John Hancock Financial appointed Michael Doughty as executive vice president and general manager of U.S. Life Insurance effective immediately. Doughty replaces Steve Finch who has assumed the role of chief financial officer for John Hancock.
Before joining John Hancock, Doughty was executive vice president of Individual Insurance for Manulife’s Canadian division. He was responsible for Manulife’s life and living benefits products in Canada as well as the Affinity Markets business, which includes life, health, accident, travel and disability insurance.
Previously, he was senior vice president of Individual Insurance and had been senior vice president of Group Savings & Retirement Solutions. Doughty, who joined Manulife in 1992, has held a number of senior marketing positions in both Canadian and corporate operations.
In other industry news:
Nationwide Financial, Columbus, Ohio, has developed a new 408(b)(2) Solutions Kit to help retirement plan advisors address these client concerns and adapt to the new Department of Labor (DOL) fee disclosure regulations taking effect July 1.
The kit, created specifically for retirement plan advisors, includes:
- A solutions guide that outlines the different tools and services Nationwide provides for use with plan sponsors to help them understand and comply with the new requirements.
- A summary of the specific requirements as outlined by the DOL, along with a summary to help plan fiduciaries understand their responsibilities for reviewing the reasonableness of the fees paid to service providers.
- A handbook with pointers advisors can use in conversations with plan sponsors to clearly explain the services they provide that add value to their retirement plan.
Nationwide will also provide regular updates to retirement plan advisors on its 408(b)(2) resources via emails and conference calls.
Life Insurance Settlement Association elected new board members. New Directors elected for a two-year term include:
- Alan Buerger, CEO, Coventry First LLC;
- Nate Evans, president and CEO, Maple Life Financial Inc.;
- Mike Fasano, president, Fasano Associates ;
- Vince Granieri, CFO and Actuary, 21st Services ;
- Phil Loy, co-founder, AVS Underwriting LLC ;
- Paul Siegert, chairman and president, GWG Life Settlements LLC.
The six newly elected directors join the following five members to comprise the 11-member board:
- Adam Balinsky, managing member, Jabrem Consulting LLC;
- Brian Casey, partner, Locke Lord LLP;
- Rob Haynie, managing director, Life Insurance Settlements Inc.;
- Jim Maxson, partner, Morris Manning & Martin LLP;
- Jon Mendelsohn, president and CEO, Ashar Group LLC.
Buerger was elected chairman along with officers: Paul Siegert, vice chairman; Phil Loy, treasurer; and Brian Casey, secretary. Darwin Bayston serves as president and CEO.
Buerger also announced that the Chairman of the External Affairs Committee will be Bryan Freeman, Habersham Funding LLC. Other members of the committee will be Michael Freedman and Nate Evans.
Cigna and the Granite Healthcare Network, a partnership among five independent charitable health care organizations in New Hampshire, have launched a collaborative accountable care initiative to expand patient access to health care, improve care coordination, and achieve improved health outcomes, lower total medical costs and increased patient satisfaction. Collaborative accountable care is Cigna’s approach to accomplishing the same population health goals as accountable care organizations, or ACOs.
The Granite Healthcare Network comprises Concord Hospital, Elliot Health System, LRGHealthcare, Southern New Hampshire Health System and Wentworth-Douglass Hospital. Each member is an independent, integrated health care delivery system consisting of primary care doctors, specialists and hospitals.
Each of the GHN-participating organizations will monitor and coordinate all aspects of an individual’s medical care. Patients will continue to go to their current physician and will not need to do anything to receive the benefits of the program. There also are no changes in any plan requirements regarding referrals to specialists. Patients most likely to see the immediate benefits of the program are those who need help managing chronic conditions, such as diabetes or heart disease.
EMPLOYERS, Reno, Nev. (NYSE: EIG), named Stephen V. Festa, senior vice president and chief claims officer, chairman of the Board of Governors of the California Insurance Guarantee Association, a body that pays the claims of insolvent property and casualty insurance carriers.
Prior to being elected chairman, Festa most recently served as the CIGA board’s vice chair. Festa first joined the CIGA board in 2009, representing EMPLOYERS as an insurer member, and remains the only C-level claims executive to serve on the board. Operating under the California Insurance Code, CIGA provides a mechanism for the payment of covered property, casualty, and workers’ compensation insurance claims of insolvent insurance companies (as defined by the Insurance Code and specific case law).
Festa has served as senior vice president and chief claims officer of EMPLOYERS and its subsidiary, Employers Compensation Insurance Company, since 2004, and boasts more than 25 years of industry experience. Festa attended the University of Southern California and has also completed the Advanced Executive Education Program sponsored by the American Institute for Chartered Property Casualty Underwriters (AICPCU) and the Wharton School of the University of Pennsylvania.
The Hanover Insurance Group Inc., Worcester, Mass., introduced a new website designed to meet the evolving needs of its independent agent partners and their customers. By providing its agent partners and customers with new and enhanced online tools, resources and access to important information quickly and efficiently, The Hanover continues it strategy of creating more value through innovation and expertise.
The new Hanover.com site allows visitors to easily identify and access exactly what they need. Visitors can easily access information about industry specific products, specialized coverages and find details on commercial, specialty and personal insurance, and important company background and financial information. Consumers can access their billing and policy information, and find local Hanover agents. In celebration of its 160th anniversary, the company added a new history page.
New tools or enhancements include:
- BusinessBuilder, to easily create attractive marketing solutions for local promotions;
- Online appetite guide, to match business opportunities to The Hanover’s underwriting eligibility;
- Interactive personal lines tool, to evaluate coverage package comparison options;
- The Agency Place, to quickly access The Hanover’s secure agent portal for quoting and other agent-specific information;
- Business valuation calculator, for one-click access to a sophisticated risk management tool.