70-75% replaced....
Doesn't sound like Shenandoah will be Shenandoah anytime soon, if ever.
Shenandoah Life Sales Suspended
- Thread starter Joe Moore
- Start date
70-75% replaced....
Doesn't sound like Shenandoah will be Shenandoah anytime soon, if ever.
- Thread starter
- #292
- 307
70-75% replaced....
Doesn't sound like Shenandoah will be Shenandoah anytime soon, if ever.
The way I understand, this block has been RAIDED. It will be very interesting as to how agents that have done it will be dealt with, or if they will.
Here's another article on the buyout of group business...Assurant seeks to reinsure Shenandoah Life group benefits business | IFAwebnews.com
Found this paragraph, that wasn't included in the first article....
"Virginia Insurance Commissioner Alfred W. Gross recently told IFAwebnews.com that a bidding process is underway for companies who may want to buy Shenandoah Life with the goal of a resolution by "the end of the year.""
Found this paragraph, that wasn't included in the first article....
"Virginia Insurance Commissioner Alfred W. Gross recently told IFAwebnews.com that a bidding process is underway for companies who may want to buy Shenandoah Life with the goal of a resolution by "the end of the year.""
- 2,452
I've said it before, but if the new company cuts out agent commissions, they better get a deal for the Med Supp block... because most of it will be ROLLED.
Not smart to think that if you screw the agents, they won't retaliate.
Not smart to think that if you screw the agents, they won't retaliate.
- Thread starter
- #295
- 307
Jacob,
I am sure we have both seen stupid before, but if they tried to cut out the agent, seems to me it would be the height of stupidity.
If this is tried, an empty block of business would really be worth nothing. I just don't see it happening to try to save agent commissions.
- 152
Of all the companies out there to choose from why would any agent write business for a company wth less than an "A" rating? Are commission just that much better or what?
- Thread starter
- #297
- 307
Hearing set in Shenandoah Life sale - Roanoke.com
Group lines from Shenandoah worth less than $500,000? UGH! Seems this is eating up more or whatever equity there is left in the company.
During the IMO meetings, Shenandoah would usually invite around the top 30 individual IMOs to help formulate the going forward of the company. We were normally told that 95% of Shenandoah's individual production was sitting in that room.
As far a I know, none of these 30 IMOs have been consulted for ideas, thoughts or input into running of the company. Except for the investment losses, Shenandoah basically worked as a company (products and profitibility).
By using the $500,000 as a valuation on the group side, why would it not have been possible to bring in the top 30 marketers that may want to play to try to save the assets of this company. The smaller stakes could have been made available to offer to MGAs, GAs, Agents, etc below the IMO level.
I think what I am trying to say is to put ownership of this company in the hands of people who could have a vested interest in the stock and operation; and familar with it's operation, not someone just trying to make a quick wham-bam-thank-you-mam buck.
The top 30 IMOs basically know each other, like each other, work well together, and also know most of the top agents that were driving this company with sales. If it is broken apart, this advantage will be lost to big Corporate America. I, for one would hate to see this happen, but it very easily could.
- - - - - - - - - - - - - - - - - -
Sometimes as the size of a company grows, impersonality sets in. Also, you may need to go to a less than an "A" to get the products needed.
Don't forget, many "A" and above companies have also gone kerflunky.
Group lines from Shenandoah worth less than $500,000? UGH! Seems this is eating up more or whatever equity there is left in the company.
During the IMO meetings, Shenandoah would usually invite around the top 30 individual IMOs to help formulate the going forward of the company. We were normally told that 95% of Shenandoah's individual production was sitting in that room.
As far a I know, none of these 30 IMOs have been consulted for ideas, thoughts or input into running of the company. Except for the investment losses, Shenandoah basically worked as a company (products and profitibility).
By using the $500,000 as a valuation on the group side, why would it not have been possible to bring in the top 30 marketers that may want to play to try to save the assets of this company. The smaller stakes could have been made available to offer to MGAs, GAs, Agents, etc below the IMO level.
I think what I am trying to say is to put ownership of this company in the hands of people who could have a vested interest in the stock and operation; and familar with it's operation, not someone just trying to make a quick wham-bam-thank-you-mam buck.
The top 30 IMOs basically know each other, like each other, work well together, and also know most of the top agents that were driving this company with sales. If it is broken apart, this advantage will be lost to big Corporate America. I, for one would hate to see this happen, but it very easily could.
- - - - - - - - - - - - - - - - - -
Sometimes as the size of a company grows, impersonality sets in. Also, you may need to go to a less than an "A" to get the products needed.
Don't forget, many "A" and above companies have also gone kerflunky.
Last edited:
What's left of Shenandoah Life.....Roanoke firm has lost most of its capital | Richmond Times-Dispatch
Almost 8 months and counting.
Almost 8 months and counting.
Group business has been sold to Assurant, Inc...https://www.shenlife.com/home/wcm/news/2009-10-05_Final_Order_Approving_Group_Sale.pdf
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