Newport Beach, Calif. (January 17, 2006) - Pacific Life Insurance Company has announced that it has formed a new holding company for its retail broker/dealer subsidiary, separating it from its registered broker/dealer, Pacific Select Distributors, Inc. (PSD). PSD serves as the underwriter and distributor of Pacific Life’s and Pacific Life & Annuity Company’s registered securities and variable products. As part of the change, effective January 1, 2006, Pacific Life’s retail broker/dealer subsidiary began operating under a new holding company, Pacific Select Group, LLC.
Under the new holding company structure and brand, Pacific Select Group will continue to provide infrastructure support and financial strength to its broker/dealer network: Associated Securities Corp.; M.L. Stern & Co., LLC; Mutual Service Corporation; Sorrento Pacific Financial, LLC; United Planners’ Financial Services of America; and Waterstone Financial Group.
“We made the decision to form a new entity because PSD was performing dual roles, serving as a holding company for its retail broker/dealers and as a registered broker/dealer and commission conduit for Pacific Life’s and Pacific Life & Annuity Company’s registered mutual fund, variable annuity, and variable life products,” says Peter Deering, senior vice president, Pacific Select Group.
“Pacific Select Group is the name we’ve adopted for our new holding company; however, our mission and business objectives for our retail broker/dealers remain the same. As the parent firm, we will continue executing innovative strategies that provide scale and growth advantages for our broker/dealers in an increasingly competitive environment.”
About Pacific Select Group
Pacific Select Group, LLC is a wholly-owned subsidiary of Pacific Life Insurance Company, a recognized leader in the financial industry, and the parent company for five broker/dealers: Associated Securities Corp.; M.L. Stern & Co., LLC; Mutual Service Corporation; United Planners’ Financial Services of America; and Waterstone Financial Group. Pacific Select Group also has an equity interest in a sixth broker/dealer, Sorrento Pacific Financial, LLC.
About Pacific Life Insurance Company
Founded in 1868, Pacific Life provides life insurance products, individual annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as clients1 and is a member of Insurance Marketplace Standards Association (IMSA), whose membership promotes high ethical standards for the sale of individual life insurance and annuities.
1 Data compiled by Pacific Life using the FORTUNE 500 list as of April 2005.