Short Takes: Rival Marketing Chief Defects to Essex Corp.

Essex Corp., a leading seller of annuities through banks, has snared a competitor's marketing director to head up a new life insurance department.

The New York-based firm has appointed Thomas G. Waters as vice president for life insurance.

Mr. Waters was hired away from Independent Financial Marketing Group, White Plains, N.Y. Independent sold $1 billion of annuities and mutual funds last year, less than half of Essex's sales, according to Kenneth Kehrer & Associates, a consulting firm in Princeton, N.J.

"Essex is committed to creating a life insurance program that can be successfully marketed by our banking partners," said Kevin Crowe, chief executive.

Essex, which administers investment product sales programs for more than 200 banks, sold $2.6 billion of annuities and mutual funds last year, according to Kehrer.

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