John Y. Kim has been elected a vice chairman of New York Life and will now oversee the company’s technology function in addition to his current responsibilities. Kim will continue as president of New York Life’s Investments Group, which includes the investment management, annuities and retirement plan recordkeeping businesses, as well as chief investment officer of New York Life Insurance Company. In these combined roles he is responsible for approximately $400 billion in assets under management.
Kim joined New York Life in 2008 after 25 years as a highly successful business executive with deep knowledge of investment management and strong operational skills running numerous businesses. He has served as a member of New York Life’s Executive Management Committee since the start of his tenure with the company. Prior to joining New York Life, Kim had been president of Prudential Retirement where he led its defined benefit, defined contribution and guaranteed products businesses, and before that he was president of CIGNA Retirement and Investment Services. He also spent 17 years with Aetna Life & Casualty, where he rose to the position of president and CEO of Aeltus Investment Management as well as CIO of Aetna Life Insurance and Annuity Company.
Kim is a graduate of the University of Michigan and holds an MBA from the University of Connecticut.
In other industry news:
Symetra Life Insurance Company hired Edward Myers as regional vice president, Institutional Markets. Based in Denver, Colo., Myers will be part of the wholesaling team responsible for representing Symetra’s institutional life insurance programs to specialty brokers focused on the corporate-owned life insurance (COLI) and bank-owned life insurance (BOLI) markets. Myers reports to Laura Johnson, Symetra’s vice president of Institutional Markets.
Before coming to Symetra, Myers was director of Executive Benefits Markets Sales at Great-West Financial, where he was responsible for COLI sales. Prior to Great-West, he was vice president, Consulting with Mesirow Financial in Chicago.
Myers is a graduate of Stephen F. Austin State University. He holds an MBA from the University of Texas at Dallas as well as Series 6 and 63 licenses.
Employees from Allianz Life Insurance Company of North America (Allianz Life) formed a human chain to load more than 500 boxes of food and clothing they donated onto waiting trucks destined for local nonprofits. Over the five weeks of Allianz Life’s “Spirit of Giving” campaign, employees donated 101 new bikes, more than 3,500 new toys, more than 26,800 pounds of food, and more than 21,800 pounds of gently used clothing and books to share with those in need. The employees also raised more than $103,000 in cash donations.
During the Allianz Life annual campaign, employees volunteer at donation tables throughout the five-week campaign collecting, weighing and boxing food and clothing donations. Employee teams also conduct creative fundraising campaigns such as selling cookbooks and baked goods to raise cash for Second Harvest and Toys for Tots.
This is the 14th year of the Campaign. During the past 14 years, Allianz Life employees have given:
$477,000 in cash donations, 248,000 pounds of food and 250,000 pounds of clothing.
AssuredPartners Inc., through its Dawson Companies platform, has acquired Evans Insurance Agency, Inc., which specializes in business insurance, including workers’ compensation, liability and group employee benefit plans; personal insurance; and life and health services.
As part of the acquisition, 18 Evans Insurance Agency employees will join Dawson Companies.
The agency will continue to operate in its Akron and Dover, Ohio locations. The firm reports approximately $2 million in revenue.
Aon plc (NYSE:AON) acquired the assets of Minneapolis-based Stratford 360, a provider of customized executive and physician supplemental benefit and deferred compensation plan design, consulting and administrative services. Financial terms were not disclosed.
The Stratford 360 team, which caters exclusively to hospitals, clinics and other health care organizations, will join the Executive Benefits group within Health & Benefits. The acquisition increases the U.S. Executive Benefits presence to more than 100 specialists.
The current Stratford 360 leadership team will remain in their current positions. The consolidated team will be led by Todd Chambley, senior vice president and Executive Benefits practice leader at Aon.
The Society of Actuaries (SOA) hired R. Dale Hall, FSA, CERA, MAAA, CFA, as the association’s managing director of Research. Hall is responsible for leading practice research, experience studies and data-driven, in-house research efforts for the SOA.
Hall previously served as chief Life/Health actuary at COUNTRY Financial in Bloomington, Ill. He served as COUNTRY’s appointed actuary for all life/health functions, and created statutory opinions on life company asset adequacy. He also directed financial reporting projects, risk management analyses and experience studies. Hall holds a Bachelor of Science degree in Mathematics from John Carroll University and an MBA from Capital University. He is also a Fellow of the Life Management Institute, a Chartered Life Underwriter and a Chartered Property Casualty Underwriter.
Hall is a former member of the SOA Board of Directors. He has served on the SOA’s nominating committee, the Centers of Actuarial Excellence Evaluation Committee and the Professional Development Committee. He also worked on projects for the American Council of Life Insurers and the American Academy of Actuaries.
UBS Wealth Management Americas, a division of UBS AG, introduced the UBS Equity Award Value Index, a tool for measuring how employees perceive the value of their equity compensation.
UBS gathered data around five key perceptions to develop the index: How much value employees assign equity awards; the award’s importance in either staying at a current job or accepting a new one; equity’s role in accumulating wealth or savings; and whether employees’ long term financial plans consider a role for equity awards.
The Value Index shows that 26 percent of participants perceive high or considerable value from their equity, with 43 percent perceiving minimal or no value. In addition, 47 percent view their equity awards as a way to build wealth, while 36 percent view them as a paycheck supplement, and 17 percent view them as a “lottery ticket.”