by John Darer® CLU ChFC CSSC RSP CLTC
Another structured annuity issuer is to leave the market. I heard the rumor last week and that has been backed up by an email today. John Hancock Life Insurance Company and John Hancock Life Insurance Company of New York will cease writing structured settlement annuities effective March 8, 2013.
Is the world coming to an end? Not at all. Consolidation is normal in business markets. It is business as usual, with the exception of the single claimant QSF market, which will effectively be dead.
John Hancock is a major insurer who has just made a business decision to withdraw from a particular line of business. The company is not going out of business and will honor its commitments to existing structured settlement annuitants.
To our friends employed there who are waiting for the shoe to drop, we wish them well as they make their transition