Analysts are eager to see the bottom lines as many insurers are starting to show cracks in the economic foundation -- in the form of significant employee layoffs. Globe Life was one of the first life insurance companies to report third-quarter data today.
Posted: October 22, 2020, 9:55 pm
A majority of MassMutual employees impacted by selling of retirement plan business to Colorado- based Empower Retirement will receive new offers to join the Colorado company. MassMutual and Empower Retirement announced in September that the latter company would buy MassMutual’ s retirement business for $3.35 billion.
Posted: October 21, 2020, 10:11 am
The United States Army has ruled that Spc. Texas' Fort Hood, where Guillen was stationed, announced the determination of her death in a statement on Tuesday, saying it was made following an investigation. Her death sparked outrage and prompted the Army last month to expand its investigation into her killing to include the chain-of-command at Fort Hood.
Posted: October 21, 2020, 9:55 am
Greg E. Lindberg was in custody on Tuesday at a minimum-security prison in Montgomery, Alabama, according to Scott Taylor, a spokesman for the Federal Bureau of Prisons. Lindberg had given more than $5 million to state and federal candidates and committees since 2016, favoring Republicans but also giving to Democrats. District Judge Max Cogburn on Monday...
Posted: October 21, 2020, 1:55 am
Like many aspects of the insurance industry, mergers-and-acquisitions activity is not at all where analysts expected coming into 2020 -- thank COVID-19 for that. But M&A will return robustly, analysts predict. In fact, it will help shape how the industry recovers from the pandemic and reinvents itself.
Posted: October 20, 2020, 9:04 pm
The plaintiffs claim they were misled about the costs of an IUL policy and how it works. The case has broad implications for the industry and the controversial Actuarial Guideline 49 put forth by the National Association of Insurance Commissioners, an industry attorney said.
Posted: October 20, 2020, 3:43 pm
Lindberg, the billionaire at the center of one of North Carolina's worst political-corruption scandals, has been ordered to report to FPC-Montgomery, a minimum-security prison camp in Montgomery, Ala., to begin an 87-month bribery sentence.
Posted: October 20, 2020, 1:31 pm
Oct. 18-- When Christina McKinney took on a career in the insurance sales business, she not only found a job she loved, but she carried on a tradition that has now been in her family for four generations. She said she grew up in Shelby and her dad managed an agency in town. McKinney has run a successful business, CRM Insurance Services, in Forest City since 2006 and just...
Posted: October 19, 2020, 3:17 am
PARK RIDGE, Ill. (Oct. 16, 2020) — In the midst of a global pandemic and economic crisis, MDRT has made...
Posted: October 16, 2020, 5:57 pm
Strengthening its position around the world, LL Global-- the parent company of LIMRA, LOMA, and Secure Retirement Institute (R)-- today announced that Paul Arrowsmith will lead its international operations. Based in the Asia-Pacific region, Arrowsmith will serve as president of International, leading the organization's programs by helping member companies...
Posted: October 16, 2020, 12:46 pm
Oct. 14-- DURHAM-- It was once the tallest building in Durham and housed the nation's oldest Black-owned life insurance firm, dedicated to serving the insurance needs of the state's Black community. Recently renovated and renamed the Tower at Mutual Plaza, it sold last week to Turnbridge Equities for $37.2 million, county records show. Mutual insurance company, as...
Posted: October 15, 2020, 2:03 am
Oct. 13-- EAU CLAIRE-- An Eau Claire man will spend four years on probation for emptying a 13- year-old girl's bank account as a guardian and exposing his three children to methamphetamine. Vang cannot have contact with Associated Bank, the Eau Claire County Clerk of Juvenile Court and Register in Probate, and his children-- unless approved by the Eau Claire County...
Posted: October 14, 2020, 5:49 am
--American Council of Life Insurers President and CEO Susan Neely announced today the launch of a new initiative to advance economic empowerment and racial equity. "Life insurers believe that all Americans should have access to tools and resources that will help them thrive and succeed," Neely said. ACLI will encourage all of its members to make the same...
Posted: October 12, 2020, 11:00 pm
Advisors are spending less time meeting with clients face to face, but advisors also are helping clients with COVID-19 concerns,...
Posted: October 12, 2020, 7:18 pm
With a 4% growth rate for 2020 through the third quarter, life insurance application activity has "returned to pre-pandemic normal levels," according to the MIB Life Index. The third quarter experienced the largest quarter-over-quarter gain since 2011 at 9.2%, MIB said, driven primarily by 12.8% growth in 0-44 age group and 9.2% growth in 45-59 age group.
Posted: October 9, 2020, 7:42 pm
Her statement listed her $8 million jet, as well as a Porsche, a Bentley, a Mercedes, and a Chevy Tahoe, worth a total of $790,000. Mostly, she reported owning a raft of businesses-- most notably Par Funding, the small-business lender based in Old City that is the subject of a sweeping SEC fraud case. McElhone, 41, was previously known about town as the owner of Lacquer...
