Life Insurance Strategies Group, LLC Completes the Formation and Operational Readiness of Private Placement Insurer Verve International Insurance Ltd.
Verve International Insurance Ltd., a U.S. taxpaying life insurance company domiciled in Barbados, offers inclusive solutions for empowered futures
Boston, MA – June 15, 2023 – Life Insurance Strategies Group, LLC, (“LISG”), a leading provider of consulting and creative services to the HNW life insurance marketplace, announced today the completion of formation and operational readiness of Verve International Insurance Ltd. (“Verve”). Verve is the first Black-owned, Black-controlled and Black-led U.S. taxpayer life insurance company in operation since the cessation of North Carolina Mutual in 2018. The company offers private placement deferred variable annuities to institutions and individuals who meet the IRS definition of an accredited investor and qualified purchaser.
Verve’s domicile in Barbados allows the insurer to provide its policyholders a choice of U.S. and non-U.S. underlying policy investments, investment managers and custodians, an advantage over domestic U.S. carriers who are limited to U.S.-based options. By making investments via a Verve deferred variable annuity, policyholders can mitigate the erosion of their returns caused by tax-inefficiency and enhance investment yields.
“Verve is an inclusive brand that recognizes the distribution of wealth is changing to include historically underserved communities,” said LISG CEO, Jay C. Judas. “Increasingly, women, people of color and LGBTQ+ high-net-worth individuals and their institutional advisors are in control when it comes to making investment decisions. Today, there is a life insurance company in step with this reality.”
Verve is led by Chairman & CEO Jerry W. Hester, II, CLU®, a life insurance industry luminary and a former professional athlete. “Throughout my years as a successful producer, it was evident that very few people looked like me in the life insurance industry -- at the carriers or anywhere in the distribution process. It became important to me that I form an insurance company that was as diverse as the clients Verve will serve.”
Andy Man, Chairman and founder of Apeiron International, is a Verve co-founder and serves as Vice Chairman and Director. Andy’s career includes decades of experience in leading tax-exempt organizations as well as multi-jurisdiction life insurance distribution entities. “Verve’s ability to deliver tax-efficient investment solutions, combined with the company’s inclusivity, aligns perfectly with the direction of the affluent investor. I look forward to helping grow Verve into a leading private placement insurer.”
An industry first, Verve’s entire shareholder base, leadership team, and external advisors consist entirely of individuals who are women, people of color, and/or identify as LGBTQ+. “Verve is proof that diversity and inclusion matter, and can drive an organization’s success,” said Jonathan Man, a co-founder of Verve. “We’re excited to bring our diverse experiences together in this new venture to provide exceptional service to our policyholders and partners.”
LISG’s consulting unit led the formation and operational readiness of Verve and Jay C. Judas serves as Director. LISG and Verve were advised by Deloitte, Chancery Chambers, Strategic Risk Solutions and First Caribbean Bank.
About Life Insurance Strategies Group, LLC
LISG helps clients navigate the complex world of life insurance for high-net-worth individuals and institutions. From individuals and advisors investigating life insurance solutions, to producers seeking to enhance their business, to U.S. and non-U.S. insurance carriers looking to expand into new markets, LISG partners with clients to ensure they achieve their goals.
With decades of domestic and international life insurance industry experience, LISG possesses a unique combination of distribution leadership, technical knowledge and market awareness to help its clients make better decisions, convert those decisions to actions and deliver the sustainable success they desire.
LISG does not sell life insurance products. This allows the company to offer unbiased, pragmatic advice.
About Jerry W. Hester, II, CLU®
Jerry W. Hester, II, CLU® is the co-founder, Chairman & CEO of Verve. Jerry focuses on creative risk management strategies, including the application of private placement life insurance solutions, to assist individuals, families, and institutions in protecting and building wealth efficiently. He founded Verve International Insurance Ltd. to offer policyholders the choice of an insurance company that looks and operates differently than others in the high-net-worth market.
Jerry received his degree in Speech Communications from the University of Illinois at Urbana-Champaign where he was the team captain and team MVP of the university’s 1998 Big Ten Championship basketball team and earned All-Big Ten Honors. This was followed by a six-year career as a professional athlete playing in Europe on various teams from Poland, Israel, England, and Serbia.
Jerry is a Foundation Member for the University of Illinois Foundation and a Board member of the University of Illinois College of LAS Alumni Association. He is a former member of the University of Illinois Alumni Association Board of Directors and served as Midwest regional board member for Operation Hope. Jerry is a qualifying member of the Million Dollar Round Table (MDRT) and a Chartered Life Underwriter (CLU®).
About Andy Man, CPA®, MBA
Andrade “Andy” Man is a co-founder and Vice Chairman of Verve. Andy is the Chairman and founder of Apeiron International, a leading global master distributor and general agent for international life insurance products for the high-net-worth market. Previously, Andy served as Regional Director for Asia, Healthcare & Affinity for AON PLC with responsibility for the development and management of healthcare and affinity insurance business for 11 countries in the Asia region. Prior to Aon, Andy served as Managing Director at Harvard Medical International and Executive Director at Seattle Children’s Hospital.
Andy is a graduate of the Advanced Management Program at Harvard Business School, and holds an MBA from California State Polytechnic University, Pomona. Mr. Man holds a Certified Public Accountant certificate in California and Washington.
About Jonathan Man, MBA, JD
Jonathan Man, co-founder of Verve, is an experienced entrepreneur with experience structuring and advising on complex international transactions and investments. Jonathan is the co-founder of Drumlin Capital Management, LLC, an asset manager that provides structured finance solutions across the global natural resources sector, including metals and mining, agriculture, and environmental commodities. Prior to Drumlin, Jonathan was a corporate attorney at Kirkland & Ellis LLP, where he advised private equity firms on multi-billion-dollar acquisitions, divestitures, investments, and other matters. Jonathan serves as an advisor to Apeiron International, and previously served as Apeiron’s Vice President.
Jonathan holds an MBA from the Kellogg School of Management, a JD from the Northwestern University Pritzker School of Law, and a Bachelor’s degree in Engineering Sciences from Harvard University.
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