Mammoth Life and Reinsurance Company announced a new partnership with The Marathon Group aimed at placing $1 billion in life insurance benefits in
communities of color. The initiative seeks to provide financial protection to underserved families across the United States.
Mammoth Life will work with The Marathon Group to educate agents of color and their clients on the importance of life insurance.
Through this partnership, members of The Marathon Group will gain access to Mammoth Life's range of life insurance products, which include term life, whole life, annuities, and universal life policies.
Paul Ford (pictured right), CEO of Mammoth Life and Reinsurance Company, emphasized the impact of this initiative on communities of color, noting the benefits of providing access to affordable life insurance to help families protect their loved ones and achieve financial security.
"We are thrilled to partner with The Marathon Group to significantly impact the financial well-being of communities of color," Ford said.
Jeremiah Ramirez, CEO of The Marathon Group, highlighted the importance of addressing wealth inequality through this collaboration, stating that the partnership aligns with The Marathon Group’s mission to equip agents with the tools to make a difference for their clients.
"As a large agency owner, we are thrilled to take the lead in this important project that can meaningfully compress the wealth inequality gap that exists domestically,” Ramirez said.
Mammoth Life and The Marathon Group announced that they plan to host webinars and events aimed at educating agents of color and their clients on the benefits of life insurance and how to choose appropriate coverage.
Elsewhere, a recent report from AM Best highlighted that higher interest rates and improved mortality trends have created more favorable conditions for life and annuity (L/A) reinsurance companies, but they have also intensified competition, particularly from entities backed by alternative investment managers and large private equity firms.
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