New York — Two New York-based companies are partnering in their support of FUTURITY FIRST, a life insurance distribution organization that will be headquartered in Hartford, Conn.
Private equity firm Aquiline Capital Partners LLC and FUTURITY FIRST Financial Corp. are behind the deal. Aquiline will invest up to $100 million of capital to fund the growth and development of the business.
Edward Berube, a co-founder of the company, will serve as its president and CEO. Berube has more 30 years of experience in the life insurance industry, most recently as president and CEO of Bankers Life and Casualty Co. Prior to joining Bankers Life, Berube was president and CEO of ALICO, an AIG company, and prior to that served as president of CIGNA Financial Advisors.
Other founders of the company have substantial executive level experience in the life insurance industry, including: Thomas McConnell, head of product management, formerly president of New England Securities and chairman of MetLife Securities; Karen Matheson, CFO, formerly CFO of Lincoln Financial Distributors; and Joy McConnell, head of operations, formerly VP of operations for Lincoln Financial Group.
FUTURITY FIRST will focus on the financial security and retirement savings needs of middle-income families and small businesses, offering them life insurance, health insurance and annuity products from a select group of industry leading carriers. The company expects its initial preferred product providers to include AIG American General, Genworth Financial and Lincoln Financial Group.
The company plans to differentiate itself by providing its middle-income customers the same level of product quality, advice, professionalism and service that the high net worth market has enjoyed for years.
FUTURITY FIRST will distribute its products exclusively through a nationwide network of company employed career agents working in branch offices located in selected communities across the United States. The company plans to establish 150 offices employing more than 3,000 agents by 2013.
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