Forethought Gets Into Variable Annuity Business

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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.

About Matthew Sturdevant

Full-time staff journalist at The Hartford Courant and magazine freelancer with a master's degree in writing from Dartmouth. My work has appeared in The Los Angeles Times, The Chicago Tribune, Taiwan News, The Baltimore Sun and many other news sources. My blog has been referenced by Politico.com, the Kaiser Family Foundation, the Georgetown Law Library and a number of organizations in healthcare and business. Sturdevant’s blog is "a well-written wealth of ideas," said The Donald W. Reynolds National Center for Business Journalism, (businessjournalism.org, May 18, 2011). I have experience writing for newspapers, magazines, Web sites and blogs as well as shooting and editing video. I made regular appearances on news-talk radio and on the NBC affiliate station in Corpus Christi, Texas. I made occasional appearances on the Fox affiliate in Connecticut promoting Hartford Courant articles.

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