National Life CEO MacLeay Announces Retirement

first_imgNational Life Group CEO Announces RetirementMontpelier, Vermont (June 10, 2008) – Thomas H. MacLeay announced today that he will retire by year’s end as President and Chief Executive Officer of National Life Group(r). MacLeay will remain as Chairman of the Board of the financial services company.”National Life is strong,” said MacLeay, 58. “This is an excellent time to make the transition to new leadership.”MacLeay, a Vermont native who has worked at National Life for 32 years, has served as President of the company for a total of 11 years and CEO and Chairman for the past six years.”I have accomplished what I set out to do six years ago, which was to strengthen the company’s financial foundation, diversify and grow its businesses, and build an executive team superbly qualified to continue to move the organization forward,” said MacLeay.National Life Group(r), a Fortune 1000 company, serves more than 700,000 customers. With 2007 revenue of $1.4 billion and net income of $109 million, the companies of National Life Group(r) have roughly 900 employees, with most located at the Group’s home office in Montpelier, Vermont. Group companies also maintain offices in Dallas, New York, San Francisco, Boston and Philadelphia.National Life Group(r) (NLGroup) includes its flagship company, National Life Insurance Company, founded in Montpelier in 1848. Also in NLGroup are Life Insurance Company of the Southwest in Dallas, Texas, and Sentinel Investments, Equity Services, Inc. and National Retirement Plan Advisors, all located in Montpelier.David Coates, lead independent director on the National Life Group(r) Board of Directors, said MacLeay has revitalized the company. “The right person in the right place at the right time can change everything – and for National Life, Tom MacLeay has been that person.””When the Board named Tom as CEO, I said no one was better suited, better prepared or better able to fill the leadership post. Time has proven me right. By every measure National Life is stronger and more vibrant today than it was before Tom took over,” said Coates.During MacLeay’s tenure as chief executive officer, National Life Group(r) has experienced exceptional growth by every possible measure. NLGroup’s assets under management jumped from $13 billion in 2002 to $20 billion this year; net income has broken the $100 million mark each of the last two years, and statutory capitalization has been growing at an annual rate of 15 percent since 2002.”Most importantly, Tom has worked to grow and diversify the businesses so that today the company has an excellent and healthy balance of business, with about a third of its assets under management from life insurance, a third from annuities and roughly 25 percent from Sentinel Investments, our asset management company,” said Coates.MacLeay also has been responsible for enhancing National Life Group’s(r) commitment to the environment and its reputation as a socially responsible corporate citizen. Under his leadership the company formed a major charitable foundation and embarked upon an ambitious, multi-faceted project to turn its Montpelier headquarters into a green campus. MacLeay just announced the company will soon begin installing on its roof the largest solar electricity project in the state. National Life Group(r) is on schedule to win coveted LEED (Leadership in Energy and Environmental Design) certification this year for its Montpelier headquarters.Coates said he and the other members of the Board are pleased MacLeay will remain as Chairman of the Board, “and that we will still have the benefit of his leadership and vision.”According to Coates, the Board has been focused on leadership development and succession planning for some time in anticipation of MacLeay’s retirement. The Board has already begun a process to select a successor.MacLeay joined National Life in 1976 as a security analyst, rapidly advancing through the management ranks and serving in pivotal positions at critical times in the company’s growth and expansion. He became President and Chief Operating Officer in 1996; in 2002 he was named Chief Executive Officer and Chairman of the Board.MacLeay said he is looking forward to continuing a role with the company as Chairman of the Board, and is also eager to have time for other endeavors. “Charlotte and I are looking forward to spending more time with our children and grandchildren and hope to do some extended travel,” he said. “We are both active with several organizations, have deep roots in the local community and have no plans to change our primary residence.”MacLeay is Chairman of the Board of Sentinel Group Funds, Inc., and currently serves on the Board of Directors of Chittenden Trust Company and the Central Vermont Economic Development Corporation. He is a Trustee and Chairman of the Finance Committee of the Air Force Aid Society.The MacLeays live in Montpelier. They have two grown children, David MacLeay and Kate MacLeay Crespo, and two grandchildren.###About National Life Group(r)National Life Group(r) is a diversified family of financial service companies that has successfully forged a strong identity as a product innovator. Companies in the group offer a comprehensive portfolio of life insurance, annuity and investment products to help individuals, families and businesses pursue their financial goals.National Life, a Fortune 1000 company, serves more than 700,000 customers. With 2007 revenue of $1.4 billion and net income of $109 million, members of National Life Group(r) employ roughly 900 employees, with most located at its home office in Montpelier, VT. Group companies also maintain offices in Dallas, New York, San Francisco, Boston and Philadelphia.The Group is made up of its flagship company, National Life Insurance Company, founded in Montpelier, Vermont in 1848; Life Insurance Company of the Southwest, Dallas, Texas, and Sentinel Investments, Equity Services, Inc. and National Retirement Plan Advisors, all located in Montpelier.National Life Group(r) is a trade name of National Life Insurance Company and its affiliates. National Life Insurance Company’s variable insurance products are distributed by Equity Services, Inc., Member FINRA and SIPC. Sentinel Funds are distributed by Sentinel Financial Services Company, Member FINRA/SIPC. Life Insurance Company of the Southwest offers fixed insurance products in all states except New York. All companies referenced are affiliates of National Life Group(r). Each company of the National Life Group(r) is solely responsible for its own financial condition and contractual obligations.last_img read more

