Des Moines insurers join to Form EMC National |
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Written by U.S. Insurance News
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Sunday, 06 July 2003 |
EMC National Life Company, a new corporation built on the foundation of Employers Modern Life Company and National Travelers Life Company officially began operations July 1, 2003. "As a result of this merger, the new organization is a much larger company, enabling us to compete better through increased resources and greater financial strength," said Bruce G. Kelley, chairman and chief executive officer of EMC National Life. "By unifying these two strong companies, our independent agents have the opportunity to increase their production and revenue, and policyholders can count on the company's financial stability and security."
DES MOINES, Iowa — EMC National Life Company, a new corporation built on the foundation of Employers Modern Life Company and National Travelers Life Company officially began operations July 1, 2003.
"As a result of this merger, the new organization is a much larger company, enabling us to compete better through increased resources and greater financial strength," said Bruce G. Kelley, chairman and chief executive officer of EMC National Life. "By unifying these two strong companies, our independent agents have the opportunity to increase their production and revenue, and policyholders can count on the company's financial stability and security."
EMC National Life will have approximately $500 million in assets, $120 million in annual premium production and $70 million in surplus. Total insurance in force will be about $8.5 billion. The company will initially employ 115 people locally.
"Merging the two companies makes sense and fits our strategic plan," said Alan D. Huisinga, former president of EML and now president and chief operating officer of EMC National Life. "The companies complement each other in product lines, service territories, administrative systems and underwriting philosophy. As an example, we plan to use NTL's worksite marketing expertise when servicing EMC Insurance Companies' commercial accounts, and former NTL agents will have access to a broader range of individual products from EML."
"The combined enterprise will create more value than the companies could generate independently, and will lead to cost savings through economies of scale," said Huisinga. "This merger offers numerous marketing opportunities for the combined agency force by expanding its distribution capabilities."
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