InsMark and Executive Benefit Solutions Form Joint Venture
25,000 INSURANCE PRODUCERS GAIN ACCESS TO LARGE-COMPANY EXECUTIVE BENEFITS PLANS
October 11, 2017 – Boston, MA – In a strategic move to open new markets for its 25,000 producers, InsMark, market leader in illustration software and strategies for the upscale personal and business insurance market, today signed a joint venture agreement with Executive Benefit Solutions (EBS) to serve as InsMark’s exclusive resource for executive benefit plans and programs, slated for large-privately held companies.
In this value exchange, InsMark enters the $160+ billion executive benefits’ nonqualified deferred compensation (NQDC) market for the first time; EBS gains a new and robust distribution channel for its products and services. EBS will provide plan design, funding, administration and consulting services for such benefits as NQDC plans, supplemental executive retirement plans, phantom stock and performance plans, and more.
“EBS offers InsMark a turnkey solution to executive benefits at a level of credibility and expertise sought by our producers for some time. Now, our producer-clients will be even better positioned to serve their clients’ broader needs with high-quality resources and benefit programs previously unavailable to them,” says Donnelly L. Prehn, CLU, ChFC, Board Member and Senior Adviser, InsMark, Inc.
William L. MacDonald, Managing Director of EBS, says “By InsMark opening its prized distribution channel to EBS on an exclusive basis, we can now reach a coast-to-coast insurance market and make a difference in the lives of thousands more executives and their families planning for retirement.”
Executive benefit programs address the corporate challenge to recruit, reward and retain key executive talent; these programs enable highly compensated executives to meet retirement needs by raising the savings ceiling placed on qualified plans by legislation. Further, individual life insurance policies, annuity contracts, or both, often fulfill the funding requirement for executive benefit plans.
Founded in 1983 by insurance leader, Robert B. Ritter, Jr., InsMark provides illustration software and related marketing services for the insurance and financial services industries. InsMark serves triple the number of client companies as its nearest competitor, with some 25,000 producers using its products, of which 15,000 actively subscribe to the service. InsMark’s national headquarters is in San Ramon, CA. www.insmark.com.