SOURCE: Sammons Financial Group
March 01, 2010 18:17 ET
SFG Announces Management Changes
WEST DES MOINES, IA--(Marketwire - March 1, 2010) - Sammons Financial Group announces Esfand Dinshaw has been named Chief Executive Officer of Sammons Financial Group. Dinshaw reports to Mike Masterson who will continue as Chairman for Sammons Financial Group and Chief Executive Officer of Sammons Enterprises.
Esfand Dinshaw will have the senior business leaders from each of the member companies of Sammons Financial Group reporting to him including; Ron Ottenbacher, Senior Vice President, Sammons Corporate Markets - Fargo, ND, Steve Palmitier, President Midland National Life - Sioux Falls, SD and North American Company - Chicago, IL, and Chief Executive Officer of Sammons Securities, and Cindy Reed, President, Sammons Annuity Group - Des Moines, IA and President Sammons Securities. Additionally two senior leaders of Sammons Financial Group; Michael Haley, Senior Vice President Human Resources - Chicago, IL, and Rob Tekolste, Executive Vice President of Operations - Sioux Falls, SD will report to Dinshaw.
Cindy Reed is promoted to President of Sammons Annuity Group. In addition to Reed's role as President of Sammons Annuity Group, she will also continue as President of Sammons Securities Company, our full-service broker-dealer.
Midland National Life Insurance Company, North American Company for Life and Health Insurance, Sammons Corporate Markets and Sammons Securities Company are member companies of Sammons Financial Group that are owned by Sammons Enterprises, Inc.
Dinshaw joined Midland National Life Insurance Company in 1999. He was a principal leader on the team that built Midland National and North American's annuity business from a start up to a $19 billion plus asset business. He was promoted to President of Sammons Annuity Group in 2006.
"Esfand Dinshaw brings the right skill set to lead Sammons Financial Group as one of the premier financial companies," said Mike Masterson. "Esfand's proven leadership skills and extensive industry experience are a great fit to lead Sammons Financial Group in the coming years. I am confident in Esfand's ability to lead Sammons Financial Group and build on the momentum to grow the business by offering the best in financial resources and services, and help our agents and distributors be successful," added Mr. Masterson.
"We will remain focused on providing long-term value to our partners and policyholders. We are dedicated to delivering quality life insurance and annuity products with superior service," said Mr. Dinshaw.
As Esfand's responsibilities change to CEO of Sammons Financial Group, Cindy Reed assumes the role of President of Sammons Annuity Group. Cindy's responsible for the annuity line of business for both Midland National and North American Company. Cindy joined Sammons Annuity Group in 2001 as Vice President Sales, was appointed Sr. Vice President and Chief Marketing Officer in 2006 and President of Sammons Securities Company in 2008.
"Cindy's contributions during each of her roles during the last eight years have been instrumental to the success of Sammons Annuity Group. She embodies our shared values of Integrity, Openness, Respect and Accountability. These values keep the company, its employees, and its representatives focused on doing the right things in the right way. We are fortunate to have an individual of Cindy's caliber to lead Sammons Annuity Group," said Mr. Dinshaw.
Sammons Financial Group is comprised of North American Company for Life and Health Insurance, Sammons Securities Company, and Midland National Life Insurance Company, including its divisions, Sammons Annuity Group and Sammons Corporate Markets. Sammons Financial Group is a group of companies that share experience, services, and human resources for optimal efficiency and growth. Sammons Financial Group member companies are privately owned, in part by employee-shareholders, making it unique in the industry.
Midland National Life Insurance Company, whose Executive Offices are located in Sioux Falls, South Dakota, has been providing a variety of life insurance products since 1906. North American Company for Life and Health Insurance, whose Executive Offices are located in Chicago, Illinois, has been providing value-based insurance products since 1886. The Home Office for both companies is located in Des Moines, Iowa, where the Annuity Division, known as Sammons Annuity Group, is located. Both companies offer a variety of life insurance products, including fixed and variable annuities and term, universal and variable (Midland National only) life insurance products. Sammons Securities Company, LLC, based in Ann Arbor, Michigan is a broker/dealer that offers a complete range of investment products and services.
Sammons Financial Group is a strong organization that has grown significantly over the past several years: In 1995, Sammons Financial Group consisted of Midland National alone. Sammons Financial Group and Midland National had $2.8 billion in assets and $62 billion of life insurance in force. Today, the member companies of Sammons Financial Group have over $33 billion in assets and over $225 billion of life insurance in force.