Conning launched a series of new initiatives to expand its Insurance Research and publications business.
The insurance services provider increased focus on middle market industry issues in both property-casualty and life sectors, as well as greater emphasis on global issues, capital markets and investment opportunities.
To further these initiatives, Steve Webersen will become responsible for managing the day-to-day activities of the business. He will take over from Stephan Christiansen, who will take on primary responsibility for expansion initiatives.
Webersen brings more than 25 years of insurance-related investment and investment banking experience, most recently as Managing Partner at SFRi LLC, a boutique investment banking firm. Prior to SFRi, he served as a managing director with Swiss Re and Securitas Capital. Before Swiss Re, he served in the insurance rating organization at A.M. Best Company; prior to that was an investment banker and equity research analyst with Smith Barney.
In other industry news:
The American United Life Insurance Company (AUL), a OneAmerica company, made enhancements to its whole life insurance offerings that will enable policyholders to access the death benefit of their policies during life, if needed, to help cover the costs of chronic or terminal illness.
AUL’s addition of chronic and terminal illness riders will allow a policyholder to accelerate the death benefit in the event of a qualifying illness and access the cash value of the policy to cover medical expenses, receive in-home care, make needed modifications to a home or to use for any other purposes.
Like a death benefit, chronic and terminal illness benefits will be paid income-tax free to the policyholder. Beginning this month, the riders are automatically included with most AUL whole life policies at no cost to policyholders. With the chronic and terminal illness riders, the policyholder decides how much of the policy death benefit to accelerate, subject to IRS and percentage limits. The amount received results in a lien against the policy – which reduces the benefit amount received by their designated beneficiaries at the time of death (or earlier via policy termination). Any amount not accelerated, minus applicable lien charges, is left to beneficiaries in the form of a death benefit.
A policyholder can qualify for accelerated benefits by being unable to perform at least two activities of daily living (from a specified list) such as bathing or dressing, suffering a severe cognitive impairment or being certified by a licensed health care practitioner as having an illness that is expected to result in death within 12 months.
Eileen McDonnell, president and chief executive officer of Penn Mutual Life Insurance Company, received the 2013 Outstanding Service to Adelphi Award, presented by Adelphi University.
The annual award is presented to a member of the University community who has led the way and been an example for others in his or her commitment to students of Adelphi, often exemplified by volunteering time, extending expertise and making Adelphi a philanthropic priority in his or her life.
McDonnell, who earned her M.B.A. from Adelphi in 1988, has been an active member of the Adelphi community. She has spoken at Adelphi’s GOAL M.B.A. program and established a scholarship endowment for women students in the Robert B. Willumstad School of Business.
Penn Mutual Life presented Susan Cooper, CLU, ChFC, CFP, CDFA, CAP, managing director of Penn Mutual’s career agency, with a 2012 National Chairman’s Award.
This is Cooper’s second National Chairman’s Award, which recognizes Penn Mutual Career Agency System managing partners and managing directors who have demonstrated exceptional all-around performance and leadership.