Deloitte announced that Kenny M. Smith, a vice chairman of Deloitte LLP, has been named the U.S. leader of its financial services industry group. Smith will now oversee a team that works with 90 percent of the largest financial institutions across its audit, tax, consulting and advisory businesses and has more than 13,000 dedicated professionals. A principal with Deloitte Consulting LLP, Smith currently serves as leader of Deloitte’s U.S. banking and securities sector and has a 32-year track record in both client service and practice management. He succeeds Robert Contri, who has held the U.S. financial services industry role since 2011 and was recently appointed the global leader of Deloitte Touche Tohmatsu Limited’s (DTTL) financial services industry group.
In addition, Deloitte announced that a number of new professionals have joined Deloitte’s U.S. financial services industry team, including:
- Bill Mullaney, formerly the president of MetLife’s U.S. business, has become a director with Deloitte Consulting LLP. While at MetLife, he had overall responsibility for and successfully led MetLife’s retail life and annuities books of business, as well as their group insurance, corporate benefit funding, and auto and home segments.
- Don Truslow, who recently retired as the chief risk officer of M&T Bank Corporation and formerly the president of the Financial Services Roundtable’s Financial Stability Industry Council, will serve as a senior advisor to Deloitte Advisory’s regulatory and compliance practice.
- Julie Bernard, formerly the leader of EY’s banking and capital markets security practice, has joined the organization as a principal in Deloitte Advisory’s cyber risk services practice.
The American Academy of Actuaries is pleased to announce the launch of its U.S. Qualification Standards (USQS) Attestation Form. The form is a new and innovative tool enabling actuaries to voluntarily demonstrate that they meet the USQS requirements for signing statements of actuarial opinion (SAOs) on life, health, and property/casualty National Association of Insurance Commissioners (NAIC) annual statements. Developed at the request of and with input from regulators, the Academy brought together all stakeholders to create an attestation form for actuaries that would meet the needs of the public, regulators, and actuaries.
Using the new tool, actuaries can upload relevant documents to produce a personalized link or digital folder that they can easily use to demonstrate that they practice in accordance with the profession’s rigorous qualifications. The tool, which is structured to exactly follow the requirements of the current USQS, supports actuaries in understanding USQS requirements and, at the same time, increases transparency and accountability for regulators and the public by demonstrating that those who sign SAOs are qualified to do so. The attestation form is available to Academy members at attest.actuary.org.
Boston Mutual Life Insurance Company, a national provider of insurance solutions for individuals and the workplace, announced the launch of a series of celebratory events in 2016 to commemorate its 125th year. The company, which has a long-standing history of offering insurance products since its founding in Boston in August 1891, is hosting a variety of initiatives over the course of the year to honor this milestone. Throughout the year, the company will recognize its history with themed initiatives, including a new commemorative logo, a time capsule, a monthly internal newsletter designed to mirror its first edition from the turn of the century, and more. The company’s annual General Agencies sales convention, held in rotating locations each year for its agents, will be held in Boston in May as a tribute to its city of origin. Boston Mutual will host additional special activities in August to highlight the month the company was founded.
The NAILBA Charitable Foundation encourages volunteerism and provides grants for charitable programs or projects in the communities of NAILBA’s member agencies and corporate partners. Funds are awarded to organizations that serve to enhance the quality of life for those less fortunate, with a special emphasis on children. The philanthropic arm of the National Association of Independent Life Brokerage Agencies (NAILBA) was established in 2002.
The Foundation’s primary fund-raising event takes place at NAILBA’s annual member conference. Attendees from Legal & General America, a charter member of the Foundation, take an active role in encouraging donations during the conference.
At the event held in November 2015, Legal & General America offered to match $50 donations until the total hit $28,000. The LGA promotion raised $43,000; LGA’s matching funds brought the full amount to $71,000. Through the generous donations of NAILBA member agencies and carriers, the Foundation was able to award $275,000 to local charities and other nonprofit organizations in 2015. (Photo: Harmony Project donation.)
MetLife, Inc. (NYSE: MET) announced the launch of MetLife Shield Level SelectorSM 3-Year, a single premium deferred annuity. The new offering complements MetLife Shield Level SelectorSM,which launched in 2013. Both allow clients to benefit from potential market growth while helping protect assets from market decline. Clients can now choose between the three-year withdrawal charge schedule offered by Shield Level Selector 3-Year and the six-year withdrawal charge schedule offered by Shield Level Selector, allowing them greater flexibility to select the timeframe that best meets their personal investment needs.
Shield Level Selector 3-Year and Shield Level Selector offer a number of benefits to clients including:
1. Protection. Clients can customize the level of downside protection for their product investment, with options ranging from 10 percent to 100 percent.
