
Jan 31, 2024
Innovations
In our many conversations with early-stage asset origination businesses, as well as our experience watching some of our partners and portfolio companies scale, we have noticed that the best management teams understand that they have two sets of customers (three if you include their board of directors/equity investors):
1) borrowers, purchasers, and/or users of their product
2) capital markets participants (specifically asset-backed lenders or asset purchasers), who provide the capital necessary for product origination; this capital can take multiple forms, but regardless of structure, capital markets participation is required to operate.
All founders and investors understand the need for #1, but the most sophisticated and long-term oriented spend as much time, if not more, focused on #2. It is critical to understand the relative value provided to capital markets participants, how this relative value can change over time, and if a platform can shift value between customers #1 and #2 if necessary.
In an era of low-interest rates and easy access to capital, many companies were able to get away with not hiring an experienced head of capital markets or not investing significant resources to gain a deep understanding of their capital providers’ needs. It was easier to provide relative value to capital markets participants, which can mask the need for diverse and strong relationships with capital providers, present an unsustainable unit economic profile, or lead to a disproportionate amount of value accreting to customer set #1 or to the platform itself. But in today’s environment, many are now rowing upstream without a paddle, trying to backfill the experience and relationships, and in certain cases, are coming to the dire realization that they never had product capital markets fit at all.
What’s the difference between product customer market fit and product capital market fit?
Product customer market fit, more traditionally known as product market fit, is very much comparison-driven. For example, in home equity investments, homeowners will compare the pros and cons of refinancing their mortgage, taking out a second lien or HELOC, and depending on age, can consider HECM or jumbo reverse mortgage options*. They will compare the cost, eligibility criteria, cash flow impact, and FICO score impact, among other factors, to determine if a home equity investment makes sense for them. If the originator can educate properly (and compliantly), target the right customers through the right distribution channels, and provide a quality customer experience, they may be able to drive a high enough conversion rate to generate attractive unit economics at scale. This would be an example of product-customer market fit.
On the flip side, the capital markets providing asset capital to buy these home equity investments will have a completely different set of criteria to evaluate, and in some cases, is the exact inverse of the homeowners’ analysis (see (b) below). The investor will need to (a) take a view on the absolute risk/return of the investment – what is the expected return, how is this return impacted by different macro environments, what is the probability of losing money, and is there any regulatory risk or headline risk associated with these investments, and (b) take a view on the relative risk/return of the investment – what other investments could I make with this capital and what are the differences in risk-adjusted returns between those investment opportunities. If the capital provider determines that both (a) and (b) are attractive at scale, then this would be an example of product capital markets fit.
The most challenging aspect of both product customer market fit and product capital market fit is that they can change over time. For homeowners – the cost and terms of their other financing options will change over time, and in certain instances, could become significantly more attractive (product customer market fit drift). For capital providers – the risk-adjusted returns of other investment opportunities will change over time and could also become significantly more attractive (product capital markets fit drift).
Successful asset origination teams will constantly monitor both sets of criteria, adjusting pricing and terms to make sure they maintain both “fits” over time. Even more importantly, the best founders and investors will make sure the business models they choose allow them the flexibility to do so.
*In other asset classes, the comparison may not be the cost of financing driven but could be convenience, access, risk management, or many other reasons.
Justin Ostroff, Senior Managing Director, and Michael Gerold, Director of Innovation Investments, are on the G1001 Innovations Team at Group1001.

Mar 9, 2026
Sponsorship
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Feb 4, 2026
Corporate
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Jan 26, 2026
Corporate
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Jan 20, 2026
Corporate
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Nov 14, 2025
Sponsorship
Community
During its 2025 State of Sports event, Indiana Sports Corp unveiled three annual awards that recognize organizations and individuals who elevate community impact through sports. The organization recognized Group 1001 as the Corporate Partner of the Year, highlighting Group 1001's support and hands-on partnership that expands access to sports for young Hoosiers. Group 1001's partnership with Indiana Sports Corp includes being the presenting sponsor of the organization’s Community Impact P...

Nov 12, 2025
Corporate
Group 1001 Insurance today announced it has been named the Americas regional winner for the 2025 Gartner Eye on Innovation Award for Insurance for its innovative Transfer Automation Packet solution. This recognition underscores Group 1001’s commitment to developing modern technology that drives innovation and delivers transformative solutions in the financial services industry. The Gartner Eye on Innovation Award for Insurance recognizes innovative use of digital technology-enabled capabilities,...

