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Insurance Industry News Roundup: Week of September 12, 2016

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Meet MDRT’s new leadership

As it celebrates its 90th year, the Million Dollar Round Table (MDRT) has announced the appointment of Mark Hanna as president and Regina Bedoya as secretary of the organization’s Executive Committee.

Hanna, who is from Concord, California, will be the 91st MDRT president, and will succeed 28-year member Brian D. Heckert of Nashville, Illinois. Other executive appointments include James Pittman from Portland, Oregon, who will serve as first vice president, and Ross Vanderwolf from Fortitude Valley, Australia, who will serve as second vice president.

“Delivering a level of inspiration and educational opportunities unmatched in the profession, MDRT has helped me emerge as a leader, strengthened my credibility and confidence among my clients and positioned me to achieve career success in the financial services profession,” Hanna said in a press release. “I remain thankful and humbled by the continued support I have received from MDRT and look forward to beginning my term as President.”

Prudential picks up WestRock pension business

The Prudential Insurance Company of America has completed a pension risk transfer agreement with the WestRock Company, a provider of paper and packaging solutions in consumer and corrugated markets.

Under the terms of the agreement, WestRock will transfer $2.5 billion in pension liabilities to Prudential, reducing its overall U.S. pension obligations by 40 percent. The transfer will cover approximately 35,000 retirees and their beneficiaries.

“Managing pension risk continues to be at the top of the list of many companies’ challenges, and this latest transaction reaffirms U.S. companies’ appetite for pension risk transfer solutions,” Peggy McDonald, senior vice president in Prudential Retirement’s Investments and Pension Solutions business, said in a press release. “We are pleased WestRock chose Prudential to deliver on its pension promises to their retirees.”

FPA launches new Advocacy Council

The Financial Planning Association (FPA) has announced the launch of the FPA Member Advocacy Council to further bolster the organization’s role as the voice of financial planning practitioners by providing a mechanism to evaluate and influence –– through ongoing analysis and feedback –– the activities of regulatory and certifying bodies that impact FPA members as well as all finance professionals.

“FPA is an organization that represents the best the profession has to offer. Our members are passionate about their profession and need a crucial voice on issues that impact them, their businesses and their clients,” FPA 2016 President Pamela Sandy, said in a press release. “The FPA Member Advocacy Council will serve as a much needed sounding board for FPA members and leaders who have concerns, suggestions and opinions on the efforts by those entities who regulate and certify them and will be instrumental in helping the association be the collective voice practitioners need.”

Happy Anniversary!

LifeMark Partners, one of the nation’s largest independent national insurance marketing organizations, celebrates its 20-year anniversary as an IMO this fall. With roots in the life insurance industry extending 40 years, the company evolved from the study group LIFE Inc., formed in 1976. Recognizing the unique need for sales and marketing support to expand and enhance life insurance distribution, LifeMark Partners was formed in 1996 to provide comprehensive service to the brokerage general agency community. Currently, with 37 BGA Partners nationwide and a reach of more than 100,000 affiliated agents and advisors, LifeMark Partners celebrates this milestone through reflection on the past and with an eye towards the future of life insurance distribution.

“With a dedicated focus on improving the distribution of life insurance, we pride ourselves on offering world-class resources to a top-tier group of Partner BGAs,” LifeMark President and CEO William Shelow said in a press release. “Our longevity and success will always be due to the success of our Partners.”

Allianz teams up with the International Paralympic Committee

Allianz has cemented its partnership with the International Paralympic Committee (IPC).

“Allianz has been a hugely proactive and loyal partner who has been with the IPC for over 10 years now,” IPC President Sir Philip Craven said in a press release. “I truly believe our partnership is making a difference to this world and I am excited that we have signed a letter of intent to extend our partnership for a further four years.”

Jean-Marc Pailhol, head of market management and distribution of Allianz SE, added: “Allianz is proud to support the Paralympic Movement to foster public awareness and generate a greater interest in Paralympic sport and the topic of inclusion.”

Allianz intends the partnership to signal growing understanding and awareness of the special strengths of people with disabilities.

Lombard International expands its business in Bermuda

Lombard International, a global leader in wealth structuring solutions for the high net-worth market, recently announced the appointment of Phil Trussell, an industry leader with more than 20 years of experience, as senior managing director. Trussell will help foster the expansion of the company’s life insurance operations in Bermuda.

“As we continue to implement our strategy to serve the global high net-worth market, our organization in Bermuda is ideally positioned to bring our platform of new private placement life and annuity products to the market,” said Ken Kilbane, Lombard International’s head of global distribution.  “Bermuda has an excellent global reputation, strong regulatory environment and robust insurance legislation, which makes it a key strategic business center.  We are pleased to have Phil, who has significant experience in the high-net worth insurance field, join us and direct our Bermuda activities.”

See also:

Insurance News Roundup: Week of Aug. 22, 2016

Insurance News Roundup: Week of August 8, 2016

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