AnnuityNet Receives $20 Million in Second-Round Funding.Business Editors/Hi-Tech Writers LEESBURG, Va.--(BUSINESS WIRE)--May 10, 2000 Innovative Annuity Company Gets Support From Major Investors 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 Fund II, L.P., & Liberty Financial Companies AnnuityNet, the first company to re-engineer variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. and offer them for sale entirely online, has closed $20 million in second-round funding from a group of investors including Conning Capital Partners, GE Equity, FBR Financial Fund II, L.P., Liberty Financial Companies and Shane Chalke, 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. of AnnuityNet. AnnuityNet received initial capital funding from The Lincoln National Life Insurance Company. Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. , a leading global investment banking and securities firm facilitated this deal. This funding will allow AnnuityNet to continue to expand and refine its business model to sell and service annuity products over the Internet. AnnuityNet offers access to annuity products directly to online consumers through its AnnuityNet.com retail site and through private-labeled, affiliate financial web sites. In addition, in the third quarter of this year, AnnuityNet plans to introduce AnnuityNetAdvisor, a robust annuity management platform to support the sale and servicing of annuities through financial intermediaries Financial intermediaries institution that provide the market function of matching borrowers and lenders or traders. . "Leveraging the Internet as a primary delivery tool, we have streamlined the selling and servicing of annuities, both on a direct basis, and through intermediaries. We're working with our partners to develop a new breed of annuity products that are less costly," said Shane Chalke, CEO and creator of AnnuityNet. "This second round of funding ensures our continuance as a leader in re-engineering annuity products, sales and service, which supports our mission to bring annuities to a broader audience of customers." About AnnuityNet - www.AnnuityNet.com Based in Leesburg, Virginia Leesburg is a historic town and is the county seat of Loudoun County, Virginia, United States of America. Located approximately 40 miles west-northwest of Washington, D.C. , and founded in 1997, AnnuityNet is the first company to re-engineer variable annuities for sale and service directly through the Internet. AnnuityNet is the first and only company to help make annuities easier to buy and understand by harnessing the power of e-commerce to cut costs and by giving investors greater involvement in their retirement planning Retirement financial planning refers to a collection of systems, methods, and processes which, in their aggregate, support a family unit's (client's) desire to achieve a state of financial independence, such that the need to be gainfully employed is optional. . Through partnerships with organizations such as Bank One, the Gay Financial Network, OnMoney and TD Waterhouse, AnnuityNet is providing easy access to annuity products and educational information. About Conning Capital Partners - www.Conning.com Conning Capital Partners, a unit of Conning & Company, is a prominent investor in financial services and e-commerce firms. Headquartered in Hartford, Connecticut, Conning Capital Partners has over $500 million under management invested in a wide variety of financial services and technology companies, including software, banking, insurance and managed care companies. Conning & Company is a subsidiary of Conning Corporation. Through its subsidiaries, Conning provides asset management services to insurance companies, manages private equity funds investing in financial services companies and conducts in-depth research on the insurance industry. Conning & Company (Member NASD/SIPC) is located at CityPlace II, 185 Asylum Street, Hartford, CT 06103. About GE Equity - www.GEequity.com As a global equity provider, GE Equity leverages the GE system while focusing on growth equity financings, buyouts, and re-capitalizations in a wide range of industries, including business services, insurance, internet/e-commerce, commercial real estate, manufacturing technology and consumer products/services. Investments include the use of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , convertible debt, subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". , and common stock and typically range in size from $5 million to $50 million. About FBR Financial Fund II, L.P. - www.fbr.com FBR Financial Fund II, L.P. ("Fund II") is a private equity fund whose primary investment objective is to provide strategic, medium-term equity capital to growing financial services companies. Fund II's institutional investors include major banks, insurance companies and financial services firms. Fund II currently has 8 portfolio companies in stages ranging from venture capital to buyout. Current areas of investment interest include finance technology, and outsourcing and business services related to the financial services industry. The fund is an independently operated affiliate of Friedman, Billings, Ramsey Group, an institutional brokerage, research and investment banking firm. About Liberty Financial Companies - www.lib.com Liberty Financial Companies, Inc. (NYSE NYSE See: New York Stock Exchange :L) is an integrated asset accumulation and management organization. Its operating companies manage, as of March 31, 2000, over $67 billion of assets for approximately 1.8 million investors worldwide through an array of fixed, indexed and variable annuities, private and institutional accounts, and 95 mutual funds. Its operating companies include Colonial Management Associates, Crabbe Huson Group, Independent Financial Marketing Group, Keyport Life Insurance Company, Liberty Asset Management Company, Liberty Funds Group, Newport Pacific Management, Progress Investment Management Company, and Stein Roe & Farnham. About Lincoln Financial Group 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 over $106 billion and annual consolidated revenues of $6.8 billion. Through its wealth accumulation and protection businesses, the company provides annuities, life insurance, 401(k) plans, life-health reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. , mutual funds, 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 . |
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