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Roundup: Asset Life Settlements enters secondary market for life insurance

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Asset Life Settlements, LLC enters secondary market for life insurance

Asset Life Settlements, LLC, a life settlement broker located in Orlando, FL, announced the company’s entry into the marketplace. Citing a rebound in the industry driven by a combination of market factors, the company states it is well-positioned to handle the anticipated increase in the demand for life settlement transactions.

Although the company’s name is new to the marketplace, the founders are long-time veterans of the secondary market for life. Company co-founders Jeff Hallman and Scott Thomas bring to the table more than 25 years of combined industry expertise and have closed nearly $3 billion in policy value over the past 13 years.

Hub International acquires assets of Free Market Insurance Agency

Hub International Limited (Hub), a global insurance brokerage, announced that its Hub International New Mexico division (Hub New Mexico) has acquired the assets of Free Market Insurance Agencies, LLC, an Albuquerque, New Mexico-based insurance brokerage firm (Free Market).  Terms of the acquisition were not disclosed.  The acquisition provides Free Market clients with access to the global resources, services and network of Hub’s property and casualty, employee benefits, risk services and personal lines solutions while continuing to extend Hub’s local market reach in New Mexico. This is Hub’s second acquisition in the state in two months.

Free Market’s Albuquerque-based team will relocate to Hub New Mexico’s newly-renovated Albuquerque headquarters. Michael Dennis, president of Free Market, will join Hub New Mexico as a client executive, vice president for the region.

MassMutual, BlackRock team up to offer customized asset allocation program for retirement plans

MassMutual Retirement, responding to a growing demand by financial advisors and employers, is teaming up with BlackRock to introduce a customized, lower-cost alternative to managed accounts for defined contribution retirement plans.

MassMutual Managed AllocationsSM powered by BlackRock® enables financial advisors to offer professionally managed asset allocation strategies to help achieve the diversification and customization that individual plan sponsors and their advisors are increasingly seeking. MassMutual provides the recordkeeping for the Managed Allocations strategies while BlackRock assumes fiduciary responsibility for designing and updating the glidepath models and asset allocations.

The Managed Allocations program provides several benefits not previously available together within a single asset management solution:

  • Three glidepath options, including conservative, moderate and aggressive, designed to help participants grow their assets and manage their savings to-and through-retirement. The choice of glidepath may hinge on a variety of considerations, including whether or not the plan sponsor offers a defined benefit pension, offers company stock as an investment option, employee demographics, employee savings rates and other factors that advisors can help clients navigate.
  • Flexibility in asset class inclusion, as plan sponsors can choose from as few as 6 asset classes to as many as 9 asset classes.
  • Fiduciary oversight of the glidepath model and asset allocations. On an annual basis, BlackRock will rebalance the glidepath model and asset classes.
  • The ability to choose from the full menu of investment managers and investment options offered through MassMutual.
  • The expertise of BlackRock, the world’s largest asset manager and the creator of the first target date fund.

Managed Allocations is designed to be an alternative to MassMutual’s CustomChoice StrategiesSM, an asset allocation program that enables advisors who act in a fiduciary capacity to take a more active role in creating the allocations and glidepath.

Women in Insurance & Financial Services launches new national event

Women in Insurance & Financial Services (WIFS) is organizing a virtual run to be held on September 13th, 2014 to promote Ovarian Cancer Awareness. The Imagine the Cure WIFS Virtual 5K will raise funds, encourage team building and community involvement, and a portion of all proceeds from this event will benefit the Ovarian Cancer Research Fund.

A virtual run has no specific starting location or time, making it an ideal event to engage WIFS members located throughout the U.S. Participants in the Virtual 5K can share their training ups and downs on various social media outlets with the hashtag #imaginethecure. There is also some healthy competition in play, with individual runners and chapters receiving special recognition and medals at the WIFS Annual Conference in Orlando Florida, October 22nd – 25th. For more information, please visit the WIFS Virtual 5K page.

