Investors Heritage Life Insurance Company was the fastest-growing U.S. life insurer with a Life & Annuity focus in 2018, based on total-filed life, annuity, and accident and health direct premiums, according to a new report from S&P Global.
S&P ranked companies based on both direct and net business volumes, subject to prior-year writings of at least $1 million and growth rates in both metrics of at least 25%. Companies also had to have seen at least 25% growth in direct first-year and single premium business as a measure of new production to be considered.
“We are honored to be recognized for the thoughtful work of our talented people in creating products and solutions to give our clients trust and comfort when they need it most,” said Rob Hardy, Chief Executive Officer of Investors Heritage. “Our commitment to service and our strength of product position us well for continued, sustainable growth and we look forward to building on the momentum this ranking highlights.”
Investors Heritage also ranked as the sixth fastest growing U.S. life insurer overall by total-filed life, annuity, and accident and health direct premiums, on volume of more than $105.2 million and growth of 101% year over year. The company ranked as the seventh fastest growing U.S. life insurer by direct first-year and single premiums and considerations, on volume of $90.9 million and growth of 145% year over year.
Investors Heritage was the only insurer from Kentucky and only one of two Life and Annuity underwriters to rank in the top 10 by either metric.
The rankings follow a strong 2018 for Investors Heritage, which included:
- Closing its partnership with new capital partner Aquarian Holdings
- Booking the highest revenue in the company’s 59-year history, more than doubling its top-line revenue from 2017
- Launching its newest product, the Heritage Builder Annuity, a single premium deferred, multi-year, rate-guaranteed annuity
- Appointing more than 800 new agents and writing new business in 36 states
- Refreshing the corporate brand and launching a new website
- Being awarded a $750,000 tax incentive by the Kentucky Department of Economic • Development as part of the company’s plan to hire 75 more full-time employees at its home office in Frankfort over the next five years
Investors Heritage built on that growth in 2019, expanding its leadership team, with Rob Hardy becoming CEO and Harry Lee Waterfield II moving to Vice Chairman, Raymond Carr and John Frye being named Co-Presidents, and Jay Slatton becoming Director of Preneed Development. The company also saw its outlook revised upward and financial strength and credit rating affirmed by ratings agency AM Best.
“Investors Heritage has a six-decade long history of providing exceptional products and service, which is the bedrock of everything we do,” said Rudy Sahay, Chairman of Investors Heritage and Managing Partner of Aquarian Holdings. “The partnership between Investors Heritage and Aquarian Holdings sought to build upon the values that fostered that success. These rankings affirm our strategy and highlight the value that can be created by working together.”
For more information, visit investorsheritage.com.