Kelmoore Investment Company is partnering with Fortis Benefits Insurance Company to enter the variable annuity market. The fund company will leverage its Eagle Fund as part of the effort.
The fund company currently has $400 million under management in mutual funds, separate accounts, and partnerships. This will mark its initial foray into the variable annuity market. "This partnership is a significant milestone for Kelmoore," says Michael Romanchak, president of insurance products for Kelmoore Investment Company.
The two firms will jointly development and market the variable annuity. Investors will be able to invest in the Kelmoore Strategy Variable Fund and the Kelmoore Strategy Variable Eagle Fund product.
"Fortis is looking forward to working with Kelmoore on this product," says Jon Nicholson, senior vice president of Fortis Benefits Insurance Company. "The Kelmoore Strategy is tailor-made for a variable annuity and will provide differentiation in an increasingly crowded marketplace. In addition, Kelmoore's partnership attitude and approach really line up with the way Fortis likes to do business. We hope this variable annuity product will be the first of many collaborations between Fortis and Kelmoore."
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