Robert K. Sheridan, president and CEO of the Savings Bank Life Insurance Company of Massachusetts, Woburn, Mass., will retire effective Nov. 19. Christopher Pinkerton will join SBLI in September as president and CEO-elect, and will succeed Sheridan as president and CEO upon his retirement.
Sheridan, 64, joined SBLI in 1990 as executive vice president and was named president and CEO in 1992. Prior to joining SBLI, he served as president of the Massachusetts Bankers Association. Following his retirement, Sheridan will continue as a member of SBLI’s board of directors.
Pinkerton comes to SBLI from Toronto-based life insurer Foresters, where, as president of Foresters US, he oversaw life insurance sales across the United States. Most recently, he served as president and CEO of First Investors, a diversified U.S. financial services subsidiary of Foresters. He joined Foresters in 2005 following more than 20 years in a variety of executive positions in the life insurance and financial services industries.
SBLI prospered financially under Sheridan, according to Gerald Mulligan, SBLI chairman of the board. Assets nearly tripled from $900 million in 1992 to $2.4 billion in 2011, and life insurance in force increased almost tenfold, from $12 billion to $114 billion. The company also recorded a total of $146 million in net income and consistently maintained an A+ (superior) financial strength rating from A.M. Best over the 20-year period.
In other industry news:
The National Association for Fixed Annuities, Milwaukee, Wis., has opened nominations for its Bo Johnson Spirit Award for Lifetime Achievement. The award recognizes courage, spirit and determination that challenges the status quo, inspires others to achieve, contributes unselfishly to others, and works ethically and conscientiously to improve the fixed annuity marketplace.
Nominations for the award are due by Aug. 6, 2012. Competitive candidates will be or have been (if nominating posthumously) a member of NAFA and have a credible and continuing record of supporting the fixed annuity industry while achieving positive outcomes for professionals in the industry. The award will be presented at NAFA’s IMO Summit which will be held Oct. 17-19, 2012 in Scottsdale, Ariz.
Bo Johnson was well known for his energy, enthusiasm and love of the fixed annuity industry. He was a member of NAFA and served as a board member for several years and was the original chair of IMAC. His life was cut much too short when he died in 2009 after a courageous fight with cancer.
For more information about the award or nomination process, contact NAFA Membership Director Theresa Meyer at 414-332-9306, ext.3.
Mutual of Omaha Retirement Plans Division has appointed Diane Kolvek and J. Michael Peddicord to regional sales directors and Robert Nourse to national accounts channel manager.
Kolvek will support the company’s regional sales managers located in the Western region of the United States. This includes fostering relationships with key TPAs. She is based out of Omaha, Neb.
Kolvek joined Mutual of Omaha in 2008 as a Retirement Plans senior channel manager. She has nearly 20 years of experience in sales and relationship management supporting 401(k) product areas at Fidelity, Guardian Life Insurance Company and ReliaStar. Kolvek received her bachelor’s degree from Northwest Missouri State University.
Peddicord is responsible for leading the strategic direction of the Retirement Plans Division’s TPA Channel. He will also support company’s regional sales managers located in the Eastern region of the United States by cultivating relationships with TPAs in this region. He is based out of Columbus, Ohio. He has more than 25 years of experience in investments and corporate retirement planning. He most recently served as vice president of sales for Principal Financial Group. Prior to that, he served in various leadership roles at Legg Mason and Nationwide Financial Services. He received his bachelor’s degree from Capital University.
Nourse will be responsible for managing relationships with the company’s national broker-dealer alliances. He is based out of Cincinnati. Nourse has more than 25 years of experience in the financial services industry. He most recently served as vice president and senior relationship manager at Nationwide Financial. Prior to that he held numerous sales and leadership positions at The Guardian Life Insurance Company. Nourse received his bachelor’s degree from Xavier University.
In August, Humana, Louisville, Ky., pledged to hire 1,000 veterans and spouses of active duty soldiers by the end of 2013. As of May, the insurer has hired over 400 veterans and/or their spouses.
For veterans who have served since 9/11, the unemployment rate was 12.1% as of 2011. Veterans have transferable skills, but hiring managers have had trouble seeing ways those skills translate in the private sector. For 40% of employers, this is the their biggest challenge of veterans.
“Our experience is that veterans are well-trained, highly motivated individuals who make an immediate impact when they come to work at Humana,” said Fred Wheeler, leader of Humana’s new Veterans Initiative. “We’re excited to expand our employment of veterans in the coming months. Given the company’s focus on helping people achieve lifelong well-being, veterans will be great ambassadors for Humana.”
Humana will promote job opportunities for veterans on its website, humana.com, as well as on some of the nation’s largest job-search sites, such as CareerBuilder.com and Monster.com.
Allianz Life Insurance Company of North America, Minneapolis, Minn., has launched an enhancement to the Allianz Life Pro+ Fixed Index Universal Life Insurance (FIUL) Policy, adding a new blended index allocation option with a 2% annual floor, which is designed to offer more choice and flexibility for policyholders who want to grow the cash value of their policy.
The blended index allocation is made up of the Dow Jones Industrial Average, EuroSTOXX 50, Russell 2000 and Barclays Capital U.S. Aggregate Bond Index, with a 2% annual floor that provides another level of protection against market volatility.
With the new blended index allocation option, if the index performance is positive, consumers can receive credited interest up to the current 11% cap. If the index performance is flat or negative, the annual floor means clients still receive 2% credited interest. The annual reset locks in all credited interest each year – so it can never be lost due to negative index performance.
The Guardian Life Insurance Company of America, New York, N.Y., has launched new accident and cancer insurance policies, rounding out the company’s VoluntaryWorks offerings.
Both the accident insurance and cancer insurance policies are fully portable and are offered as employee-paid options that can be integrated into an employee’s benefits portfolio. The cancer offering includes a host of preventative coverage measures, including screening and early detection tests.
Guardian’s VoluntaryWorks, which includes dental, life, disability, vision and critical illness insurance, is not available in all states.