AnnuityNet Completes Successful Third-Round Funding; Innovative Annuity Technology Firm Receives Strong Showing of Support from New and Existing Investors.Business and Technology Editors LEESBURG, Va.--(BUSINESS WIRE)--April 8, 2002 AnnuityNet, Inc., the nation's leading eCommerce provider of online solutions for the annuity industry, has closed $7.5 million in third-round funding from a group that includes both new investors and returning investors from earlier funding rounds. Among the new investors are The Phoenix Companies and Ohio National Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. . They join Conning Capital Partners, GE Equity, FBR FBR Friedman, Billings, Ramsey Group, Inc. (investment firm) FBR Fast Breeder Reactor FBR Federal Benefit Rate FBR Foundation for Biomedical Research FBR Foundation for Blood Research FBR Fluidized Bed Reactor Financial Services Partners, Lincoln Financial Group and AnnuityNet founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Shane Chalke, who are adding to their earlier investments in the company. This successful $7.5 million third-round funding follows a second-funding round of $20 million closed in May 2000. AnnuityNet, Inc., a software and business re-engineering company based outside Washington, DC, builds eCommerce technology that links together annuity point-of-sale distributors such as banks and broker-dealers, insurance carriers that create and underwrite annuity products, and consumers and end users of annuity products. It was the first company in the world to create and deploy fully functional Internet technology for the sale and servicing of annuity products, and the firm is widely acknowledged to be the eCommerce leader in the processing of annuities over the Internet. One key feature of this latest capitalization is that a number of investors are already strategic partners with AnnuityNet and have signed agreements to employ AnnuityNet technology to power their annuity sales and servicing business. This includes Phoenix, Ohio National, GE Financial Assurance, and Lincoln, whose decision to invest in AnnuityNet displays an additional level of commitment to the company's business model and prospects for success in the marketplace. "Because this funding round comes on top of our already strong cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. , this represents essentially a balance sheet financing," comments AnnuityNet Chief Financial Officer Carl Serger. "With or without the new funding, we anticipate being cash flow-positive by the end of 2002, but by presenting an exceptional balance sheet we demonstrate the ongoing support of our investors and underscore the depth of our commitment to becoming the dominant technology in the annuity industry." The financial services marketplace already has demonstrated tremendous support for the AnnuityNet technology platform, and the company has agreements in place or pending with more than 20 insurance carriers to integrate their annuity products into the platform. These business partners represent more than 1 out of every 2 annuity dollars sold in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . AnnuityNet's robust platform also set a new record in 2001 for total annuity transaction volume over the Internet, and its technology currently processes in excess of a half-billion dollars per month in annuity transactions. "Our thesis two years ago has been born out -- AnnuityNet's solution is yielding enormous benefits for industry participants, and we are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by the strong endorsement from so many industry leaders that have chosen to deploy AnnuityNet's platform," says Steve Piaker of Conning Capital Partners. "AnnuityNet is backed by a blue chip slate of investors and led by a deep and savvy management team. Based on the company's performance to date, it is no surprise that the company was able to garner support from new and existing investors." "We were particularly pleased with the high level of interest during this funding round from more potential investors than we were able to accommodate," added AnnuityNet CEO Shane Chalke. "We view this level of success as a vote of confidence from the industry in the strength of our underlying technology as well as the leadership role that AnnuityNet has built in the eCommerce sale and servicing of annuities." About AnnuityNet, Inc. Historically annuities have been a cumbersome, paper-driven and intensively regulated product. AnnuityNet automates and streamlines the sales and service relationship to create a paperless stream for annuity applications straight-through to the carrier, as well as online servicing of the annuity contract Annuity Contract The written agreement between an insurance company and a customer outlining each party's obligations in an annuity coverage agreement. This document will include the specific details of the contract, such as the structure of the annuity (variable or fixed), any and underlying investments. AnnuityNet, a Leesburg, VA-based software technology company, pioneered the Web-based approach to powering transactions in the annuity market space with an Internet platform that connects all industry constituencies - carriers and manufacturers, distributors and point of sale representatives, and customers - into a seamless, secure and information-rich process. After becoming the first company to engineer paperless annuities on the Web, AnnuityNet designed and developed technology solutions for financial services institutions that are transforming the way the industry sells and services annuities. AnnuityNet was founded in 1997 by well-known actuary and entrepreneur Shane Chalke, and is owned by a blue-ribbon consortium of financial industry organizations including GE Equity, Lincoln Financial Group, Conning Capital Partners, SunLife, and Bank One. The company's Web site address is www.annuitynet.com. Securities offered through AnnuityNet Insurance Agency, Inc., a