Cooper Gay and NMB Appoint Martin Stephenson as CEO Reinsurance

Cooper Gay & Co Ltd (Cooper Gay) and Newman Martin and Buchan LLP (NMB) appointed Martin Stephenson as CEO for their combined reinsurance business.

Previously managing director of the NMB reinsurance division, Stephenson brings over 25 years’ market experience to the role. Following the acquisition of NMB by the Cooper Gay Swett & Crawford (CGSC) Group last year, Stephenson held the position of head of reinsurance production for the combined businesses.

Based in London and reporting to Gordon Newman, CEO of Cooper Gay and NMB, Stephenson takes over the role of CEO reinsurance from Andrew Hitchings who has resigned from the company. He also joins the boards of Cooper Gay and NMB, subject to Financial Conduct Authority approval.

Guardian Retirement Solutions expands national sales team

The Guardian Insurance & Annuity Company, Inc. (GIAC), a wholly-owned subsidiary of The Guardian Life Insurance Company of America, is enhancing its 401(k) national sales team to meet growing market demand with the appointment of six new wholesalers: Jack Curtis, Lucio Giliberti, Norbert Naths, Bryan Rouse, Terry Terry and George Webb join as regional vice presidents of retirement plan sales.

Curtis brings over 10 years of financial services experience, most recently as a senior regional retirement representative with Guardian. He will directly manage retirement sales in South Texas and Arkansas. Formerly a wealth management adviser for Merrill Lynch & Co., Curtis holds a Bachelor’s degree in English from University of Massachusetts, as well as FINRA Series 6 and 63 licenses.

With more than 25 years of industry experience, Giliberti will manage retirement sales in southern New Jersey, Pennsylvania and West Virginia. A former U.S. Marine and Field Artillery Officer, Giliberti previously worked for Stadion Money Management, United Jersey Bank, Paine Webber and Oppenheimer Funds. He earned a Bachelor’s of Science in business administration from Ramapo College and holds FINRA Series 6, 63 and Life licenses.

Naths manages retirement plan sales in Colorado, Utah, Wyoming, Northern Nevada and Idaho (excluding the panhandle region).  He brings over 19 years of industry experience to Guardian and was previously a regional sales director at Great-West Retirement Services. Naths has a Bachelor’s of Science degree in finance from Lehigh University and is FINRA Series 7, 63, 65 and 66 licensed.

Rouse brings over four years of specialization in the retirement marketplace, including as a member of the Guardian Retirement Solutions internal sales team. Rouse will manage retirement sales in Kentucky, Kansas, Missouri, Tennessee and Cincinnati, Ohio. He holds a degree in marketing communications and entrepreneurship from Emerson College and is FINRA Series 7 and 63 licensed.

Terry rejoins Guardian with more than 25 years of experience in financial services and a recent relocation to Bradenton, Florida. Terry will manage retirement sales in Southern Florida. Previously, Terry served Transamerica as regional vice president for Kansas, Nebraska and Kansas City, Missouri.  She earned a degree in marketing and business administration from Franklin University and is FINRA Series 6 and 66 licensed.

Webb has 12 years of industry experience and has previous history as regional vice president in qualified plans at Security Benefit. In his role at Guardian, Webb will be responsible for retirement sales in North Texas, including Dallas, Fort Worth and Austin. He holds a Bachelor’s degree from Towson University and an M.B.A. from Baker University. Webb is FINRA Series 6 and 63 licensed.

IIA Announces 2014-2015 Global Board of Directors

The Institute of Internal Auditors (IIA) announced the election of Anton van Wyk, CIA, CRMA, QIAL, a native of South Africa and partner with PwC, as chairman of the organization’s 2014-2015 Global Board of Directors. Van Wyk is the first global chairman from the African continent.

