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Rating:Financing for Online Annuity Sales Site Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, May 10, 2000

Financing for Online Annuity Sales Site

Reported by Joel Kranc

Leesburg, Virginia-based AnnuityNet, the Internet-based annuity sales firm, has closed $20 million in second-round funding from a group of investors, led by Conning Capital Partners. Other investors include Liberty Financial (L),
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which provides one annuity product for AnnuityNet, as well as GE Equity, and FBR Financial Fund. The initial round of funding was provided by Lincoln National Life (LNC), which distributes two annuity products through the service.

Shane Chalke, the chief executive officer and founder of AnnuityNet said that the funding will help "bring annuities to a broader audience of customers," though the AnnuityNet.com retail site and through private-labeled, affiliate financial web sites.

In addition, Chalke said that AnnuityNet plans to introduce AnnuityNetAdvisor, an annuity management platform to support the sale and servicing of annuities through financial intermediaries, in the third quarter of 2000.

AnnuityNet currently has partnerships with Bank One, the Gay Financial Network, OnMoney and TD Waterhouse, offering four annuity products from Keyport Life and Lincoln. 

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