EMC Insurance Companies Announces Life Company Merger.Business Editors DES MOINES Des Moines, city, United States Des Moines (dĭ moin`), city (1990 pop. 193,187), state capital and seat of Polk co., S central Iowa, at the junction of the Des Moines and Raccoon rivers; inc. , Iowa--(BUSINESS WIRE)--March 13, 2003 The Employers Mutual Casualty Company Board of Directors and the National Travelers Life Company Board of Directors voted yesterday to merge Employers Modern Life Company (EML EML - Extended ML. A language for formally specifying SML programs. ["Formal Program Development in Extended ML for the Working Programmer", D. Sannella, Proc 3rd BCS/FACS Workshop on Refinement", Springer 1990]. ) with National Travelers Life Company (NTL NTL Nevertheless NTL National Transportation Library NTL Norsk Tjenestemannslag NTL National Training Laboratories NTL Never Too Late NTL Nothing to Lose NTL National Training Laboratory NTL None the Less NTL Number Theory Library ). The new company will be known as EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. National Life Company. The merger is expected to be effective June 30, 2003. Officials from both companies are finalizing details of the agreement and the transaction is subject to final approval by the Iowa Insurance Division. "This merger positions EMC National Life for faster growth and offers a number of exciting opportunities for agents and benefits for policyholders," stated Bruce G. Kelley, president and chief executive officer of EMC Insurance Companies. Kelley will serve as chairman of the board and chief executive officer of EMC National Life Company. "By unifying 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. The combined assets of the two organizations will exceed $450 million and surplus will exceed $74 million." Alan Huisinga, current president of Employers Modern Life, will head the new company and serve as president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "The combined enterprise will create more value than both companies could create independently," said Huisinga. "The enhanced size and financial strength of the combined entity--with a larger capital position, deeper management pool, extended quality product portfolio, a larger base of commercial clients and complimentary marketing expertise--can increase policyholder security and enhance agent business." This merger creates numerous marketing opportunities for both EML and NTL agents by expanding the distribution capabilities. For example, the worksite marketing expertise of NTL can be applied to EMC Insurance Companies' commercial accounts and NTL agents will be able to access EML's individual product portfolios. "Our steady and deliberate growth of EMC National Life will come from the company working together with NTL and EML agents to identify and fulfill the life insurance needs of our customers," said Huisinga. "Our commitment to our policyholders has always been first and foremost in our minds and our policyholders can be confident in our ability to meet our obligations." The merger takes advantage of the synergies of the companies according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Huisinga. Both companies are based in Des Moines, Iowa “Des Moines” redirects here. For other uses, see Des Moines (disambiguation). Des Moines (pronounced /dɪˈmɔɪn/ in English, and operate through the independent agent system with similar target markets. The companies have identical administration and accounting systems and similar management styles and corporate cultures. Both have experienced employees with solid work ethics. By forming one corporate entity, management expects to realize economies of scale and expand distribution capabilities. A thorough analysis of each company's product lines will be done to select the best products of both companies. The new company will relocate to a shared space Shared space is a traffic engineering philosophy pioneered by the Dutch traffic engineer Hans Monderman. The approach relies on the principle that road users' behaviour is more likely to be affected by the street environment and design than by the traditional deployment of measures in Urbandale, Iowa Urbandale is a city in Polk and Dallas counties in the U.S. state of Iowa. As of the 2000 census, the city population was 29,072; a special census taken by the city in 2005 counted 35,904 residents.[1] It is part of the Des Moines metropolitan area. by the end of March. A slight reduction in workforce will take place; however, severance packages and outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. services will be provided to those employees whose positions are eliminated. Currently, EML has a staff of 50 and NTL has 100 employees. BACKGROUND Employers Modern Life Employers Modern Life Company, founded in 1962, is a member of EMC Insurance Companies, a major insurance provider headquartered in Des Moines, Iowa. EML is rated A- (Excellent) by A.M. Best. Currently, EML is represented by a field force of over 3,000 independent agents. EML is licensed to do business in 48 states. EML offers individual universal life, term life, annuities, whole life and group term life with over $4 billion of life insurance in force. National Travelers Life National Travelers Life, incorporated in 1907, remained a mutual company until 1999 when it formed a mutual holding company. NTL, headquartered in West Des Moines, Iowa West Des Moines is a city in Polk, Dallas, and Warren counties in the U.S. state of Iowa. As of the 2000 census, the city population was 46,403; a special census taken in the spring of 2005 counted 51,744 residents. , is rated B+ (Very Good) by A.M. Best. Currently, NTL is represented by a field force of more than 3,500 independent agents. NTL is licensed to do business in 43 states. NTL offers individual life, annuities and worksite specific product with over $4.5 billion of life insurance in force. Employers Mutual Casualty Company Employers Mutual Casualty Company, the lead company of EMC Insurance Companies, is a policyholder-owned company organized in 1911, licensed in all 50 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . EMC Insurance Companies offers protection for home, auto, business and life. For more information, visit www.emcinsurance.com. |
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