Shenandoah Life Sales Suspended

[Russ]

well since a client can't surrender their Shenandoah polices for the cash, are you having their take the reduced paid up value? At least you are getting a new first yr commission for your trouble.

I am surprised they haven't went into rehab, liquidation, or been restored/merged by now.

Just about all mine that have changed were term customers or customers that had no cash-value yet in their Golden Promise policy.

Some of the term customers I had simply called and canceled them.

They are in rehabilitation now.

 

[SalemInsuranceGuy]

Employees at Shenandoah are upbeat this week, seems they feel a deal or something is in the works. From what I am hearing, they have no more idea than agents do as to what is coming down but they smell something that may be good. The regulators have done a great job of keeping what is going on under cover, which I guess is how it has to be.

If I worked there, I would have probably already been fired for snooping into what is going on.

Some of the top people have gotten other jobs, which may be a good thing because if Shenandoah is able to come back, I am sure it will not at first as busy as it was back when this mess started.

Here's hoping we are maybe going to see an end to this soon.

I hope they survive this somehow. I live right in the Roanoke Area and I've always like Shenandoah for their customer service, products, and just the way they treated their employees and agents. It was one of those good smaller companies that you could enjoy dealing with. I'm hoping most of the employees keep their jobs and hopefully they come back in some form stronger and better than before.

 

[Joe Moore]

Shenandoah Life lost $80.5 million in '08 - Roanoke.com

Record earnings of $11.7 million in 2008, BUT:

UGH! Losing $92.2 million on investments in 2008 ain't a good thing.

77% loss of capital surplus in one year. This is a pretty good lick.
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A little more financial information:

NAIC Consumer Information Source

 

[Russ]

Shenandoah Life lost $80.5 million in '08 - Roanoke.com

Record earnings of $11.7 million in 2008, BUT:

UGH! Losing $92.2 million on investments in 2008 ain't a good thing.

77% loss of capital surplus in one year. This is a pretty good lick.
- - - - - - - - - - - - - - - - - -
A little more financial information:

NAIC Consumer Information Source

What their going to be left with is a majority of life business on people that can't change....like me or people that would be paying more, by switching. I've changed the one's I had with them on my family, that could change. I don't regret it.

I don't blame anybody for switching companies. This looks worse than previously thought.


"""Robert Peterson, senior vice president and chief investment officer, has left. So has Robert Wagstaff, vice president and individual actuary. The departure of Robert Clark, the former CEO, was previously reported."""......

Looks like several of the higher ups have left.


""""If rehabilitation is not possible, regulators could break up the company, sell its assets and close the doors. But there is no indication that liquidation is coming for Shenandoah.""""......

There's also no indication that liquidation isn't coming.
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Ugh.......


Three-Year Income/Loss Trend

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Joe....that article shows up google searching Shenandoah Life. Thanks for posting it.

 

[Russ]

I hope they survive this somehow. I live right in the Roanoke Area and I've always like Shenandoah for their customer service, products, and just the way they treated their employees and agents. It was one of those good smaller companies that you could enjoy dealing with. I'm hoping most of the employees keep their jobs and hopefully they come back in some form stronger and better than before.

I'm having to use a quote otherwise my comments will be merged with my previous post.....

I write for Lafayette Life. One of their IPO reps.(they have 6), told me they were each getting about 5 apps per day. Now their each getting 10-15 a day since Shenadoah went under.

SalemInsuranceGuy...I agree with your comments.

 

[Joe Moore]

Shenandoah Dividends Suspended:

https://www.shenlife.com/home/wcm/news/Dividends.pdf

Q & A on Dividends:

https://www.shenlife.com/home/wcm/news/DirectiveQ&A.pdf

I am sure a lot of folks would like to see this story come to a conclusion, hopefully a positive one.

 

[TDY418]

I have been with Shenandoah for about a year and a half I've had great customer service from them as an agent. Sorry to lose one of the good small companies in the industry but on the other hand they had someone obviously making bad decisions. I only had a few small policies and I have started to replace them at the customers request after they received the letter in the mail. I wish them the best of luck and hopefully the employees will keep there jobs.

 

[Russ]

Article from AM Best...A.M. Best Special Report: Life/Health Insurers Grow More Vulnerable to Financial Impairment Due to Losses


I've been feeling less positive about Shenandoah Life coming back.

 

[carol369]

Chesapeake LIfe U.L. and Term Div.
F and G / Old Mutual.

and more will come out soon I bet.

Aren't all those companies associated with NAA?

 

[Mark]

I"m not sure. Anyone know which companies NAA rep now?

I wonder how much NAA paid Ric Flare to rep them?