Broker World

Genworth

Genworth Financial, Inc. announced that it has named James Boyle president and chief executive officer of its U.S. Life Insurance Division (USLI) and executive vice president of the company.

With more than 30 years in insurance and financial services, Boyle has held a number of leadership positions at ManuLife Financial Corporation. Most recently, he was president of John Hancock Financial Services Inc.—the company’s U.S. division—which included life and long term care insurance, mutual funds and retirement plans, and its independent broker/dealer network. Previously, Boyle was president of John Hancock’s U.S. Insurance ­Company, as well as its U.S. Wealth Managem­ent company. He also served on the board of directors of John Hancock Trust and John Hancock Funds.

During his tenure, he led the transformation of the organizations, executing extensive capital, pricing, product line and portfolio restructurings to return the businesses’ earnings to near pre-recession highs. Ultimately,  he created industry-leading positions in key areas while building John Hancock’s reputation and growth potential.

“We’re delighted that Jim will be joining Genworth, bringing important experience and expertise as we work to turn around our USLI division and our life insurance, long term care insurance, and annuities businesses,” said Tom McInerney, Genworth’s president and chief executive officer. “He will work with our USLI senior leadership team to continue to improve the profitability, financial strength and capital generation of the division, and help accelerate the businesses’ return to growth.”

Boyle holds a B.S. in accounting, cum laude, from Boston College.

Genworth Financial, Inc. is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement—including life insurance, long term care insurance and financial protection coverages—and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and ­capital. 

Legal & General America

Troy Thompson, FSA, joined Legal & General America as vice president, product management. In his new role Thompson will have responsibility for product development and in-force product management.

Thompson’s career is remarkably correlated to LGA’s business needs today. Thompson was most recently vice president of USAA, in San Antonio, TX, where he was first the strategic leader of life and investment company operations and then a leader in an enterprise transformation initiative. This initiative aided the shift from a product-line-centric organizational underpinning to a shared distribution multi-product solutions orientation.

At Genworth Financial, Thompson served as senior vice president of fixed life, universal life and term life products. There he also led the development of term and UL portfolio efforts, resulting in more than $200 million in annual sales, $300 million in after-tax income, and annual growth rates as high as 70 percent. In doing so, Thompson also artfully managed capital with structures that funded non-economic AG38 and XXX reserves, including the industry’s first securitization.

Thompson’s an actuary’s actuary, but also a trusted companion and collaborator. He has a long and demonstrated history of working closely with distribution and marketing. Thompson said, “This is the business I’m passionate about, and I’m thrilled to be part of the LGA team.”

A mathematics graduate with honors from the University of Texas, Thompson is a Fellow in the Society of Actuaries.

Legal & General America life insurance products are issued by Banner Life Insurance Company, Urbana, MD, and William Penn Life Insurance Company of New York, Garden City, NY. Banner is licensed to do business in 49 states and the District of Columbia. William Penn does business exclusively in New York. 

American National

American National Insurance Company announces a new product, the Signature Indexed Universal Life Insurance (IUL) policy, available as of July 1, 2014. This innovative life product provides death benefit protection and three indexed crediting strategies along with a fixed account strategy for clients to choose from.

Signature IUL can provide the opportunity to earn interest based upon the performance of the S&P 500 index without the client being directly invested in the index. Therefore, the accumulation value will never decrease based on the fluctuations of the S&P 500 index, as all three of the indexed interest crediting strategies have a built-in floor. One of the indexed strategies currently has a declared floor of 1.5 percent, so that strategy can earn interest even in the event of a decrease in the market.*

Signature IUL will provide clients the permanent protection their families need with the opportunity to increase accumulation value for future emergencies, college education or supplemental retirement income.

This product also includes, at no additional premium, three living benefits covering 16 critical illnesses as well as chronic and terminal illness in the form of accelerated benefit riders. In the event of a qualifying illness, the policyowner may choose between partial or full death benefit acceleration. In order to accelerate the death benefit, the benefit is reduced by an actuarial discount in addition to a small administrative fee (up to $500).

David A. Behrens, executive vice president of American National Insurance Company, stated, “American National’s new Signature IUL builds upon the tested concepts of our previous indexed products to create a competitive second generation IUL with more options for clients and partial living benefit accelerations. Signature IUL allows a client to have control over the placement of their premium in the various indexed strategies or a fixed account while guaranteeing their family’s future will be protected.”

American National Insurance Company (American National), headquartered in Galveston, TX, was founded in 1905 and is licensed to conduct the business of insurance in all states except New York. American National is also a family of companies and offers a broad line of products and services which include life insurance, annuities, health insurance, credit insurance, pension products and property and casualty insurance for personal lines, agribusiness and certain commercial exposures. The family of companies operates in all 50 states.

*From policy month to policy month the accumulation value may decrease due to the monthly deduction regardless of the interest rate credited for any particular strategy.

