Aetna Life Insurance Co. has become the first insurance company...

Aetna Life Insurance Co. has become the first insurance company allowed to offer synthetic guaranteed investment contracts in New York following the completion of a review of Aetna's managed custody account by the New York Insurance Department. The insurance department last summer reversed its long-held position prohibiting New York licensed insurers from issuing synthetic GICs. Aetna said it expects most of its managed custody clients to use Aeltus Investment Management, an Aetna subsidiary, as the investment manager for the underlying assets in its synthetic GICs.