OneAmerica chairman of the board and CEO Dayton H. Molendorp announced his plan to retire as CEO on March 31, 2014. He will remain chairman of the board of OneAmerica and its parent company American United Mutual Insurance Holding Company (AUMIHC).
The AUMIHC board named OneAmerica’s current president, J. Scott Davison, CLU, ChFC, as OneAmerica’s next CEO, effective April 1, 2014, upon Molendorp’s retirement. Davison was also elected to the AUMIHC board of directors at its Jan. 14, 2014 board meeting.
Contribution by Dayton Molendorp: Make 2014 a year of growth, prosperity for life industry
Molendorp, 66, has been with AUL since 1987. He became senior vice president of AUL’s Individual Operations in 1999 and was named president of AUL affiliate Pioneer Mutual Life Insurance Company in 2002. In 2003, he was named executive vice president of AUL and president of The State Life Insurance Company. He was named president and CEO of OneAmerica in 2004 and chairman of the AUMIHC board in 2007.
Davison, 49, joined OneAmerica in 2000 and was named president in August of 2013 after serving as the company’s executive vice president since 2011. Davison served as OneAmerica’s chief financial officer (CFO) from 2004-2011. A 28-year industry veteran, Davison previously worked in various financial roles at UNUM Corporation. He serves on the boards of IU Health, LL Global, The American College, Indiana Sports Corporation, Indiana Bond Bank and Camptown.
Jim McGovern has been appointed as vice president for the Employee Benefits division of American United Life Insurance Company.
In his new role, Jim will assume leadership of the business line and report directly to Scott Davison, president, the companies of OneAmerica.
McGovern joined OneAmerica and has led the Employee Benefits national sales and service team since April 2012.
McGovern is a graduate of the University of Indianapolis and has held previous positions in the industry at Cigna and Unum.
AUL announced Pension Risk Transfer, a Single Premium Group Annuity (SPGA) guaranteed buy-out product that allows plan sponsors to transfer pension risk to AUL.
The Pension Risk Transfer offered by AUL includes recordkeeping of individual employee data and tax withholding and reporting administrative services and is supported by professionals with extensive experience in defined benefit administration. Enrolled actuaries and compliance attorneys are also available for consultation.
New York Life developed the Chronic Care Rider for its whole life product line, giving policyholders the option of accelerating their policy’s face amount to help pay for chronic care needs.
The Chronic Care Rider is a flexible, low-cost addition to a whole life insurance policy with a premium that is guaranteed to stay level. If a policyholder does not need to use their benefits for chronic care, those funds remain intact as life insurance benefits for heirs or as cash value that can help supplement retirement income as their life insurance needs decrease.