Nov 6, 2025
Sponsorship
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Oct 30, 2025
Corporate
Delaware Life’s Colin Lake, President & CEO of Delaware Life Marketing, sits down with Gregg Greenberg to share his insights around one of the most important, yet often overlooked risks in retirement, the Sequence of Returns Risk. Colin explains how this risk can dramatically impact how long your clients’ savings last, especially if they experience market downturns early in retirement.The interview explores:What is Sequence of Returns Risk?Why Should Retirees Care?A Real-World ExampleStrateg...

Oct 24, 2025
Corporate
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Oct 10, 2025
Corporate
AM Best has revised its outlook to “Positive” from “Stable” for the following subsidiaries of Group 1001 Insurance Holdings, LLC: Delaware Life Insurance Company, Clear Spring Life and Annuity Company, and Gainbridge Life Insurance Company. According to the report from AM Best, the positive outlook reflects the companies’ strong level of risk-adjusted capitalization and consistent execution of their business strategy.“This positive outlook from AM Best is a strong acknowledgement of our financia...

Sep 30, 2025
Corporate
Group 1001 Insurance, a leading financial services company, today announced the appointment of Derek Towriss as President of Gainbridge Insurance Agency, LLC. Towriss has extensive experience in financial services, process improvement, and implementing forward-thinking strategies that align with the company’s growth plans. “Derek’s proven track record of leadership and deep understanding of our annuity products and systems will guide Gainbridge to the next level of success,” said Linda Wang, pre...

Sep 17, 2025
Corporate
In a recent Asset TV Interview, Colin Lake, President and CEO of Delaware Life Marketing, shared how the company is redefining annuity strategies to better serve advisors and clients in today’s evolving market.At the heart of Delaware Life’s success are seven pillars that guide everything employees do: clear processes, transparent messaging, advisor focus, technology, integrity, training, and a winning culture. Together, they’ve driven nearly 50% compound annual growth since 2023—well above indu...

Sep 4, 2025
Sponsorship
Grants honor Billie Jean King’s legacy and help power the next generation of leaders in sports and educationGainbridge®, Parity, and the Women’s Sports Foundation® (WSF®) today announced the 2025 recipients of the Gainbridge® Assists Powered by Parity grant program, awarding $222,000 in funding to 32 deserving organizations and athletes across 21 states. These grants aim to level the playing field and expand access to sports and education for girls and women across the country. Now in its third ...

Aug 18, 2025
Corporate
Delaware Life Insurance Company, a Group 1001 company, announces Barron’s has included the Accelerator Prime® Variable Annuity (“APVA”) in their “100 Best Annuities” annual list, marking APVA’s sixth consecutive appearance in the list. APVA was recognized for its income guarantees in the categories of both Single Life and Joint Life. “We are honored to be included in Barron’s best annuities list for the sixth straight year. This achievement underscores the strength of our company and our commitm...

Aug 8, 2025
Corporate
By Dale Uthoff, Chief Product Officer, and Jason Newkirk, Vice President, Hedging and Quantitative SolutionsRegistered Index-Linked Annuities (RILAs) have seen rapid growth and have gained popularity with investors who want the potential for market growth—but with some level of protection if the market goes down. While this sounds like a great deal, the investor experience is a bit more complicated, and the “upside” may not always be as high as it first appears.What is a RILA?A RILA is a type of...

Aug 7, 2025
Corporate
Group 1001 Insurance, a leading financial services company, today announced the promotion of Linda Wang to President of its Life & Annuity business unit. In addition to this new role, Wang will continue to serve as Chief Financial Officer of Group 1001 Insurance, maintaining oversight of the company’s financial strategy and performance.Over the past several years, Wang has led with strategic vision, financial discipline, and operational excellence. As President of the Life & Annuity busi...

Jul 29, 2025
Corporate
Delaware Life Insurance Company, a Group 1001 company, has been named as a 2025 Ward’s 50 L&H Top Performer for the sixth consecutive year. “It’s a privilege to once again be recognized by the Ward Group as a top performer,” said Group 1001 President and CEO Dan Towriss. “This achievement reflects the commitment of our team, the strength of our company, and the lasting value we provide our policyholders.” Annually, the Ward Group analyzes the financial performance of nearly 700 life-health i...