Senate Concurs With House on LISCR Agreement

first_imgThe Senate plenary yesterday voted 17 for, 3 against and one abstention to concur with the House of Representatives on the ratification of the Amendment of the Extended and Restated Agency agreement between the Republic of Liberia and the Liberia International Ship and Cooperate Registry (LISCR) LLR.The Senate’s expected concurrence of the agreement days after the House of Representatives made a “4G” passage, followed hours of delay leading to the commencement of yesterday’s sitting which finally got underway at 13:45 GMT (1:45PM).Almost two weeks ago, the joint committees on Maritime, Judiciary, Human Rights, Claims and Petition of both Houses conducted a public hearing in the Joint Chambers of the Legislature, where presentations were made by Maritime Commissioner Binyan Kesselley, Ministry of Finance and Development Planning officials and legal experts, followed by questions posed by members of the joint committee.Giving reasons for the need to recommend the adoption and passage of the agreement, the joint committee noted: “That the agreement lends credibility and certainty to the management of the Maritime program, without which Liberia will not be able to retain the level of ship owners who are registered under Liberia’s maritime program.The joint committee headed by the experienced corporate lawyer, Senator Varney Sherman for Judiciary Committee, and Dallas A.V. Gueh for Maritime, noted that it is in the joint committee’s opinion that the ten years extension agreement will enable the Agent to perform the various tasks and responsibilities assigned to it by the amendment.Significant among these tasks, according to the joint committee, are the contribution of US$2m toward the acquisition of an asset in the United States for the Liberian government, to be used as headquarters of the Maritime Program; the Agent agreeing to assist the Liberia Maritime Authority in the effort to construct and develop an LIMA headquarters complex at the place designated by that authority.Also under the amended, extended and restated agreement, funds will be provided from Liberia’s share of revenue from the maritime program to construct the Maritime Institute in Marshall and provide instructional programs and instructors for the Maritime Institute in Marshall after it is constructed.Maintaining and expanding the maritime program to increase Liberia’s share of revenue would be additional 3%, according to the joint committee’s recommendation.Liberia also stands to benefit from the establishment of a ship recycling registry, which according to the agreement, is a new form of service that the maritime program does not provide but which is necessary for vessels selected to be scrapped or otherwise taken out of operation.The new agreement will keep LISCR, which still has years remaining on its current agreement, as Agent for Liberia Maritime program up to 2029.    Among signatories to the recommendation on the Maritime Committee are Senators Albert Tugbeh Chie, Henry W. Yallah, Varney Sherman all members, while Senators Nyonblee Karnga-Lawrence, co-chair and Geraldine Doe-Sherif were distant.Chaired by Senator Sherman, the Judiciary, Human Rights, Claims and Petition Committee members include Senators Morris Saytumah, co-chair, Joseph N. Nagbe, Steven Zargo, Albert T. Chie, and Thomas Grupee, distant. Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

The failings of the individual insurance market

first_imgMost of our members already know what’s wrong with the individual insurance market: it’s incredibly expensive. (Just as an example, here in New York State, the types of plans Freelancers Union offers would cost about three times as much for an individual buying directly from an insurance company.) For this reason and for many others, Emily Friedman, at Hospitals & Health Networks Online, lambasts the Massachusetts plan, which would leave a lot of people to buy insurance on their own (via The Health Care Blog). Obviously, we think that the individual market is dreadful–that’s why we exist. But that’s not reason enough to decry the efforts in Masschusetts. We just think that people should be allowed to form groups that aren’t employer-based. If you’re paying for your health insurance all on your own, you should at least have options.last_img