| Kickbacks disguised Tennessee insurer fined in S.D. kickback probe By Jonathan Sidener San Diego Union Tribune June 25, 2008 Tennessee insurance company Unum Group will pay a $5.5 million fine as a result of a federal investigation of kickbacks paid to a San Diego insurance broker, according to the U.S. Attorney's Office. The San Diego company, which prosecutors have not named, received millions of dollars in kickbacks disguised as items such as requests for proposals, communications and enrollment fees. Those fees were passed along to policyholders. A Unum spokesman said the San Diego company is Universal Life Resources, which apparently closed shop in 2006 after agreeing to pay $2 million in restitution in New York state over similar charges. Large companies such as Intel, Eastman Kodak and Callaway Golf hired Universal Life to provide unbiased advice on employee benefits insurance plans. In 2004, New York prosecutors alleged that Universal Life received undisclosed contingent commissions, which are akin to kickbacks, for steering business to certain insurers. A New York lawsuit alleged that Universal Life collected about $11.5 million of its $25 million in revenue in 2003 from these secret commissions. A statement from prosecutors said they negotiated a settlement with Unum in part because the company had a “relative lack of culpability.” A prosecutor declined to comment on the scope or focus of the “ongoing” investigation. Federal investigators apparently launched their investigation after the New York state lawsuit. Several publicly owned insurance companies have since reported receiving subpoenas from San Diego investigators. Unum spokesman Jim Sabourin described the investigation as an industry issue that has involved other insurers and other states. As part of the settlement, Unum agreed to overhaul its internal controls and standards, Sabourin said. The Associated Press contributed to this report. |
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| Sales Manager - California Teachers Association Company: Standard Insurance Co Description If you want to make a positive difference and stand out from the crowd, you'll fit in at The Standard (www.standard.com). Through our retirement plans and insurance products and services, we help provide people with the financial security and confidence to pursue their dreams... With operations in most states, The Standard's three thousand-plus employees enjoy a vast array of career options... In this exciting role(located either in California or Portland, Oregon) you will drive all sales activities aimed at a newly acquired, very large, and strategically critical customer, the California Teacher's Association (CTA). You will lead a team consisting of 6 Sales Representatives to drive sales growth in premium and lives, and long-term retention, focusing on life and disability products for CTA's individual members. You will partner closely with a dedicated marketing team to plan and execute marketing campaigns aimed at new enrollments, increases in existing business, and retention. You will also manage close working partnerships with CTA state and local district leadership. This strategically visible leadership position will play a key role within a new business unit formed to support this new customer... Primary responsibilities for this position: - Provide leadership to, and manage the performance of, a dispersed, California-based team of Sales Representatives. Be responsible for meeting CTA growth and retention metrics, with a focus on collaboration and partnership with CTA leaders and Chapter and District representatives. Your team will consist of Voluntary Sales Representatives focusing on chapter-level enrollments and retention, and a District-paid Sales Representative focusing on increasing our block of business with districts who provide benefits directly to their employees. - Serve as the principle sales liaison for CTA's leaders at the state and district level to establish and grow your team's partnership, value, and trust. Act as a conduit for information to and from CTA ensuring clear expectations, understanding of sales opportunities, forecasting and other metrics. - Work with business unit leadership, marketing and other operational units within The Standard to build a cohesive sales function in support of CTA. - Partner with a dedicated marketing team to plan and execute a broad range of initiatives and programs aimed at increasing enrollments and existing business, while retaining currently enrolled members. Ensure successful execution of enrollment strategies in the field... - Five-plus years of direct premium generating and customer facing experience within the either the supplemental insurance or group benefits markets, ideally including life and disability product experience. Sales experience which includes managing large government, association or other non-profit cases a significant plus... Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, Inc., StanCorp Equities, Inc. and StanCorp Investment Advisers, Inc., marketed as The Standard, are Equal Opportunity employers. |
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| Insurance Brokers |
Driver Alliant Insurance Services To
End Contingent Agreements With
Insurance Carriers.
2004
The Free Library by Farlex
SAN DIEGO
Driver Alliant Insurance Services, Inc.,
along with its parent company, Alliant
Resources Group, Inc., announced
today that they will be eliminating their
contingent income agreements with
insurance carriers. Alliant is one of the
largest U.S. insurance brokerage and
financial services distribution
companies, with Driver Alliant serving
as its west coast operation.
In taking this action, John Addeo,
President and CEO of Alliant said,
"the interests of our clients come first
and the possible perception that
contingent commission agreements
create a conflict of interest must be
eliminated."
"Because our highest priority is the
trust, confidence and satisfaction of
our clients, we are no longer entering
into or renewing contingent income
agreements," said Thomas Corbett,
Chairman and CEO of Driver Alliant.
"Our decision to end contingent
income agreements definitively
responds to the growing concern and
confusion surrounding such
arrangements."
Addeo further noted that, "While we
believe that we have conducted our
business in conformity with all
applicable insurance laws and
regulations, Alliant has commenced an
internal review of marketing practices
and compensation arrangements with
insurance carriers as well as internal
placement procedures to insure that
the interests of our clients are
paramount and that our practices
reflect this commitment."
About Alliant Resources Group, Inc.
Alliant is a national distributor of
insurance and financial services
products, reaching a broad base of
middle-market clients through a
growing network of operating
companies.
Alliant was founded by John Addeo
and equity partner GTCR GTCR
Glacier Travel and Crevasse Rescue
Golder Rauner, LLC in March 2000.
