NexAnnuity announces that its insurance subsidiary, The Ohio State Life Insurance Company (“OSL”), has been assigned a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of “bbb-“ (Good) by AM Best. The rating assignments reflect OSL’s balance sheet strength, which AM Best assessed as adequate, as well as OSL’s marginal operating performance, limited business profile, and appropriate enterprise risk management. The outlook assigned to these credit ratings is stable.
NexAnnuity is an affiliate of NexPoint Advisors, L.P., an alternative asset management firm with approximately $12.3 billion in assets under management (“AUM”), and is a related company of NexBank Capital, Inc., a financial services company with approximately $14.3 billion in assets. Through a group of investment, wealth management, and insurance businesses, NexAnnuity offers retirement solutions including fixed annuities, insurance services, and investment solutions to clients throughout the United States.
In 2022, NexAnnuity issued approximately $100 million in fixed annuities, grew OSL’s balance sheet by over 70%, and ended the year with over $370 million in AUM. NexAnnuity expanded the availability of its fixed annuity products in 2022 to include California, Colorado, Louisiana, North Carolina, North Dakota, New Jersey, and South Dakota. As a result, its products are now available in 46 states and the District of Columbia. NexAnnuity plans to expand its product offering to include a fixed index annuity and other fixed annuity products in 2023.
“We are pleased to receive these ratings from AM Best and look forward to building upon the progress we have made to enhance our retirement solutions business over the past several years,” said Brad Heiss, Executive Vice President & Chief Investment Officer of NexAnnuity. “We believe there are significant opportunities for NexAnnuity to drive innovation in the annuity market and provide individuals with tailored annuity solutions that can help them secure a better future during retirement.”
NexAnnuity was founded in 2018 and acquired OSL in 2019. Over the past four years, the company has significantly grown its presence in the annuity market. NexAnnuity draws on expertise and resources from an integrated organization comprised of financial and investment management businesses.
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