FUTURITY FIRST Financial Corporation and Aquiline Capital Partners LLC Announce Funding and Launch of FUTURITY FIRST Insurance Group Inc.
New York, January 28, 2008 – FUTURITY FIRST Financial Corporation and Aquiline Capital Partners LLC (“Aquiline”), a New York-based private equity firm investing in financial services, announced today the funding and launch of FUTURITY FIRST Insurance Group Inc. (“FUTURITY FIRST” or the “Company”), a new life insurance distribution organization headquartered in Hartford, Connecticut.
Aquiline will invest up to $100 million of capital to fund the growth and development of the business.
FUTURITY FIRST will focus on the financial security and retirement savings needs of middle- income families and small businesses, offering them quality 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 U.S. The Company plans to establish 150 offices employing more than 3000 agents by 2013.
Edward M. Berube, a co-founder of the Company, will serve as its President and Chief Executive Officer. Mr. Berube has over 30 years of experience in the life insurance industry, most recently as President and Chief Executive Officer of Bankers Life and Casualty Company. Prior to joining Bankers Life, Mr. Berube was President and Chief Operating Officer of ALICO, an AIG company, and prior to that 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, Chief Financial Officer, formerly Chief Financial Officer of Lincoln Financial Distributors; and Joy McConnell, Head of Operations, formerly Vice President, Operations for Lincoln Financial Group.
“We are very excited about building an insurance distribution company that will focus specifically on the financial needs and concerns of middle-income baby-boomers and seniors, and pleased to have Aquiline as our financial sponsor,” said Mr. Berube. “Aquiline’s depth of experience and expertise in the insurance sector make them an ideal partner for FUTURITY FIRST.”
“With an exceptionally strong management team in place, the Company is well positioned to take advantage of a large and growing market opportunity,” said Jeff Greenberg, Managing Principal of Aquiline. “We are confident that Ed Berube and his team will execute their strategy and build FUTURITY FIRST into a leading middle-market distribution company.”
About FUTURITY FIRST Insurance Group Inc.
FUTURITY FIRST Insurance Group is an independent, career agency distribution organization focused on the financial security and retirement savings needs of middle-income families and small businesses. The Company, a wholly owned subsidiary of FUTURITY FIRST Financial Corporation, is headquartered in Hartford, CT.
About Aquiline Capital Partners LLC
Aquiline is a private equity firm based in New York investing globally in financial services sectors including property and casualty insurance, specialty finance, securities, asset management, life insurance and transaction processing. Aquiline seeks to add value to its portfolio companies through strategic, operational and financial guidance.