The Venerable Insurance and Annuity Company(Iowa) is a private financial services firm that focuses on acquiring and managing legacy variable annuity business.
An investor group, led by affiliates of Apollo Global Management, LLC, Crestview Partners, Reverence Capital Partners, and Athene Holdings, Ltd., founded the company in 2012.
Venerable’s headquarters are in West Chester, Pennsylvania, and it also has additional operations in Des Moines, Iowa.
Venerable Insurance and Annuity Company(Iowa) Business Model
Venerable primarily acquires legacy variable annuity (VA) blocks from other insurance companies, focusing on older business blocks that have been closed to new sales.
The company then assumes the responsibility of managing these blocks, ensuring policyholders receive continuous service and support.
Advantages of Venerable’s Focus on Legacy VA Blocks:
Reduced Risk in Legacy VA Blocks: Legacy VA blocks are generally less risky compared to new VA blocks.
This is attributed to the older age of policyholders in legacy VA blocks, resulting in a lower risk of surrender.
Opportunity for Improvement: Many legacy VA blocks are undermanaged, presenting Venerable with an opportunity to enhance their performance.
This improvement involves implementing more efficient operations and investing in advanced technology.
Acquiring at a Discount: Venerable can acquire legacy VA blocks at a discount to their net asset value (NAV).
This favorable acquisition scenario arises as other insurance companies seek to sell these blocks, aiming to free up capital for other ventures.
Contacts & Location
| Company Name: | Venerable Insurance and Annuity Company (Iowa) |
|---|---|
| Location: | 1011 3rd St SE, Cedar Rapids, IA 52401 |
| Phone Number: | (800) 369-6253 |
| Website: | https://www.venerable.com/ |
Venerable’s Financial Strength
Venerable stands as a financially robust company boasting a sturdy capital base.
The company has consistently demonstrated profitability, meeting its financial obligations to policyholders without fail.
Venerable’s financial strength finds support in both its strong investment portfolio and its conservative underwriting and risk management practices.
Venerable Insurance and Annuity Company(Iowa) Coverage
Venerable offers a variety of products and services to its policyholders, including:
Variable Annuities
Variable annuities represent an investment contract providing tax-deferred growth and a retirement income stream.
These annuities invest in diverse subaccounts, each with distinct investment objectives.
Policyholders can select from various subaccounts to construct a portfolio aligned with their risk tolerance and investment objectives.
Mutual Funds
Mutual funds involve pooling money from multiple investors to acquire a basket of securities, fostering risk reduction through diversification.
Professionally managed, mutual funds spare investors from the need to select individual stocks or bonds.
General Investing
Venerable extends a range of general investment services, encompassing brokerage accounts, investment advisory services, and retirement planning.
These services assist investors in formulating and executing a robust investment strategy.
Health Savings Accounts (HSAs)
HSAs, serving as savings accounts, permit payment for qualified medical expenses.
Offering tax-deductible contributions, tax-deferred growth, and tax-free withdrawals for medical expenses, HSAs provide a comprehensive financial solution.
Retirement and Savings Planning Services
Venerable delivers diverse retirement and savings planning services to aid policyholders in achieving financial objectives. These services encompass:
- Retirement Planning: Venerable assists policyholders in crafting personalized retirement plans, considering individual circumstances and goals.
- Savings Planning: Venerable aids policyholders in devising savings plans conducive to achieving both short-term and long-term financial goals.
- Investment Education: Venerable provides a range of investment education resources, empowering policyholders to make well-informed investment decisions.
Venerable Insurance and Annuity Company(Iowa) Claims:
Policyholders have three options to file a claim: online, by phone, or by mail.
- The online claim process represents the quickest and simplest method to file a claim.
- To file a claim online, policyholders must create an account and provide necessary claim information.
- To file a claim by phone, policyholders can contact Venerable’s customer service department at 1-800-369-6253.
- To file a claim by mail, policyholders can send a letter to Venerable at the following address: Venerable Insurance and Annuity Company (Iowa) P.O. Box 329 Cedar Rapids, IA 52401
What to Expect After Filing a Claim
- The claims representative will then evaluate the claim and decide whether to approve or deny it.
- If the claim is approved, a check will be sent to the policyholder.
- If the claim is denied, the policyholder will receive a letter explaining the reason for the denial.
Venerable’s Awards and Recognition
Venerable has been recognized for its financial strength and its commitment to its policyholders. The company has received numerous awards, including:
- A.M. Best’s A+ (Superior) rating
- Standard & Poor’s AA+ (Very Strong) rating
- Fitch Ratings AA+ (Very Strong) rating
FAQs
What is a Variable Annuity (VA)?
A Variable Annuity (VA) is an insurance contract empowering policyholders to invest in diverse mutual funds.
The VA’s value can vary based on the performance of its underlying investments, making it a valuable tool for retirement planning.
What is a Legacy VA Block?
A Legacy VA block constitutes a segment of VA business closed to new sales for an extended period.
Typically, these are older business blocks acquired by another insurance company.
What is Venerable’s Investment Philosophy?
Venerable adheres to a conservative investment philosophy centered on long-term growth.
The company strategically invests in a diversified portfolio encompassing fixed income, equities, and real estate.
How Does Venerable Manage Risk?
Venerable employs a comprehensive risk management program designed to safeguard the company from losses.
This program integrates hedging strategies, investment guidelines, and operational procedures.
What is Venerable’s Customer Service Philosophy?
Venerable delivers excellent customer service to its policyholders.
The company provides various customer service channels, including a toll-free phone number, an online chat feature, and a secure messaging system.
Conclusion
Venerable Insurance and Annuity Company stands as a financially robust and esteemed entity, demonstrating a steadfast commitment to its policyholders.
The company’s emphasis on legacy VA blocks positions it uniquely, offering a distinctive opportunity for growth and success in the insurance industry.
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