Lockton Dunning Benefits added to its employee benefits consulting company with the acquisition of Excelsior Solutions, a pharmaceutical and healthcare consulting company headquartered in Minneapolis, Minn.
Former Excelsior Solutions President Kenneth Dowell joins Lockton Dunning Benefits as senior vice president and chairman of the Lockton Pharmacy Analytics Advisory Board.
The transaction was completed Oct. 1. Terms of the acquisition were not disclosed. Excelsior Solutions will retain their name in the immediate future. The combined operation employs 192 associates.
In other industry news:
The American Bankers Insurance Association (ABIA) elected new officers and directors to serve on the 2012-2013 board.
Serving as the new president and chairman is Neal Aton, head of centralized insurance for Wells Fargo Insurance. He will play a role in appointing committees, establishing priorities and leading the strategic initiatives of ABIA.
The new officers include:
- President and Chairman: Neal Aton, head of centralized insurance, Wells Fargo Insurance Inc., Chicago
- Vice President: Val Teagarden, vice president, First United Bank & Trust, Oakland, Md.
- Secretary: Wayne Conte, executive vice president, Affinion Group, Franklin, Tenn.
- Treasurer: Peter Dunlap, president, Huntington Investments Company, Columbus, Ohio
- Immediate Past President: Paul G. Petrylak, president, CIT Insurance Services, New York
The new board members are:
- Joan Cleveland, senior vice president, Prudential Financial, Newark, N.J.
- D. David Cissell, executive vice president, American Modern Insurance Group, Amelia, Ohio
- Patrick Cozza, CEO and regional head, HSBC Insurance, Wilmington, Del.
- Brian Duffy, president and chief operating officer, RSI Insurance Agency, Inc., Rahway, N.J.
- Joseph Fico, president and CEO, TD Insurance, Boston
- Andrea Holder, chief financial officer, BB&T Insurance Services Inc., Raleigh, N.C.
- Richard Katz, vice president, direct marketing and sales, American National Insurance Company, League City, Texas
- Todd Schubert, senior vice president, Transamerica, Baltimore
- David Seidel, senior vice president and chief actuary, Securian Financial Group, Inc., Saint Paul, Minn.
Northwestern Mutual introduced the Select Portfolio Deferred Income Annuity that offers growth potential through nonguaranteed dividends.
Individuals can also elect to take any dividends in cash or apply them to increase income, or they can do a combination of both. Although dividends are not guaranteed, the company has paid dividends on eligible life policies every year since 1872.
Individuals can purchase the Annuity with a lump sum payment of tax-qualified funds, such as funds held in a 401(k) plan or a traditional or Roth IRA.
The National Association of Plan Advisors (NAPA) and The American Society of Pension Professionals & Actuaries (ASPPA) launched the NAPA Net web portal to inform and connect retirement plan advisors.
The portal is designed to provide plan advisors with a voice and community through which they can access and share news, commentary, interactive forums, research and webcasts. The website will feature a series of channels including regulatory compliance, practice management, service providers, social media, strategic partnerships and a variety of investment topics. Editors at NAPA Net will produce a daily e-newsletter of what is new in the 401(k) marketplace.