NU Online News Service, Dec. 14, 12:03 p.m. – Atlanta Life Insurance Company, Atlanta, is changing its corporate structure.
The 97-year-old stock company has set up a new holding company, the Atlanta Life Financial Group, and put the holding company in charge of four operating companies: Atlanta Life Insurance Company, ALIC Investment Advisors Inc., ALIC Securities Inc., and the Atlanta Life General Agency.
Atlanta Life has hired William Souder Jr., a veteran of the American General Corp., Houston, and Prudential Financial Corp., Newark, N.J., sales organizations, to be president of the general agency unit.
Souder will also work on expanding the Atlanta Life market. The company now has licenses to operate in 20 states, but it says it hopes to get licenses to operate in all 50 states.
Souder has a bachelor’s degree from the University of Georgia. He holds the Chartered Life Underwriter and registered investment advisor designations.
In related news, Atlanta says it has hired Mutual Savings Life Insurance Company, Decatur, Ala., to handle administration and customer service for Atlanta Life home service policies.
The changes will result in the loss of 40 jobs in the home office. Atlanta Life will offer support staff new jobs with the general agency unit, and offer field agents a chance to work with the unit as independent agents, the company says.