Magazine article American Banker

Premier and GNA Join Forces to Create Family of Annuities

Magazine article American Banker

Premier and GNA Join Forces to Create Family of Annuities

Article excerpt

Premier Bancorp is teaming up with its investment product marketing firm, GNA Corp., to create a family of proprietary variable annuities.

Seattle-based GNA and its parent company, General Electric Capital, will share the job of managing the annuities' 12 investment portfolios with the Baton Rouge, La., banking company. GNA will also use its own insurance company to underwrite the annuity contracts.

With the Premier initiative, GNA is taking its first step into the growing business of helping banks create proprietary annuities. Other insurers, like SunAmerica and American Skandia, have helped a dozen banks create their own products over the past two years.

Banks look to proprietary annuities as a way of broadening the reach of their mutual funds and earning steady management fees.

GNA, which has managed Premier's retail investment product sales program for the past seven years, was a natural partner for the annunities, said Richard White, senior executive vice president at Premier. GNA "has been instrumental in helping us with our program all along," Mr. White said. "We're comfortable with them and their operations."

Premier plans to offer the annuities through its own 115 branches in Louisiana, and also through 22 community banks that operate investment product sales programs with Premier's help.

James Mitchell & Co. has completed plans to transfer virtually all its annuity sales people in Florida to the brokerage program at Barnett Banks Inc. this winter.

Mitchell & Co. …

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