayguy]

They do. Guggenheim is trying to bring interest back to SBL after their ratings disaster. SBL's Variflex VA contract still has a 3% GMIR in the fixed bucket until the end of September (but if you put $500 in it, you can have it available for life).

I know I don't sell securities any longer but are you saying the GMIR of the fixed bucket is not contractually set in the policy? I have many people I sold VAs to that tell me they do not want the market risk and I point out the policy has a 3% GMIR in the fixed account while clients sold the same policy later in my carrier have a lower GMIR and I can notice the difference based on contract number 228 over 118 as the first three digits of the policy number.

 

[iceco1d]

No I'm sorry if that sounded confusing. Variflex has a 3% guaranteed minimum interest rate in the fixed bucket of the contract. As long as that contract remains in force, it will be 3% for life, including if you add new monies to the existing policy.

In my state, they have refiled the contract, and expect that at the end of September, that contract will no longer be available for new sales (only new premium into existing policies).

 

[Iwillpay]

First SBL, then Equitrust, and now Aviva? Anyone think this deal will happen? If so, what will be the future of Aviva USA under Guggenheim?

Guggenheim Life well placed to buy Aviva USA: report | Reuters

They are also buying American Amicable (IA group) annuity business in the USA.