Called the Red Gate Wealth Accumulator, the company said the new life product has been developed after extensive consultation with large offshore insurance brokerage houses and was modelled on US private placement insurance.
RedGate Capital, whose partners include senior executives from the insurance, investment banking, asset management, legal, and tax professions, said its product differs from those in the market place primarily on better pricing and flexibility.
“The Partners are also keen to point out that the policy manages to do this while still retaining the highest levels of investor security, at a time when competing products are withdrawing from advisors key markets and restraining investor choices,” it added in a statement.
RedGate was co-founded and is headed by John Chon, a former vice president with Marsh McLennan and a former vice president, consulting, at MullinTBG, a division of Prudential Financial Inc. The other co-founder is Dennis Scott Mair, who was a practicing attorney admitted to the New York State Bar from 1976 through 2000.
RedGate said it has secured agency agreements for its new product with insurance brokers who are marketing to offshore clients in Latam, China, Japan, Europe, Philippine’s, Indonesia and Africa.
The key features of the policy are:
Fee Transparency – fees are fully disclosed.
Flexible Life Cover – levels may be adjusted to suit each individual’s circumstances.
Investor Protection – insurance carriers are based in both the Cayman Island and Bermuda, where insurance legislation ensures that 100% of the investment linked assets are unavailable to any potential creditors of the insurance carrier.
Freedom of Control – the policy may be held through a personal trust.
Unique and Innovative Investment Choices – Red Gate offers a 10 year 100% principal protected actively managed UCITS portfolio that is managed using a patented investment system, by SkyRank, a US regulated asset manager, with the guarantee provided by an S&P A Rated investment bank.