The election of van Wyk and the entire Global Board was held at The IIA’s annual business meeting following the organization’s 73rd International Conference in London. Van Wyk said he plans to use his term as chairman to urge internal auditors worldwide to be mindful of potential gaps between internal audit services and stakeholder expectations. New technologies, he said, are creating new opportunities as well as risks that could expand such gaps.

Van Wyk, has 25 years of experience in corporate governance, risk management and internal audit. He currently is Africa Risk Assurance Services Leader and Partner with PwC in Johannesburg, South Africa, and leads the company’s Africa Central and Southern Africa Risk Assurance Services practice.

Other officers elected to The IIA’s Global Board (*Global Board officers will serve one-year terms, while board members are elected for two-year terms):

Senior Vice Chair: Lawrence J. Harrington, CIA, CRMA, QIAL, is vice president of internal audit at Raytheon in Waltham, Mass. As senior vice chair, Harrington will be responsible for working with vice chairmen to facilitate communication and coordination among IIA committees to drive the organization’s strategic activities.

Vice Chair – Professional Certifications: Harold C. Silverman, CIA, CRMA, QIAL, is vice president of internal audit of The Wendy’s Co., Dublin, Ohio. As vice chair of professional certifications, Silverman will direct the strategies of The IIA’s certification programs.

Vice Chair – Professional Guidance: Angela Witzany, CIA, CRMA, QIAL, is head of internal audit at Sparkassen Versicherung AG in Vienna, Austria. As vice chair of professional guidance, Witzany will oversee and coordinate the International Internal Audit Standards Board, the Professional Issues Committee, and the Public Sector Committee in developing guidance and issuing position papers on topics directly or indirectly affecting the internal audit profession.

Vice Chair – Global Services: C. Renato Fontes Triscuizzi, CIA, CCSA, CRMA, QIAL, is chief audit executive (CAE) at Invepar in Rio de Janeiro, Brazil. As vice chair of global services, Triscuizzi will supervise and coordinate the global services committees to ensure The IIA provides the most relevant and comprehensive benefits possible to its membership. He will also oversee the Institute Relations Committee and the International Conference Committee.

Vice Chair – Research: Frank M. O’Brien, CIA, QIAL, is vice president of internal audit, business ethics and integrity at Olin Corp. in East Alton, Ill. As vice chair of research, O’Brien also will serve as the president of The IIA Research Foundation (IIARF), providing strategic direction for research on the internal audit profession, and he will oversee the Research Foundation’s Board of Trustees and the Committee of Research and Education Advisors.

Vice Chair – Finance/Treasurer: J. Michael Peppers, CIA, CRMA, QIAL, is CAE for the University of Texas System in Austin, Texas. As vice chairman of finance and treasurer, Peppers will oversee the establishment and maintenance of adequate controls for safeguarding the funds of The IIA and IIARF. He will also oversee the Global Finance Committee, as well as the Investment Committee.

Secretary: Charlotta Löfstrand Hjelm, CIA, QIAL, is CAE at Svenska Kraftnät in Stockholm, Sweden. Löfstrand Hjelm will be responsible for notifying The IIA’s Board of Directors of meetings and informing members of The IIA about general membership meetings.

Previous Chairmen: Past IIA Global Board Chairman Philip D. Tarling, CIA, CRMA, QIAL, CMIIA, and Immediate Past Chairman of the Board Paul J. Sobel, CIA, CRMA, QIAL, will also serve on The IIA’s Executive Committee.

Unum promotes Wendy Gibson to senior vice president

Unum announced the promotion of Wendy Gibson to senior vice president of the Service Center for Unum. In this role, Gibson leads Unum’s administration center of excellence covering administration for both Unum U.S. and Colonial Life businesses. In 2013, she also helped build, and continues to have responsibility for, the company’s U.S. Contact Center. Gibson joined Unum in 1991 as an underwriting consultant, progressing to leadership positions within the function. In 2009, she moved into leadership of Unum’s Contact Center. Gibson graduated from the University of Georgia with a bachelor’s degree in finance.


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