National retirement industry magazine PLANSPONSOR presented Larry D. Zimpleman, chairman, president and CEO of the Principal Financial Group, Des Moines, Iowa, with the Lifetime Achievement Award for his contributions to the retirement plan industry.
Zimpleman joined The Principal in 1971 as an actuarial intern and since then has held many leadership positions running and managing the company’s retirement and investor services operations.
As a highly regarded expert on retirement security, global retirement systems and financial services, his leadership and expertise is regularly sought by government officials and regulators worldwide.
In other industry news:
OneAmerica Financial Partners, Inc., Indianapolis, Ind., promoted John Mason to chief investment officer, succeeding Dave Sapp who is retiring after 43 years with the company.
Mason has 26 years of investment experience with the OneAmerica companies, most recently serving as vice president of the investment division. In that role, Mason was responsible for $11.8 billion of fixed income assets for all OneAmerica affiliates and the OneAmerica Series of mutual funds.
“John has been a critical member of our investment team and is uniquely qualified to assume the role of chief investment officer,” said chairman, president and CEO Dayton Molendorp. “John has developed his expertise under the leadership of Dave Sapp, one of the most respected and successful investment executives in the industry. This will be a smooth and effective transition for OneAmerica and its customers.”
Numerix, New York, N.Y., introduced Numerix Leading Hedge, an insurance solution for risk management and hedging of annuity products, including variable annuities and fixed index annuities.
Since the acquisition of Leading Hedge from Ernst & Young LLP in mid-2010, Numerix has leveraged the platform to deliver a new, scalable and flexible solution for the hedging and reporting of various annuity products. Leading Hedge clients can expect to achieve faster time to market on new product designs and greater economic effectiveness of their respective hedging programs. Clients have access to payoff code to simplify the introduction of new products into the system without an upgrade or having to face excessive internal or consulting costs. Leading Hedge can also be integrated into clients’ existing infrastructure with its data extensions and mapping technology.
BB&T Corp., Winston-Salem, N.C., (NYSE: BBT) acquired the life and property and casualty insurance operating divisions of Roseland, N.J.- based Crump Group Inc. The acquisition creates the largest independent wholesale distributor of life insurance and one of the largest providers of wholesale commercial insurance brokerage and specialty programs in the U.S.
BB&T paid $570 million in cash to complete the transaction, which is expected to be accretive to earnings and to add approximately $300 million in annual revenue to BB&T Insurance. The acquisition did not include Crump’s retirement services business (Ascensus).
HealthPlan Holdings, Inc., Tampa, Fla., a provider of outsourced solutions to insurers in the individual, fully insured group, union trust and voluntary benefits markets, appointed Stephen Saft as its CFO and Chief Administrative Officer. In this role, Saft will manage the overall financial and accounting functions for the company’s business lines and lead all corporate administrative services. An industry veteran with more than 15 years in the healthcare services field, Saft most recently served as CFO and CAO at CCS Medical, a provider of medical supplies. During his tenure with the company, he was also a member of the Office of the President. Prior to CCS, he was CFO and treasurer of Priority Healthcare Corp., a Fortune 1000 company that distributed and managed biopharmaceutical therapies.
Saft’s background also includes work with international accounting firms Deloitte LLP and PricewaterhouseCoopers LLP.
Advisors Excel, Topeka, Kan., is one of a select group of distributors to offer the Total Value Annuity from Security Benefit Life Insurance Company.
Total Value Annuity offers protection for both purchase payments and previous gains, as well as the opportunity for income growth even when the stock and bond markets decline simultaneously.
The Total Value Annuity offers a unique index interest crediting option not directly tied to stock and bond markets. Instead, it’s linked to the proprietary, Annuity Linked TVI (ALTVI) – an index comprised of 24 highly liquid futures contracts representing physical commodities, global currencies and U.S. interest rates. The ALTVI uses a disciplined process to take advantage of market movements with long and short positions to capture gains and minimize volatility.
Policyholders have the flexibility to allocate assets among three different crediting options – interest rates linked to the ALTVI, the S&P 500 (excluding dividends), and a guaranteed fixed interest rate.
The TVA may be purchased up to age 80 with nonqualified money or through a traditional or Roth IRA. This is an option for individuals wanting to roll over money from a 401(k) or other employer sponsored plan when they retire or separate from service. The minimum purchase amount to get started is $25,000.
John Hancock Financial, Boston, Mass., closed-end funds declared their monthly distributions.
Declaration date: April 2
Ex date: April 10
Record date: April 12
Payment date: April 30
A portion of a Fund’s current distribution may include sources other than net investment income, including a return of capital. Investors should understand that a return of capital is not a distribution from income or gains of a Fund. As required under the Investment Company Act of 1940, a notice with the estimated components of the distribution will be sent to shareholders at the time of payment if it does not consist solely of net investment income. Such notice will also be posted to the Funds’ website at www.jhfunds.com.