The LIC Bullet E-News Round-Up For August 21, 2020
Immediate, relevant industry news and editorial from the Life Insurers Council
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LIC Bullet Moving To Online Community
LIC recently launched LICConnect - online communities for CEOs, Operations, Technology, and other senior executives at LIC-member insurance companies. Now the LICConnect platform will host LIC E-News for all Bullet subscribers. Over the next few months The Bullet will transition to the LIC E-News online community, and by the end of the year it will be delivered entirely in the new forum, which also offers subscriber comments, keyword search, and customizable email preferences. We hope you enjoy this forum!
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SBLI Launches Final Expense Whole Life Insurance
SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) has introduced a new Final Expense Whole Life Insurance policy that consists of a cash payment beneficiaries can use for more than just funeral service costs.
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Mark Singleton Hired as Industry Solutions Leader for LL Global
In June 2020, Mark Singleton was named Head of Industry Solutions and Chief Financial Officer of LL Global, parent company for LIMRA, LOMA (including LIC), and Secure Retirement Institute. Previously, Singleton was President and CEO of 5Star Life Insurance Company, the life insurance carrier for the Armed Forces Benefit Association.
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Transamerica Offers New Funeral Planning Benefit for Index Universal Life Policies
Partnership with Everest Funeral Package
In July 2020, Transamerica announced a new affiliation to add Everest Funeral Package concierge services to their flagship product, the Financial Foundation IUL, in the form of a no cost rider.
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KKR to Buy Global Atlantic Financial Group
Private-equity giant KKR & Co. announced July 8, 2020, that it has agreed to buy the retirement and life insurance company Global Atlantic Financial Group for approximately $4.4 billion, in a deal that will boost the company’s assets under management. After closing, expected in early 2021, Global Atlantic will continue to operate as a separate business with its existing brands and management team. As reported in Retirement Income Journal, the deal appears to continue a 10-year trend in private-equity acquisitions of life/annuity properties.
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Ahles Succeeds Borrmann as CEO of Catholic United
Catholic United Financial announced that Michael M. Ahles will serve as the company’s new President, CEO and Chair of the Board starting June 16, 2020. As Senior Vice President of Catholic United, Ahles has been at the forefront of Catholic United’s ground-breaking joint technology venture, called Conventus Now LLC, with fellow fraternal insurer Catholic Financial Life.
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Securico Signs On with QLAdmin
QLAdmin Solutions announced in July 2020 the addition of its newest client, Securico Life, located in Richardson, Texas. Securico Life specializes in final expense insurance and planning.
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ManhattanLife Agrees to Acquire Standard Life and Casualty
On June 23, 2020, David Harris, CEO of ManhattanLife, announced the acquisition of Standard Life and Casualty Insurance Company, expanding the company’s growing national footprint and complementing their already robust product offerings. Brad Piercey will continue in his role as President of Standard Life.
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Gerhart Joins Homesteaders as Chief Innovation Officer
Steve Shaffer, Homesteaders Chairman, President and CEO, announced the appointment of Nick Gerhart as Executive VP-Chief Innovation Officer, effective August 3, 2020.
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NGL To Sell Certain Closed-Block Businesses
National Guardian Life Insurance Company announced June 10, 2020, an agreement to sell certain closed-block businesses to Prosperity Life Assurance Limited. The subject businesses have combined net statutory reserves of approximately $400 million and consist of life, annuity and A&H lines.
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CLU Alumni Invited to Help in Modernization Initiative
In an effort to ensure the CLU® remains relevant, The American College recently launched a CLU® Modernization Initiative focusing on curriculum enhancements, improving the student experience, deepening relationships with alumni, and inspiring the next generation of insurance professionals. As a first step, alumni have been invited to share their CLU® story by answering a few questions online at www.TheAmericanCollege.Edu/MyCLUStory or by contacting Peter Reitmeyer, CAP® at (610) 526-1463 or Peter.Reitmeyer@TheAmericanCollege.edu.
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Kemper Donates $500,000 to Fight Racial Injustice
Kemper Corporation is donating $500,000 to the National Urban League to support efforts dedicated to civil rights and racial justice in America.
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General Spencer Is Named President of 5Star Life Insurance Company
The Armed Forces Benefit Association and the 5Star Life Insurance Company Boards of Directors named General Larry O. Spencer, USAF (Ret.), as President of 5Star Life effective June 1, 2020. General Spencer will serve in a dual role, as he was appointed President of AFBA earlier this year.
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ELCO Mutual Hires New General Counsel Eric Myers
ELCO Mutual Life and Annuity announced August 5, 2020, that Eric Myers has joined their team as General Counsel.
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Western Fraternal Life Consolidating with National Mutual Benefit
Western Fraternal Life announced its intent to consolidate with National Mutual Benefit pending a vote by its 2019 Convention delegates. In May 2020 the vote was held, and the consolidation has now been approved.
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Todd Gill Named President of United Heritage Insurance
United Heritage Insurance has named Todd Gill as President of United Heritage Financial Group and United Heritage Life Insurance Company. Gill succeeds succeed Dennis Johnson, who will remain in the role of Chief Executive Officer until his retirement on January 1, 2021.
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AFBA and 5Star Life Insurance Name Kimo Wong Chief Distribution Officer
Wong to consolidate the enterprise distribution
The Armed Forces Benefit Association (AFBA) and the 5Star Life Insurance Company boards of directors named Michael K. “Kimo” Wong as Chief Distribution Officer in June 2020, consolidating the sales organizations for both entities.
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Upcoming Events
LIC CEO Forum
For Life Insurance Company CEOs/Presidents Only
Hosted Online by Texas Service Life
Tuesday, August 25, 2020, 10am-3pm
LIC HR Committee Meeting
Hosted Online by Equitable Life & Casualty
Wednesday, September 30, 2020, 10am-3pm
LIC Operations Committee Meeting
Hosted Online by Catholic Life
Wednesday, October 7, 2020, 10am-3pm
LIC Technology & Project Management Committee Meeting
Hosted Online by GPM Life
Wednesday, October 14, 2020, 10am-3pm
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LIC Premier Sponsors
LIC's Premier Sponsors provided support to all LIC events throughout 2020.
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About The LIC Bullet
The Bullet is the official e-newsletter of the Life Insurers Council, which has been providing networking and practical business solutions for life insurers since 1910. As a council of LOMA, LIC serves the unique needs of small-to-midsize member companies, offering a personal network of peers with practical solutions to shared challenges. The Bullet delivers immediate and relevant industry news and editorial. As a networking organization, we welcome dialogue and input from our readers. Comment on Twitter @LifeInsCouncil.
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