broker-dealer. About Conning Capital Partners (www.ConningCapital.com) Conning Capital Partners, a unit of Conning & Company (Member: NASD/SIPC) and part of the Swiss Re Swiss Re is the world’s largest reinsurer, now that it has acquired GE Insurance Solutions (Ligi 2006). Founded in 1863, Swiss Re now operates in more than 30 countries. General Electric owns 8.9% of the firm. Group, is a prominent investor in financial services firms. Headquartered in Hartford, Connecticut “Hartford” redirects here. For other uses, see Hartford (disambiguation). Hartford is the capital of the State of Connecticut. It is located in Hartford County on the Connecticut River, north of the center of the state. , Conning Capital Partners has approximately $600 million under management and invests in a wide variety of financial services and technology companies, including software, brokerage, banking, insurance and managed care companies. For more information, go to www.conningcapital.com. About Friedman, Billings, Ramsey, Group Inc. (www.fbr.com) Friedman, Billings, Ramsey Group, Inc. (NYSE NYSE See: New York Stock Exchange : FBR), is a financial holding company for businesses that provide investment banking, institutional brokerage, specialized asset management, and banking products and services. One of these subsidiaries manages FBR Financial Services Partners. FBR provides capital and financial expertise throughout a company's lifecycle and affords investors access to a range of proprietary financial products and services. Headquartered in the Washington metropolitan area The Washington Metropolitan Area, formally known as the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA is a U.S. Metropolitan Statistical Area (MSA) as defined by the United States Office of Management and Budget (OMB) as of November 2004. , FBR has offices in Arlington, Va., Bethesda, Md., Atlanta, Boston, Charlotte, Cleveland, Dallas, Denver, Irvine, Ca., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Portland, Seattle, London, and Vienna. Bank products and services are offered by FBR National Bank & Trust, member FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). and an Equal Housing Lender The terms Equal Housing Lender and Equal Opportunity Lender are synonymous and refer to all FDIC insured banks in the United States. Such banks are prohibited from discriminating on the basis of race, color, religion, national origin, sex, handicap, or familial status. . For more information, see www.fbr.com. About GE Equity (www.geequity.com) GE Equity is the private equity arm of the General Electric Company that typically invests in companies around the world that are synergistic with other GE Businesses. Based in Stamford, Conn., GE Equity provides "Value Beyond Capital" and currently maintains a portfolio consisting of investments in more than 300 companies. GE Equity maintains offices in Buenos Aires, Hong Kong, London, Mexico City, Milan, New York Milan is a town in Dutchess County, New York, United States. The Town of Milan is in the northern part of the county. History The area that comprises Milan today was the western part of the Little Nine Partners Patent of 1706. , Sao Paulo, Sydney, Tel Aviv, and Tokyo. About Lincoln Financial Group (www.lfg.com) Lincoln Financial Group is the marketing name for Lincoln National Corporation Lincoln National Corporation (NYSE: LNC) is a holding company, which operates multiple insurance and investment management businesses through subsidiary companies. LNC was organized under the laws of the state of Indiana in 1968, and maintains its principal executive offices (NYSE:LNC LNC Legal Nurse Consultant LNC Libertarian National Committee LNC Low Noise Converter LNC Lloyd Noble Center (University of Oklahoma, Norman campus) LNC Local Node Clock LNC Chief Legalman (Naval Rating) ) and its affiliates. With headquarters in Philadelphia, Lincoln Financial Group has consolidated assets of $98 billion and annual consolidated revenues of $6.4 billion. Through its wealth accumulation and protection businesses, the company provides annuities, life insurance, 401(k) plans, mutual funds, managed accounts, institutional investment management and financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against and advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to the affluent and retirement markets. About The Phoenix Companies (www.phoenixwm.com) The Phoenix Companies, Inc. (NYSE:pnx) is a leading provider of wealth management products and services to individuals and institutions. Through a variety of advisors and financial services firms, Phoenix helps the affluent and high net worth accumulate, preserve and transfer their wealth with an innovative portfolio of life insurance, annuity and investment management products and services. With a history dating to 1851, The Phoenix companies, Inc. has two principal operating subsidiaries, Phoenix Life Insurance Company and Phoenix Investment Partners, Ltd., and offers trust services through another subsidiary, Phoenix National Trust Company. Phoenix has corporate offices in Hartford, Conn. For more information on Phoenix, visit www.phoenixwm.com. About Ohio National Financial Services (www.ohionatl.com) Ohio National Financial Services offers insurance and financial service products through traditional agents, securities brokerage firms and banks, and selected internet sites. Ohio National has representatives in 47 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and Puerto Rico, and a subsidiary operation in Chile. Available products include a wide variety of life insurance, annuities, and retirement plan products. Headquartered in Cincinnati, Ohio National has more than $14.2 billion of total assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. (including assets from acquiring Suffolk Capital Management on January 30, 2002). For more information, see www.ohionational.com. |
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