Protective Life Insurance Co. in Birmingham, Ala., announced an agreement Monday with Midwood Financial Services Inc. to significantly expand distribution of its annuity products through banks and other financial institutions nationwide.
The agreement gives Midwood Financial Services in Encino, Calif., exclusive distribution rights to Protective Life's indexed annuities and single-premium, immediate annuities in banks and other financial institutions. It also covers the distribution of bank annuities underwritten by West Coast Life Insurance Co., a subsidiary of Protective Life.
Midwood is the largest independently owned bank annuity distributor in the United States, Protective Life said. It supplies product expertise, training, and wholesaling support nationwide to institutions ranging from community to superregional banks.
