Windsor, CT, and Atlanta, GA, December 13, 2007 – Member companies of LIMRA International and LOMA have voted overwhelmingly in favor of the proposal to unite two of the world’s largest insurance and financial services trade organizations. The merger will go into effect on Jan. 1, 2008.
The final tallies were unanimous on the LIMRA side and very nearly so for LOMA. The count from LIMRA members was 144 in favor, none opposed. For LOMA members, the count was 165 in favor, 6 opposed and 1 abstention.
“As they say in politics, it was a landslide, a real vote of confidence,” said Robert A. Kerzner, president and CEO of LIMRA. Kerzner will also serve as president and CEO of the new organization. “The next big milestone will come January 1 when our merger goes into effect and we are truly a united organization.”
“I am very pleased at the great strength of member support that this vote shows,” said Thomas P. Donaldson, president and CEO of LOMA. “Bringing LOMA and LIMRA together has been a long-term vision for many in the industry. This action will allow us to take the excellence of each organization to a new level, providing the full range of our combined activities for our global membership.”
LIMRA and LOMA will come together under the umbrella of LL Global, Inc., which will provide a unified management structure headed by Kerzner. LIMRA and LOMA will remain in the forefront as distinct entities with valuable global brands and operations. LOMA will continue to operate from its Atlanta office. LL Global will be incorporated in Connecticut and based in Windsor. Every member of LIMRA and LOMA will also become a member of LL Global.
Susan Waring, executive vice president and chief administrative officer at State Farm Life Insurance Co. and vice president, State Farm Health will serve as chair of the Board of Directors of LL Global. In addition, Donaldson has agreed to support Waring by serving as chair of the Executive Committee of the LL Global board until his retirement Dec. 31, 2008. Kerzner has also named a new senior management team from both organizations to work with him.
“Bringing LIMRA and LOMA together is a win for everyone � our members, our employees and the industry,” Kerzner said. “Building on our well-established strengths, we can create a new and exciting organization with limitless possibilities to meet the industry’s needs, whatever they may be, now and in the future.”
In the new structure, LIMRA will continue to conduct research and benchmarking to provide members with the information and insight they need to make informed decisions about products, marketing and distribution. LOMA will continue to offer a wealth of outstanding education programs to develop member companies’ human capital. Together, the organizations will be able to leverage the industry’s investment in LOMA’s e-learning platform to expand LIMRA’s and LOMA’s global training programs.
LIMRA and LOMA announced their intention to join forces in November 2006. The actual merger proposal was submitted for membership vote in October, 2007.
Both LIMRA and LOMA, and now LL Global, are not-for-profit member-owned trade associations. LIMRA and LOMA both assess dues to support member benefits such as research, publications, networking and other beneficial activities. They generate additional revenues from for-profit subsidiary operations, such as consulting, training and development programs, assessment and compliance services. The new arrangement will position both organizations for increased financial strength and growth opportunities, as well as improved operational efficiency.
About LIMRA International
LIMRA International is a worldwide research, consulting and performance improvement organization that helps more than 800 insurance and financial services companies in 70 countries increase their marketing and distribution effectiveness. Visit LIMRA International at www.limra.com.
LOMA is committed to a business partnership with our 1,200 worldwide members in the insurance and financial services industry to improve their management and operations through quality employee development, research, information sharing, and related products and services. Visit LOMA at www.loma.org.