AIG

American International Group, Inc., recently announced the launch of Elite Survivor Index II, its newly enhanced, cost-effective joint and last survivorship index universal life insurance product that features a built-in death benefit with a no-lapse guarantee, upside potential and downside protection, and the option to access the cash value of the policy anytime after the first year of issue.

“Americans work hard to build their estates and provide for their loved ones and Elite Survivor Index II is designed to be a key part of a comprehensive financial plan, as it offers protection as well as more financial control during uncertain economic times,” said James A. Mallon, president, life insurance, AIG Global Consumer Insurance. “This is permanent life insurance with the potential for cash value accumulation, tax advantages and premium flexibility—and we believe it can serve as an appropriate solution for many family and business needs.”

“Elite Survivor Index II provides the benefits of traditional universal life insurance along with the potential for greater growth in policy value,” said Tim Heslin, vice president, product strategy and implementation, AIG Global Consumer Insurance. “With increased cap rates, now at 13 percent, and higher participation rates, now at 70 percent, the product offers strong upside potential for growth if the market performs well. Further, a new Choice Loan 1 option allows access to the funds while they remain eligible for index interest, so this is life insurance you don’t have to die to use.”

Elite Survivor Index II offers the flexibility to choose among three interest-crediting accounts that fit needs:

 • A declared interest account with a guaranteed 2 percent minimum annual interest  rate.

 • An index interest account with interest crediting linked to the annual growth of the S&P’s 500 Price Index 2, subject to an annual cap and a minimum annual guaranteed interest rate of 0.25 percent, regardless of index performance.

 • An index interest account with interest crediting linked to the annual growth of the S&P 500 Index, subject to a participation rate, and an annual minimum guaranteed interest rate of 0.25 percent regardless of index performance. This provides the potential for higher crediting interest rates when the index is up and the safety of a minimum guaranteed interest rate.

In addition, Elite Survivor Index II features a built-in death benefit with a no-lapse guarantee, which is now guaranteed for up to 20 years or age 80, whichever comes first.

Elite Survivor Index II may be of particular interest to a wide variety of consumers, including: couples who need tax-advantaged supplemental retirement income, couples with children from previous marriages, couples with special needs children, same-gender couples, couples who want to leave charitable gifts, grandparents who want to leave a legacy for a grandchild, and related or non-related business partners.

For more information on Elite Survivor Index II and life insurance you don’t have to die to use, visit www.RetireStronger.com.

Foresters

Dick Freeborough, chairman of the board of Foresters, recently announced the appointment of Anthony (Tony) ­Garcia as Foresters’ new president and chief executive officer. Garcia succeeds current Presi­dent and CEO George Mohacsi, who retired from the organization on June 30, 2014.

With more than 26 years of executive management and leadership experience in the U.S. life and annuity industry, Garcia was most recently president of Western and Southern Agency Group in Cincinnati, OH. Previously he was president and CEO of TIAA-CREF Life Insurance Company. Other financial services industry experience includes positions with Allstate, HSBC and the HealthMarkets life and health subsidiaries. Garcia currently serves on the board of trustees for the American College and board of trustees for the Center of Ethics for the American College. He formerly served on the board of directors of the American Council of Life Insurers.

“Tony Garcia is an outstanding choice who brings broad experience in the U.S. life and annuity industry, successfully leading transformational change and driving profitable growth,” says Freeborough. “Foresters’ board is confident that he is best suited to continue Foresters important fraternal mission and lead the organization into its next period of growth and prosperity.”

“The board is thankful for the strong organization George and his leadership team have built for the future,” Freeborough added. “The progress achieved will provide a strong basis for Tony as he leads the organization going forward. 

Accordia Life recently announced the launch of its Des Moines-based life insurance company focused on delivering competitive life insurance solutions through its network of seasoned distribution partners and life insurance professionals.

Accordia Life launches with a suite of products, including indexed universal life, universal life and term insurance. These products are designed to help meet the protection, wealth transfer and small business needs of customers throughout the United States.

“Today we are pleased to introduce ­Accordia Life to the life insurance industry,” said Michael Miller, president of Accordia Life. “We are building an innovative new life insurance company, leveraging the talents of our seasoned industry professionals and our expertise in indexed universal life. We look forward to delivering outstanding results to our distribution partners and clients.”

With more than 200 seasoned life insurance employees, Accordia Life brings in-depth knowledge of product, underwriting, operations, sales and marketing, to create an agile, innovative organization built on best practices. Steve Hinrichs, senior vice president, sales, will lead distribution efforts through a national network of career and independent life insurance marketing organizations, bringing more than 30 years of industry experience to the role.

Accordia Life is a subsidiary of Global Atlantic Financial Group Limited (Global Atlantic). In 2013, Global Atlantic acquired the Aviva USA life division, which it then incorporated as Accordia Life. The Accordia Life business is built on a foundation of seasoned industry talent, risk management expertise and proven product designs.

Accordia Life and Forethought Life ­Insurance Company form Global Atlantic’s primary insurance sales operations, offering annuities, life insurance and pre-need life insurance. 

