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Windsor-based Vantis Life Says It Increased Sales, Distribution In 2010

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Windsor-based Vantis Life Insurance Co. said that its 2010 sales of recurring-premium products increased 22 percent to $2.7 million compared with a year before.

The privately held company said sales of single-premium life insurance increased 170 percent to $1.425 million in 2010 compared with 2009. Single-premium life insurance, which involves a one-time deposit of money into a policy, is growing as a method of wealth management while interest rates are low and the fixed-annuity market declines, said Craig Simms, senior vice president of Vantis Life.

"While Vantis is comparatively small, our specialization in the financial institutions channel has allowed us to achieve a rapid growth rate," Simms said. "We are optimistic about continued strong growth in the future."

Last year, 100 banks and credit unions offered Vantis Life insurance products, up from 86 in 2009. Banks that have started offering Vantis products last year include Capital One, Sovereign/Santander Bank and Emigrant Bank. So far this year, Vantis products are also being sold through New York Community Bank which serves customers in the New York City area, New Jersey, Florida, Ohio and Arizona.

The company, which is known as Savings Bank Life Insurance Co. in Connecticut, had a plan to expand six years ago and took the name Vantis, partly so that it would not be confused with Savings Bank Life Insurance Co. of Massachusetts, which is a different company.

As of last year, the company employed 90 people which included new people for sales, customer service and its actuarial division.

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Matthew Sturdevant is the insurance reporter at The Hartford Courant. He grew up in East Aurora, N.Y., a small village near Buffalo. He started his journalism career in 1999 ... read more

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