Windsor, Conn. and Atlanta — The boards of directors of LIMRA International Inc. and LOMA approved a proposal to unite two of the world's largest insurance and financial services trade organizations and will submit a recommendation to their members for a decisive vote."Bringing LIMRA and LOMA together will be good for the industry, our members and our dedicated employees who serve our members," says Robert Kerzner, president and chief executive officer of LIMRA. "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."
With member approval, LIMRA and LOMA will come together under the umbrella of a new not-for-profit organization to be called LL Global Inc., which will provide a unified management structure. Kerzner will head LL Global, but LIMRA and LOMA will remain in the forefront as distinctive 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.
"Our member companies operate in a rapidly changing global economy," Kerzner says. "A single powerful association with international reach and the combined resources of LIMRA and LOMA will be able to help them solve problems. We'll be able to take a holistic view of member needs, from back office operations to the home office to all points of distribution, worldwide."
Thomas Donaldson, current president and chief executive officer of LOMA, will assume a new role as chairman of the executive committee of the board of directors of LL Global Inc. until his retirement Dec. 31, 2008.
"LOMA and LIMRA have worked together for years, especially in bringing our members the finest industry networking and conferences in the world," Donaldson says. "This action will allow us to bring that cooperation and excellence to a new level, providing the full range of our combined activities for our global membership."
In the new structure, LIMRA will continue to conduct research to provide members with the information they need to make informed decisions about products, marketing and distribution. LOMA will continue to offer a wealth educational 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 global training programs.
"More important, we will have an organization poised to take on the new challenges that will emerge in our changing environment," Kerzner says.
LIMRA and LOMA announced their intention to join forces in November 2006. Their boards have been working on terms of an agreement since then. Voting member companies of both organizations will soon receive information packages and ballots. Results of the membership vote are expected to be available by mid-December. If approved, the arrangement will become effective as of Jan. 1, 2008.
Both LIMRA and LOMA are not-for-profit, member-owned trade associations that 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 arrangement will position both organizations for increased financial strength and growth opportunities, as well as improved operational efficiency.
Source: LIMRA International and LOMA
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