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FOXO Technologies Announces First Distribution Partner and Begins Product Rollout in California; Expands Executive Team With Insurance Industry Talent
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
FOXO Technologies Inc. (AMEX: FOXO) announced the recruitment of its first distribution partner, BGA Insurance, which represents over 4,000 independent agents in California. This partnership aims to promote longevity-focused life insurance products through FOXO LIFE. Additionally, James Grauel, Jr. has been appointed as Chief Distribution Officer to lead these efforts. The company will conduct agent recruitment events in Southern California starting October 19, 2022. The announcement follows FOXO's recent public trading debut with an enterprise value of approximately $369 million.
Positive
Recruitment of first distribution partner, BGA Insurance, enhancing market reach.
Appointment of experienced Chief Distribution Officer James Grauel, Jr.
Upcoming agent recruitment events in key California locations.
Negative
None.
Recruits first distribution partner representing over 4,000 independent agents
FOXO LIFE to hold its first agent recruitment events in Southern California
James Grauel, Jr. appointed as Chief Distribution Officer of FOXO LIFE
MINNEAPOLIS--(BUSINESS WIRE)--
FOXO Technologies Inc. (NYSEAM: FOXO), a technology platform company whose products and services seek to address long-standing, core problems within the life insurance industry through epigenetic longevity science, today announced that its insurance distribution subsidiary, FOXO LIFE, recruited its first distribution partner, California-based BGA Insurance, to begin rolling out Life Insurance Designed to Keep You Alive™ to agents across the state. FOXO also announced the appointment of James Grauel, Jr. as Chief Distribution Officer (“CDO”) of FOXO LIFE to spearhead the launch of longevity-focused life insurance products with independent agents.
FOXO LIFE is partnering with leading independent insurance agencies across the United States who share its vision and goal of modernizing the industry. Grauel joins the team with decades of experience working in the life insurance industry from both the carrier and independent agent distribution viewpoints. As CDO, Grauel will manage the development of FOXO LIFE’s network of independent agents selling longevity science-powered life insurance.
“I am thrilled to join a team that is building the most exciting thing I’ve seen in this industry over the course of my career,” said Jim Grauel, Jr., Chief Distribution Officer of FOXO LIFE. “Creating more value for life insurance consumers by aligning their healthy longevity with the natural financial interest of life insurance carriers is an incredible and obvious innovation the industry needs.”
FOXO LIFE will be holding its first agent distribution rollout events in Southern California with BGA Insurance, its first broker-general agent, who represents over 4,000 independent agents who are now able to sell life insurance products with FOXO LIFE’s Longevity Report.
“We are excited to work with FOXO LIFE to bring our agent base the opportunity to reframe the life insurance conversation from death protection, to life, health, and longevity,” said Barry Zimmerman, President. “The real game changer will be when FOXO LIFE introduces saliva-based underwriting protocols to mitigate the need for blood and urine specimen collection.”
FOXO LIFE’s first agent recruitment events will be held:
October 19th in Huntington Beach
November 1st in San Diego
November 2nd in Los Angeles, El Segundo
November 3rd in Sacramento, Roseville
For agents interested in attending an event – contact Alicia at sales@foxolife.com or 888.405.8957.
“We like to say that FOXO LIFE was created by agents, for agents,” saidJon Sabes, Founder and CEO of FOXO. “This means that the products and services we are bringing to market are designed to address major industry pain points that fall most directly on agents. Making it easier and more exciting for agents to sell life insurance is our first order of business.”
Today’s news comes four weeks after FOXO became a publicly traded company on the New York Stock Exchange American under the symbol “FOXO” via its merger with Delwinds Insurance Acquisition Corp (“Delwinds”), valuing the combined company at an estimated enterprise value of $369 million.
About FOXO Technologies Inc. (“FOXO”)
FOXO is a technology platform company focused on commercializing longevity science through products and services that serve the life insurance industry. FOXO's epigenetic technology applies AI to DNA methylation to identify molecular biomarkers of human health and aging. FOXO seeks to modernize the life insurance industry by simplifying the consumer underwriting journey with saliva-based biomarkers and enhancing life insurance’s consumer value proposition with the FOXO Longevity Report™. For more information about FOXO, visit www.foxotechnologies.com. For more information about FOXO LIFE, visit www.foxolife.com. For investor information and updates, visit https://foxotechnologies.com/investors/.
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended or an exemption therefrom.
Forward-Looking Statements
This press release contains certain forward-looking statements for purposes of the “safe harbor” provisions under the United States Private Securities Litigation Reform Act of 1995. Any statements other than statements of historical fact contained herein, including statements as to future results of operations and financial position, planned products and services, business strategy and plans, objectives of management for future operations of FOXO, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Such forward-looking statements include, but not limited to, expectations, hopes, beliefs, intentions, plans, prospects, financial results or strategies regarding FOXO and the future held by management teams of FOXO, the future financial condition and performance of FOXO and the products and markets and expected future performance and market opportunities of FOXO. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “could,” “expect,” “estimate,” “future,” “intend,” “strategy,” “may,” “might,” “strategy,” “opportunity,” “plan,” project,” “possible,” “potential,” “project,” “predict,” “scales,” “representative of,” “valuation,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that changes in the competitive and highly regulated industries in which FOXO operates, variations in operating performance across competitors, changes in laws and regulations affecting FOXO’s business, and changes in the combined capital structure, (ii) the ability to implement FOXO’s business plans, forecasts, and other expectations, (iii) potential inability of FOXO to establish or maintain relationships required to advance its goals or to achieve its commercialization and development plans, (iv) the enforceability of FOXO’s intellectual property, including its patents and the potential infringement on the intellectual property rights of others, and (v) the risk of downturns and a changing regulatory landscape in the highly competitive biotechnology industry or in the markets or industries in which FOXO’s prospective customers operate, including the highly regulated insurance industry. The foregoing list of factors is not exhaustive. Readers should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” filed with the SEC, and risks and uncertainties indicated in the Registration Statement, including those set forth under “Risk Factors” therein, and other documents filed or to be filed by FOXO from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and FOXO assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
FOXO Technologies Inc. announced a partnership with BGA Insurance, which represents over 4,000 independent agents to promote longevity-focused life insurance.
Who has been appointed as FOXO LIFE's Chief Distribution Officer?
James Grauel, Jr. has been appointed as Chief Distribution Officer of FOXO LIFE.
When are FOXO LIFE's agent recruitment events scheduled?
FOXO LIFE's first agent recruitment events are scheduled for October 19, November 1, 2, and 3, 2022, in Southern California.
What is the significance of FOXO's recent public trading debut?
FOXO became publicly traded under the symbol 'FOXO' with an estimated enterprise value of $369 million following its merger with Delwinds Insurance Acquisition Corp.
