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Global Atlantic Financial establishes new insurance business Accordia Life

Multi-line insurance and reinsurance company Global Atlantic Financial Group has formed a new life insurance subsidiary Accordia Life in US, as part of its plan to boost footprint in the country's life insurance segment.

Accordia Life, formerly Aviva life, a life insurance division of the Aviva USA, was acquired by Commonwealth Annuity and Life Insurance Co, a subsidiary of Global Atlantic in October 2013.

The Des Moines-based life insurance company will concentrate on providing competitive life insurance product and services through its network of distribution partners and life insurance professionals.

With the establishment, Accordia Life has rolled out an array of products, such as indexed universal life, universal life and term insurance, designed to meet the protection, wealth transfer and small business needs of customers across the US.

Accordia Life president Michael Miller said: "Today we are pleased to introduce Accordia Life to the life insurance industry.

"We are building an innovative new life insurance company, leveraging the talents of our seasoned industry professionals and our expertise in indexed universal life."

Global Atlantic Sales senior vice president Steve Hinrichs will manage distribution efforts through a national network of career and independent life insurance marketing organizations.

Accordia Life and Forethought Life Insurance Company form Global Atlantic’s primary insurance sales operations, offering annuities, life insurance and preneed life insurance.

Global Atlantic operates in both Life & Annuity and Property & Casualty lines of business through subsidiaries in New York, Massachusetts, Bermuda, London, and following its formation of Accordia Life in Iowa.