Colorado Bankers Life Sold To Southland National

Jul 2, 2015

  1. AllenChicago
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    AllenChicago Guru

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    IMO, Colorado Bankers Life's decline started when they went from a simple, 1 page Term/CI combo application to multiple pages.. back in 2012. ObamaCare's high premiums and elimination of higher-deductible health plans finished the job. I used to sell a ton of CBL..and the retention was/is over 90% for all 10 years of the Term.

    Anyone have relevant info on Southland National insurance company?


    July 1, 2015

    To: All Colorado Bankers Life Insurance Company® Field Partners

    From: Joe Wieser, President and Chief Executive Officer

    Re: Southland National Insurance Corporation to Acquire Preferred Financial
    Corporation and Colorado Bankers Life Insurance Company

    Dear Field Partners,

    I am excited to announce that Preferred Financial Corporation and Colorado Bankers Life Insurance Company will be acquired by Southland National Insurance Corporation.

    Southland National is the life insurance subsidiary of Eli Global, a private firm founded in 1991 and headquartered in Charlotte, North Carolina. Southland National is committed to building on Colorado Bankers Life's strong platform as part of its expansion in the insurance business and we believe this is an exciting opportunity for our company and our field partners.

    No action is required on your part at this time, and there will be no changes to your contract to distribute Colorado Bankers Life products. All contracts will remain in place at the current terms following the transaction. Above all, we want to highlight that we believe this combination will enhance your ability to deliver individual life, accident and critical illness products.

    Southland National will welcome Colorado Bankers Life's employees and agents into its organization, so your contacts with Preferred Financial Corporation and interactions with Colorado Bankers Life will remain the same. Following the close of the transaction, Colorado Bankers Life's operations will maintain the Colorado Bankers Life name and continue to be located in Greenwood Village, Colorado.

    It is important to understand that today's announcement is just the first step in the transaction process. The transaction is expected to close in the fourth quarter of 2015, subject to customary regulatory approvals. Until that time, it will be business as usual at Colorado Bankers Life. The future is even brighter now for Colorado Bankers Life. Thank you again for all you do.

    Sincerely,
    Joe Wieser
    President and Chief Executive Officer
    Colorado Bankers Life Insurance Company
     
  2. OregonDave
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    OregonDave Super Genius

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    Allen, I can't find anything online about this nor received any emails, did you receive this directly from CBL?

    JR Jordan runs a good operation. I hope that stays the same.
     
  3. Newby
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    Newby Guru

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    South land was pretty active with a Preneed product a few years ago. Then they sort of fell off the radar.

    Looks like they're back.
     
    Newby, Jul 3, 2015
    #3
  4. AllenChicago
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    AllenChicago Guru

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    Dave, the e-mail this past Thursday simply said to log into the agent's section of Partnership. Solutions. Strength. - Dearborn National and click on the "Announcements" link to see an important message. That letter I pasted was the important message.

    I don't like the way MGA's J.R. & Jim Jordan at the Colorado Bankers Services agency keeps the agent commissions upon the 10 year auto-rewrite of the LifeStyle Protector Term/CI plan. But they are a good family, personality wise. J.R. and Jim used to come to Illinois and conduct trainings twice a year back when Colorado Bankers Life was flying high. (Before 2010)
    -ac
     
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