Windsor, Conn., and Atlanta - Member companies of LIMRA International and LOMA 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, nearly so for LOMA. The count from LIMRA members was 100% in favor, while, for LOMA members, the count was 96% in favor.
"As they say in politics, it was a landslide-a real vote of confidence," says Robert Kerzner, president and CEO of LIMRA. Kerzner also will serve as president and CEO of the new organization. "The next big milestone will come Jan. 1, 2008, when our merger goes into effect and we are truly a united organization."
Windsor, Conn.-based LIMRA and Atlanta-based 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 also will become a member of LL Global.
Susan Waring, executive VP and chief administrative officer at State Farm Life Insurance Co. and VP, State Farm Health, will serve as chair of the Board of Directors of LL Global. In addition, Thomas Donaldson, president and CEO of LOMA, 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 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 says. "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.
"I am very pleased at the great strength of member support that this vote shows," Donaldson says. "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, and now LL Global, are not-for-profit, member-owned trade associations. LIMRA and LOMA 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.
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