Posted: October 8, 2020, 5:03 pm
--Sammons Financial Group has named Eric Lin as senior vice president and corporate actuary. Lin joined Sammons Financial Group in 2019. “Eric has done a remarkable job modernizing our actuarial efforts,” said Don Lyons, senior vice president and chief financial officer of Sammons Financial Group.“ Eric’ s strong leadership skills, positive attitude, and...
Posted: October 6, 2020, 12:37 am
The National Association of Insurance and Financial Advisors’ New York State chapter board made an unprecedented move to secede from NAIFA and affiliate with a newly created industry association, Finseca.
Posted: October 1, 2020, 8:58 pm
In South Korea, China, France and India the top reason for owning life insurance is to supplement their retirement income, whereas in Hong Kong, Japan, Malaysia, Singapore, Taiwan and Thailand, consumers are far more concerned about replacing the income of a wage earner.
Posted: September 29, 2020, 2:34 pm
In this capacity, Mr. Updyke will have executive operating responsibility for Chubb's retail insurance business that serves small commercial clients in the U.S. and Canada. Mr. Updyke will report to John Lupica, Vice Chairman, Chubb Group and President of North America Insurance. Mr. Updyke began his career with Chubb in 1991 as an Excess Casualty Underwriter.
Posted: September 29, 2020, 12:40 am
LL Global, the parent company for LIMRA, LOMA and Secure Retirement Institute, today named Mark Poklar to lead its insurance research unit. He will report to Alison Salka, senior vice president and head of LIMRA Research.
Posted: September 28, 2020, 1:44 pm
CHATTANOOGA, Tenn. (Sept. 24, 2020) – The coronavirus pandemic gives millions of Americans—especially younger adults, those with children at home,...
Posted: September 25, 2020, 12:41 pm
CINCINNATI – Sept. 25, 2020 – Western & Southern Financial Group has named John H. Bultema III president and chief...
Posted: September 25, 2020, 12:22 pm
--The coronavirus pandemic gives millions of Americans— especially younger adults, those with children at home, and minorities— an opportunity to reconsider how they manage their finances. According to a new Unum survey,* 41% of adults said the pandemic has changed how their family handles finances. "The pandemic changed our lives, and it's not a surprise more...
Posted: September 24, 2020, 11:33 pm
NEW YORK, N.Y., Sept. 23, 2020 – The Guardian Life Insurance Company of America’s Board of Directors announced today that...
Posted: September 24, 2020, 12:19 pm
Clearwater, Fla. – September 23, 2020 ‒ AmeriLife Group has acquired a majority interest in The Achievement Group. TAG is...
Posted: September 23, 2020, 2:07 pm
The insurance industry is in the midst of a paradigm shift. The rise in digitization is bringing a host of technologies that are disrupting the industry, while bringing new efficiencies and expanding business opportunities to everyone in the insurance value chain. It’s also changing the way we do business.
Posted: September 22, 2020, 7:01 pm
An announcement today by Neurotrack, a digital health company, and Hannover Life Reassurance Company of America, a member of Hannover Re Group, the third largest reinsurance group in the world, signals how the industry is turning to digital technology to benefit insurers and policyholders by changing the future of aging. Neurotrack is announcing a...
Posted: September 21, 2020, 4:00 pm
The NAIC Executive Committee established the special committee this summer and gave it four charges and instructions to report back by the end of the year. Ray Farmer, South Carolina insurance commissioner and 2020 president of the NAIC, said the work will take much longer than that.
Posted: September 18, 2020, 6:19 pm
The National Association of Insurance Commissioners issued the following news release:. Millennials are approaching a milestone birthday as the first in the generation turns 40. There is a clear need for better communication about life insurance policies across all generations, according to a new survey by the National Association of Insurance...
Posted: September 17, 2020, 5:45 pm
--Globe Life is proud to announce Globe Life Field will host the 2020 Major League Baseball National League Divisional Series, National League Championship Series playoff games, and the World Series. In an effort to minimize exposure to COVID-19, Major League Baseball will hold playoff games in four "bubble" locations in California and Texas.
Posted: September 17, 2020, 12:15 am
A lengthy process to merge the Association for Advanced Life Underwriting and GAMA International came closer to completion this week when the new trade association revealed its name: Finseca. The new group starts with "just under 6,000 members," CEO Marc Cadin says, with plans to grow.
Posted: September 16, 2020, 11:42 am
The COVID-19 pandemic has put a spotlight on the significant role life insurance plays in the cycle of life, as well as the importance of modernizing the sales model to withstand dramatic disruptions to the ways the industry typically operates.
Posted: September 15, 2020, 5:09 pm
Between 2010 and 2018, the U.S. life insurance industry distributed nearly $1.5 trillion in claims and benefits to policyholders, an amount equal to 19 percent of all Social Security payments made over that same period, according to a study released today. If Social Security had to finance all the benefits provided by private life insurance, U.S. payroll tax...
