Phyllis Borzi spent decades helping invent ways to protect people from unpleasant surprises in their health and retirement plans. Never did she run into the kind of resistance finance firms have mustered against her latest idea.
U.S. life insurers are “very proud” of the retained-asset accounts that allow companies to hold death benefits and earn interest on the funds because the practice gives bereaved beneficiaries time to decide what to do with the money, an industry group said today.
New York Life Insurance Co., the insurer with a portfolio of more than $170 billion, limited the investment duration and hedged against higher yields to prepare for a rise in interest rates after U.S. bond buying ends.
After Symetra Financial Corp. was formed in 2004, the life insurer set up shop in a 25-story glass tower outside Seattle, put its name on the building and pushed the state to adopt more favorable rules for its business.