Nicolas Lance joined the companies of OneAmerica in a newly created position of vice president, retirement income strategies.
Lance will lead the company's new Retirement in Motion initiative to better prepare the growing number of individuals in or near retirement. He will also lead OneAmerica's customer data strategy which will build internal technologies and business capabilities to further educate consumers about the importance of retirement planning and the solutions available to them.
With 24 years of domestic and international experience in the financial services industry, Lance has held a number of executive-level positions with companies such as METLIFE and AXA. He holds degrees from the University of Rhode Island and The George Washington University and has earned an executive certificate in retirement planning from The Wharton School at the University of Pennsylvania.
In other industry news:
LIMRA and LOMA have announced the election of Joseph R. Monk, ChFC, CLU, senior vice president and chief administrative officer, State Farm Life as chair of the LL Global Board of Directors for 2014. Tim Stonehocker, executive vice president, Ameritas Life Insurance Corp. was elected vice-chair and will succeed Monk in 2015.
The board elected seven new members to three-year terms:
- James D. Atkins, FSA, MAAA, president and chief executive officer, Legal & General America;
- Thomas A. Barefield, executive vice president, Distribution, Ohio National Financial Services;
- J. Scott Davison, CLU, ChFC, president, OneAmerica Financial Partners, Inc. ;
- Scott Dolfi, chief operating officer, The Guardian Life Insurance Company of America;
- Rino D'Onofrio, president and chief executive officer, RBC Life Insurance;
- Dawn M. Trautman, senior vice president, IT Operations and Strategic Planning Pacific Life Insurance ; and
- Xu Jing Hui, chairman and president, China Pacific Life.
The LL Global board provides oversight and guidance to LIMRA and LOMA, insuring that the research and education programs they create provide value to member companies.
Aon Risk Solutions, the global risk management business of Aon plc (NYSE: AON), and XL Group's Bermuda Insurance Operations, XL Insurance (Bermuda) Ltd ("XLIB"), launched Catastrophic Integrated Occurrence or CAT IO — a stand-alone integrated occurrence product called. With up to $50 million of capacity, this product is designed to provide catastrophe coverage in the event of a large batch (integrated occurrence) event. This product is a result of collaboration between the health care practices of Aon and XLIB in an effort to address the needs of health care industry clients.
There are various options for integrating CAT IO into a casualty insurance or reinsurance program:
- Top up: CAT IO sits on top of the current program, providing pure catastrophe cover in the event of a large batch claim;
- Difference in Condition: Excess and DIC of current tower, the integrated occurrence language will drop down DIC to the required level to pick up coverage where the underlying batch coverage in place does not;
- WRAP: Will sit alongside current single occurrence program and wrap the selected layer of coverage which does not contain any coverage for integrated occurrences;
- Cloud Cover: A single limit sitting anywhere above the current hospital and physician professional liability program tower as pure catastrophe cover. This product does not need to be placed directly excess of the current program, but rather, can sit at whatever excess attachment point that meets with the specific client's needs and comfort level.
AssuredPartners Inc., through its subsidiaries, made several acquisitions.
AssuredPartners of Minnesota, acquired the Lee F. Murphy, Inc. insurance firm based in St. Paul, Minn.
Lee F. Murphy Inc. reports revenue of approximately $8 million, and was named a Top Insurance Broker in 2013 by the Minneapolis/St. Paul Business Journal.
As part of the acquisition, 50 Lee F. Murphy Inc. employees will join AssuredPartners of Minnesota. Local operations are based in St. Paul, Minn., and will continue under the leadership of Bob Murphy.
