Allmerica Financial, a Massachusetts insurance company, is betting that private investment managers and a prospect referral program will make its variable annuities stand out at banks.

Five advisers that cater to high-net-worth clients are now overseeing portfolios in Allmerica's "Select" annuities for retail customers, a lineup of five portfolios that invest in a mix of stocks and bonds.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.