Alliant's business plan contemplates
rapid expansion over the next several
years through the continued selective
acquisition of high-quality regional
insurance brokerage firms that
possess strong management teams
and demonstrated records of growth,
profitability and quality service.
Importance of sales management is
critical for any commercial
organization. Expanding business in
not possible without increasing sales
volumes, and effective sales
management goal is to organize sales
team work in such a manner that
ensures a as well as cross selling of
insurance products are key
components of Alliant's marketing
strategy. Alliant's revenues for 2004
are expected to be approximately $200
million.
Alliant has completed 12 acquisitions
and is aggressively pursuing additional
acquisitions and strategic partnerships
throughout the country to complement
its existing operating companies and
products. The largest of its
acquisitions, Driver Alliant, has been a
part of Alliant since 2001. Driver Alliant
provides a full range of insurance
brokerage services that focus on
middle market and public entity clients.
End Contingent Agreements With
Insurance Carriers.
2004
The Free Library by Farlex
SAN DIEGO
Driver Alliant Insurance Services, Inc.,
along with its parent company, Alliant
Resources Group, Inc., announced
today that they will be eliminating their
contingent income agreements with
insurance carriers. Alliant is one of the
largest U.S. insurance brokerage and
financial services distribution
companies, with Driver Alliant serving
as its west coast operation.
In taking this action, John Addeo,
President and CEO of Alliant said,
"the interests of our clients come first
and the possible perception that
contingent commission agreements
create a conflict of interest must be
eliminated."
"Because our highest priority is the
trust, confidence and satisfaction of
our clients, we are no longer entering
into or renewing contingent income
agreements," said Thomas Corbett,
Chairman and CEO of Driver Alliant.
"Our decision to end contingent
income agreements definitively
responds to the growing concern and
confusion surrounding such
arrangements."
Addeo further noted that, "While we
believe that we have conducted our
business in conformity with all
applicable insurance laws and
regulations, Alliant has commenced an
internal review of marketing practices
and compensation arrangements with
insurance carriers as well as internal
placement procedures to insure that
the interests of our clients are
paramount and that our practices
reflect this commitment."
About Alliant Resources Group, Inc.
Alliant is a national distributor of
insurance and financial services
products, reaching a broad base of
middle-market clients through a
growing network of operating
companies.
Alliant was founded by John Addeo
and equity partner GTCR GTCR
Glacier Travel and Crevasse Rescue
Golder Rauner, LLC in March 2000.
Alliant's business plan contemplates
rapid expansion over the next several
years through the continued selective
acquisition of high-quality regional
insurance brokerage firms that
possess strong management teams
and demonstrated records of growth,
profitability and quality service.
Importance of sales management is
critical for any commercial
organization. Expanding business in
not possible without increasing sales
volumes, and effective sales
management goal is to organize sales
team work in such a manner that
ensures a as well as cross selling of
insurance products are key
components of Alliant's marketing
strategy. Alliant's revenues for 2004
are expected to be approximately $200
million.
Alliant has completed 12 acquisitions
and is aggressively pursuing additional
acquisitions and strategic partnerships
throughout the country to complement
its existing operating companies and
products. The largest of its
acquisitions, Driver Alliant, has been a
part of Alliant since 2001. Driver Alliant
provides a full range of insurance
brokerage services that focus on
middle market and public entity clients.
Blackstone to buy brokerage Alliant
Insurance
Jun 4, 2007
Reuters
By Michael Flaherty
NEW YORK, June 3 (Reuters) - The
Blackstone Group [BG.UL] struck a
deal to buy its first insurance
brokerage firm, saying on Sunday it will
purchase privately held Alliant
Insurance Services Inc.
Terms of the deal were not disclosed,
but a source close to the process said
Blackstone will pay $1.2 billion.
Blackstone is buying Alliant from
private equity firm Lindsay Goldberg.
The deal comes nine months after
Alliant announced plans to buy the
U.S. operations of London-based
Jardine Lloyd Thompson Group Plc
(JLT.L) for $100 million.
For Blackstone, which typically
pursues companies worth tens of
billions of dollars, the Alliant buyout is
a small transaction. But the firm said
the company offers a nice "platform,"
suggesting it would roll more insurance
brokerages into the business.
"Alliant is an attractive platform due to
its market leadership in its core
segments (and) superior growth
prospects," Blackstone's Senior
Managing Director Chinh Chu said in a
statement.
The insurance brokerage market is
fragmented, with small, medium and
large companies spread throughout
the United States.
Insurance
Jun 4, 2007
Reuters
By Michael Flaherty
NEW YORK, June 3 (Reuters) - The
Blackstone Group [BG.UL] struck a
deal to buy its first insurance
brokerage firm, saying on Sunday it will
purchase privately held Alliant
Insurance Services Inc.
Terms of the deal were not disclosed,
but a source close to the process said
Blackstone will pay $1.2 billion.
Blackstone is buying Alliant from
private equity firm Lindsay Goldberg.
The deal comes nine months after
Alliant announced plans to buy the
U.S. operations of London-based
Jardine Lloyd Thompson Group Plc
(JLT.L) for $100 million.
For Blackstone, which typically
pursues companies worth tens of
billions of dollars, the Alliant buyout is
a small transaction. But the firm said
the company offers a nice "platform,"
suggesting it would roll more insurance
brokerages into the business.
"Alliant is an attractive platform due to
its market leadership in its core
segments (and) superior growth
prospects," Blackstone's Senior
Managing Director Chinh Chu said in a
statement.
The insurance brokerage market is
fragmented, with small, medium and
large companies spread throughout
the United States.