Posted: September 15, 2020, 3:30 pm
When asked why they don’t have life insurance, almost four in 10 (38%) said it would be too expensive. However, the survey suggests most people probably overestimate the cost. For example, a 20-year, $250,000 term policy would cost roughly $200/year for a healthy 30-year-old male and $185 for a healthy 30-year-old female.
Posted: September 14, 2020, 7:50 pm
"Having issued more than 2,000 policies since 2010 and managed over 300 notifications of warranty breaches across the globe, we are in a unique position to uncover M&A claim trends that can help deal makers and advisors better understand and manage their exposure," said Liberty GTS President Rowan Bamford. However, no more than 25% of these notifications result...
Posted: September 14, 2020, 7:00 pm
LL Global, Inc., the parent organization for LIMRA and LOMA, today announced it has hired John Carroll to lead its National Accounts team.
Posted: September 14, 2020, 3:43 pm
Sep. 10-- A judge has denied a request to lower the bond for one of two people charged in the January death of a Bismarck man. South Central District Judge Douglas Bahr in an order filed Tuesday said electronic monitoring would not assure that Earl Howard, 42, of Belwood, Ontario, Canada, would be at future court dates. Howard and Nikkisue Entzel, Chad Entzel's wife, are...
Posted: September 10, 2020, 11:46 pm
Life insurance application activity jumped shot up 9.1% in August in a year-over-year comparison by MIB Life Index.
Posted: September 9, 2020, 7:54 pm
--Policygenius, the nation's leading online insurance marketplace, announced today the launch of the Policygenius Life Insurance Price Index, which displays average monthly life insurance rates using current data from leading life insurance carriers. "The Policygenius Life Insurance Price Index was designed to provide invaluable insights to industry...
Posted: September 9, 2020, 6:45 pm
COVID-19 definitely affected life insurance sales this quarter, a LIMRA executive says. Despite the decline in new premium, nearly half of companies reported growth in policy sales, citing increased consumer interest due to the pandemic and their ability to sell products without meeting face-to-face.
Posted: September 9, 2020, 1:38 pm
The Springfield- based insurance giant and Colorado- based Empower Retirement announced Tuesday that Empower has agreed to buy MassMutual’ s retirement business for $3.35 billion. In addition, the balance sheet of the transferred business would be supported by $1 billion of required capital when combined with Empower’ s existing U.S. business.
Posted: September 9, 2020, 1:34 pm
Since financial adviser Dean Vagnozzi was charged with fraud in a government lawsuit in July, he has been castigated by regulators for how he steered customers to Par Funding, a Philadelphia lender founded by a twice-convicted felon. With his heavy radio advertising and free steak sales dinners, Vagnozzi, 51, touted alternatives to Wall Street.
Posted: September 8, 2020, 1:01 pm
It’s vital to start your career off the right way to avoid the pitfalls that eliminate many insurance agents from the industry. Here's a list of Top 10 tips to combat the high rate of new agent drop-out rates. Following these recommendations may make the difference between failure and success.
Posted: September 8, 2020, 11:34 am
LIMRA research shows 46% of Americans are uninsured and many more do not have enough coverage.
Posted: September 1, 2020, 8:32 pm
The life/annuity industry’s net income fell by 66% in the first half of 2020, compared with the year-ago period, A.M. Best reported today, driven by a major reinsurance agreement inked between Jackson National and Athene. The deal had the effect of moving approximately $27 billion of premium out of the U.S. statutory industry population.
Posted: September 1, 2020, 7:20 pm
The ongoing pandemic combined with new principles-based reserving rules to keep life insurance sales down for the second quarter, Wink Inc. reports. The future is brighter for some products, whole life, in particular, said Wink CEO Sheryl Moore.
Posted: September 1, 2020, 2:42 pm
Pennsylvania financial adviser Dean Vagnozzi warned that a federal judge’s freeze on his bank accounts -- ordered in response to the U.S. Securities and Exchange Commission’s lawsuit -- threatens to halt the payment of premiums for life-settlement policies packaged as investments for hundreds of his customers.
Posted: September 1, 2020, 1:01 pm
--Ohio National Financial Services is pleased to announce the addition of the Protector Plus and Level-premium Paid-up Additions riders to its limited pay whole life insurance lineup. Previously available together only on the Prestige 100 II lifetime pay whole life policy, their combination on limited pay whole life policies gives producers greater...
Posted: August 31, 2020, 7:30 pm
As a young entrepreneur with no kids, Jesse Silkoff hadn't purchased life insurance before the coronavirus crisis. So Silkoff purchased a 10- year term life policy with $500,000 of coverage for about $30 a month. Nicholas Mancuso, life insurance expert at Policygenius, an insurance comparison website, says the site is seeing an "uptick" in life insurance...
Posted: August 30, 2020, 8:00 am