Jul 22, 2025
Corporate
By Daniel Getler, Vice President of Index and Fund SolutionsFixed indexed annuities (FIAs) have become a popular tool for those seeking both protection and market-linked growth in retirement. Many FIAs today include volatility-controlled indexes, a feature that has drawn interest but also criticism. While past performance of these indexes has not always met expectations, the purpose of volatility control is often misunderstood. Understanding FIAsA FIA is a retirement savings product that offers ...

Jul 9, 2025
Corporate
Group 1001 Insurance, a leading financial services company, today announced the promotion of Michael Bloom to Chief Legal Officer. Bloom will continue to serve as Chief Legal Officer and Secretary for Delaware Life Insurance Company, the group’s flagship company. In his new role, Bloom will have direct oversight for all legal and compliance matters for Group 1001’s Life & Annuity business unit, as well as responsibility for all shared legal services and governmental affairs for the group. He...
Jul 9, 2025
Corporate
This summer, we partnered with FairWays to Leadership, a program designed to provide college students with leadership training opportunities through the game of golf. FairWays to Leadership was co-founded in 2020 by Dr. Eric Boyd, an Associate Professor of Marketing at the College of Business, University of Central Florida, and Anna Alvarez Boyd, an executive coach with more than 30 years of experience as a leader in the private and public sectors. The duo is dedicated to creating opportunities ...

Jun 17, 2025
Corporate
Delaware Life Insurance Company (“Delaware Life”), a Group 1001 company, announced today the launch of Target Income Choice™, a new fixed index annuity (FIA) available through the bank and broker-dealer channels. It provides a combination of guaranteed lifetime income, growth potential, and downside protection to further protect customers from rising inflation and market volatility. Target Income Choice™, an enhanced version of one of Delaware Life’s core FIAs, Target Income 10®, empowers custom...

May 22, 2025
Sponsorship
Gainbridge®, a Group 1001 company, is the recipient of Sports Business Journal’s (SBJ) 2025 Sports Business Awards’ Brand Activation of the Year for Gainbridge® x Caitlin Clark at The ANNIKA LPGA.SBJ’s Brand Activation of the Year award goes to brands that excel in developing a creative strategy and execution to bring their ideas to life through branding, creative, experiential marketing, hospitality, or other activations in sports to engage with fans/consumers. Gainbridge’s activation involved ...

May 14, 2025
Community
Sponsorship
For the second consecutive year, Gainbridge®, a Group 1001 company, is joining forces with Parity, the premier platform for professional women athlete partnerships, and the Women’s Sports Foundation® (WSF) for a grant program that supports girls and women through sports and education.As part of the Gainbridge® Assists Powered by Parity, $222,000 will be awarded to organizations and athletes nationwide. A minimum of $5,000 will be awarded to each selected organization, with one standout recipient...

May 7, 2025
Corporate
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May 1, 2025
Corporate
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Apr 22, 2025
Sponsorship
Groundbreaking Multi-Year Agreement Introduces the Gainbridge Super League, Marking a Major Milestone for Women’s SportsThe United Soccer League (USL) and Gainbridge®, a Group 1001 company, today announced a historic, long-term partnership, making Gainbridge® the first-ever entitlement partner of a professional soccer league in the United States. As part of a multi-year agreement, Gainbridge® will become the Official Partner and Exclusive Financial Services Partner of the newly named Gainbridge ...

Apr 8, 2025
Sponsorship
Scurry to use her platform to provide more opportunities for women and youth soccer players, empower women to achieve financial goalsGainbridge®, a Group 1001 company, today announced a multi-year partnership with Hall of Fame soccer goalkeeper Briana Scurry to serve as a brand ambassador for the company. A two-time Olympic gold medalist, World Cup Champion, and trailblazer in women’s sports, Scurry will partner with Gainbridge® to provide more opportunities for women and youth soccer players, h...

Apr 6, 2025
Corporate
Get to know some of the leaders at Group 1001. Meet Jacqueline MacKinnon, Assistant Vice President, Corporate Real Estate. As Assistant Vice President, Corporate Real Estate, Jacqueline oversees Group 1001’s portfolio of owned and leased properties, including site selection and planning, design and construction, facilities management, and physical security. She has more than 20 years of experience in commercial property management and all aspects of corporate real estate. Jacqueline holds a busi...