2. Participation. Clients can choose from several different index-linked investment options.
3. Personalization. By electing either Shield Level Selector 3-Year or Shield Level Selector, clients can tailor their investment to align with their individual retirement strategy timeline.
Security Benefit Life Insurance Company (SBL), announced that it has expanded the underlying fund options available within the EliteDesigns suite of investment-oriented variable annuities. Nineteen new investment options have been added to both EliteDesigns and EliteDesigns II variable annuities, and include a single offering each from FormulaFolio Investments of Grand Rapids, MI., Redwood Investment Management of Los Angeles, CA., and Guggenheim Investments of New York, as well as 16 funds from Vanguard of Valley Forge, PA. These additional underlying funds are being added to provide enhanced options and greater choice of investments.
Fifty-five indexed annuity carriers participated in the 73rd edition of Wink’s Sales & Market Report, representing 99.8 percent of indexed annuity production. Total third quarter sales were $13.8 billion. Third quarter indexed annuity sales were up more than 13.0 percent when compared to the previous quarter, and up nearly 21.0 percent when compared with the same period last year.
Noteworthy highlights for the third quarter include Allianz Life as the No. 1 carrier in indexed annuities, with a market share of 14.7 percent, and American Equity Companies as the No. 2 carrier. Rounding out the top five carriers in the market are Great American Insurance Group, AIG and Nationwide. Allianz Life’s Allianz 222 Annuity was the No.1 selling indexed annuity for the third consecutive quarter.
For indexed life sales, 45 insurance carriers participated in Wink’s Sales & Market Report, representing 95.1 percent of production. Third quarter sales were $478.6 million. When evaluating third quarter indexed life sales, results were up over 4.0 percent when compared with the previous quarter, and up over 28.0 percent when compared to the same period last year.
Borislow Insurance announced that David Saltzman has joined the agency as director of marketing and business development. David will be responsible for developing and implementing communication strategies and tactics to advance the agency’s “Way Beyond Brokerage” philosophy. He will also support Captivated Health, a national consortium of partially self-insured Independent Schools which is managed by the firm and distributed by certified Broker Partners in select markets. This proven innovative health care financing solution is custom designed for Education organizations in the middle market.
After a successful career in corporate insurance sales and sales management, Saltzman became president of one of the oldest third-party administrators in the country. He has worked for two major national carriers, serving as regional director of consumerism for Humana and as the large group practice leader for a division of Medical Mutual of Ohio.
David is a former president of the National Association of Health Underwriters and former chairman of the NAHU Education Foundation. Since 2000, David has been the monthly benefits columnist for National Underwriter Life & Health magazine and he also hosts the highly acclaimed weekly ShiftShapers podcast. He is a frequent platform speaker on topics ranging from practice management and development to marketing and communication strategy.
Forethought Life Insurance Company, a subsidiary of Global Atlantic Financial Group Limited, announced organizational changes within the retirement distribution team that markets annuities through broker/dealers across the country. Anchoring the changes, Jason Bickler, national sales manager, will assume an expanded leadership role. In addition to the current portfolio of fixed, fixed index and variable annuities, Bickler will lead distribution of ForeCare, an innovative fixed annuity offering long-term care benefits. He will also now dedicate his focus to leading annuity sales efforts in the broker/dealer channel to drive a more consistent sales experience. As a result, Andrew Resnik, a 10-year wholesaling veteran, will assume Bickler’s regional responsibilities as divisional vice president for the West.
The Guardian Life Insurance Company of America® (Guardian), a mutual life insurer, has appointed Jay Rosenblum (photo, right) senior vice president of government affairs. Based in Washington D.C., Rosenblum will set the strategic direction of Guardian’s state and federal advocacy efforts and lead the government affairs team in support of the Company’s goals. Rosenblum joins from The Hartford where he was senior vice president, associate general counsel, and director of government affairs.
Prior to joining The Hartford, he spent nine years representing the accounting profession in Washington, D.C., first at Ernst & Young and later as the head of Grant Thornton’s Government Affairs office. Earlier in his career, Rosenblum held several roles in the Clinton Administration, serving at the U.S. Department of Labor, in the White House Counsel’s office, and as the White House’s Executive Director of the first National Summit on Retirement Savings. Rosenblum earned his J.D. from the George Washington University Law School and a bachelor’s degree from Tufts University.
The MAPFRE Board of Directors has approved the appointment of Ignacio Baeza as chairman of the board of directors and of the management committee of MAPFRE ASISTENCIA, in replacement of Rafael Senén. Also, Alberto Berges was appointed general manager and chief operating officer of MAPFRE ASISTENCIA.
Baeza is vice chairman of MAPFRE, and to date was CEO of the Iberia Territorial Area.
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