Houston-based Forethought Financial Group announced Tuesday it is getting into the variable-annuity business, almost a year after it bought the individual annuity business from The Hartford Financial Services Group.
The variable annuity, called ForeRetirement, will be marketed to the huge number of retirees as Baby Boomers end their working days.
Variable annuities are agreements in which a person makes purchase payments to an insurer in order to receive regular payments at a later date, sometimes to have income during retirement.
"The launch of ForeRetirement is the next step in Forethought's strategy to deliver leading financial solutions for America's senior middle market," Forethought CEO John Graf said in a prepared statement. "This is a logical addition to our product lineup and a significant milestone for the company. Americans are approaching retirement in record numbers."
Forethought bought The Hartford's individual annuity business in late April 2012 as the Hartford-based insurer began selling off its life insurance lines to focus on property-casualty.