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).