Life Secure Insurance Company

LifeSecure Insurance Company recently announced the appointment of Tiffany Albert as president and CEO. The move follows the retirement of Lisa Wendt, who previously held the same position.

“LifeSecure is a financially strong, fast-growing national insurance company. I look forward to partnering with our leadership team and employees to lead the company into its next chapter and further position the company as an industry leader,” said Albert. “Long term care insurance is LifeSecure’s core business, and we will continue to grow and strengthen this important product line. In addition to expanding our footprint in the LTC market, we remain focused on developing and delivering new and innovative products,” she continued.

Albert brings more than 20 years of insurance experience and a proven track record of execution and strategic leadership. Her broad experience includes new business development, customer management and retention, marketing, program implementation, operations, provider contracting, information technology, and organizational development.

Previously, Albert served as director, external sales distribution and strategic sales at Blue Cross Blue Shield of Michigan (BCBSM). She is a graduate of the University of Michigan and a licensed agent for accident and health insurance in the state of Michigan.

LifeSecure Insurance Company is based in Brighton, MI, and is dedicated to providing uncomplicated insurance and non-­insurance solutions to help people protect themselves from unforeseen health-related risks and expenses. The company is licensed in 46 states and the District of Columbia, and its insurance products are sold through a network of independent marketing organizations, brokers and agents.

LifeMark Partners

Kelli Grass has been promoted to ­senior vice president of LifeMark Partners. ­LifeMark, based in Baltimore, is one of the nation's largest independent national insurance marketing organizations.

LifeMark President Bill Shelow said Grass, who has served as vice president of operations since 2004, demonstrated strong leadership skills throughout her 10 years with the company. During that time, she worked with partners and carriers to improve communication and reporting and to identify opportunities for increasing operational efficiencies.

"Kelli's knowledge of the industry has had a tremendous impact on LifeMark's operations. We are very fortunate to have her in the firm," Shelow said. "As her leadership role and influence expands within LifeMark, there's no question our organization will continue to build strong relationships and improve services," he added.

Grass began her insurance career at CNA and eventually advanced to senior team leader in one of the largest new-business processing teams in the country. She was promoted to the market research department at CNA in 2003 and joined LifeMark when the company was sold a year later.

She holds a degree in business administration from Tennessee Technological University and is a licensed agent.

LifeMark is one of the most sought-after independent national marketing organizations of its kind in the country. The firm provides resources, financial services products and markets for its partners, 40 of the premier brokerage general agencies in the country. Every LifeMark partner is independently owned and operated. Learn more about LifeMark and "The Strength of Many and the Power of One" at www.lifemarkpartners.com.

Selected Market Insurance Group

Selected Market Insurance Group (SMIG) is pleased to announce the recent hiring of Tim Schappel as vice president of sales. Schappel is responsible for building distribution, in addition to maximizing current partner production.

“I was attracted to  Selected Market Insurance Group’s bullish position in the ancillary health product marketplace,” said Schappel, “specifically short term medical and their nimble approach to meeting current market, partner and distribution needs.”

Schappel comes to Selected Market Insurance Group with more than 23 years of industry experience and 16 years specializing in the short term medical marketplace and ancillary space. Most recently, Schappel worked as vice president of sales for IHC Specialty Benefits. There he led new business development efforts to attract, grow, manage and retain distribution partners.

Schappel will be working closely with Alan Edgin, president of Selected Market Insurance Group, to expand distribution, increase revenue and meet the needs of distribution partners.

Mutual Trust Financial Group

Luke Cosme recently joined Mutual Trust Financial Group as the newly appointed vice president of distribution. Cosme comes to Mutual Trust from North American Company for Life and Health, where he served as sales vice president since 2004.

Cosme started his career at North American in 1997 after graduating from the University of Illinois at Urbana-Champaign, where he majored in economics. Prior to 2004, Cosme’s assignments at North American included sales director, financial institutions, as well as previous positions in sales and client services.

“I am delighted that Luke has joined our team,” announced Ed Hughes, CLU, Mutual Trust’s senior vice president, chief sales and marketing officer. “His experience in developing sales strategies, building relationships and recruiting will help Mutual Trust continue the sales growth it has experienced in recent years. I know Luke’s knowledge and experience will provide great value to all our partners in the field.”

Daniel P. Mulheran, LLIF, ChFC, CLU, was elected to the board of directors of Mutual Trust Holding Company at the 2014 policyholder meeting. Mulheran served as president, individual life distribution, at ING U.S., LLC, from 2007 until his retirement in 2013. During this same period, he also was on the board of directors of ING America Equities. Prior to this, from 2002-2007, Mulheran was senior vice president and head of IGA Distribution, U.S. Life Group, at ING U.S. Financial Services.

After serving in the U.S. Navy and receiving a baccalaureate in business from California State University, Hayward, Mulheran built an insurance and financial services practice, Mulheran & Associates, Inc., where he served as president and principal from 1976-2002. Mulheran is also past president of the Minneapolis Life ­Underwriter’s Association.