1) Can you give a brief overview of how you came up with the term “Breads” to describe your product? Also, is that designation set in stone or possibly still in flux? 2) From the pitch, it looks like there won’t be a product launch until later this year. With that in mind, can...

Hi Kevin. That's a great questions. 1)Because we are helping retirees/investors buy electronically traded annuities contracts through an exchange to provide them guaranteed retirement income from insurance companies, "Breads" represents income for life, giving retirees provision or "bread" in their retirement age. 2) We have build quite a lot of technology: 1) the trade match engine, 2) the trade order entry routing system (critical foundations), 3)the trade order entry interface for insurers...

So you are the trading platform or you are using being traded on a trading platform?

Hi Tal, Many thanks for the question. We are the trading platform. We are building a trading exchange/platform that will list live annuity contracts to be traded on liquid electronic trading exchange. Think of us like NASDAQ but for annuity contracts.

How do you envision these actually trading given there can be all sorts of different types of annuities? Different monthly amounts, different start dates, lump sums, etc. What would it look like to the retiree trying to buy one off of your exchange?

Hi Aaron, Many thanks for the question. It's a great question. We are building the contracts to be standardized. Standardized monthly contracts payments for all annuity types across the contract maturity spectrum. Think of a futures trading exchange. For example, May 2026 fixed annuity contract (5yr fixed annuity), that starts paying this May. So an investor buying this 5yr fixed contract will get paid pro-rata (in between months) and every month, this contract will "roll" to the next month (...

Hello, I currently work in the Pension Risk Transfer space and I’m very excited to see your idea come to life. I believe there is massive upside to this idea. Before I invest, I have a few questions I’m hoping you can address. 1. If you are an individual buying an annuity, one...

Hi Eric, It's very nice to meet you. Great questions. I'm happy to have a call or 15 minute Zoom with you if you like to give you all the details. But will address your questions here for the general audience. 1) The contracts are standardized among all the insurers at the exchange and the contracts are also risk-based (margined). This means that each contract that each insurer bids for and wins at the exchange must be margined/risked (the insurer must post capital for each trade/contract). T...

Hi Alexander, It’s definitely an interesting idea, my question is, when building this marketplace, what incentives do the sellers of the annuities (i.e. insurance groups, etc..) have in participating in this setup? Is it worth it for them to forgo the commission they make in t...

Hi Amit, It's great to meet you. Great question. So insurers don't get paid commissions. Rather, they pay upfront commissions to advisers/brokers to sell/distribute the annuities for them. This is a cost to the insurers because they lack distribution infrastructure. By setting up a trading exchange, insurers effectively bypasses the commissions they were paying brokers/advisers to sell/distribute annuities to retirees for them. Exchange traded annuities will be directly listed on the trading ...

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