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Showing posts from 2017

2017: A.M. Best Rates Midland National A+

Midland National received an A+ (Superior) rating for financial strength from insurance-industry rating service A.M. Best1. 
According to A.M. Best, A+ rating, the second highest of A.M. Best’s fifteen ratings categories, is given to insurance companies “that have, in our opinion, a superior ability to meet their ongoing senior financial obligations.” They also affirmed Midland National’s long-term credit issuer rating as Stable.
A.M. Best is the most widely recognized provider of insurance industry-focused ratings, financial data and news. It judges the financial strength of insurance companies as well as the credit quality of the company’s obligations. They first rated Midland National at A+ in 1980, and for over 35 years we’ve maintained our ranking.
Click here for reports, press releases and more about Midland National’s ratings by A.M. Best.
1 A.M. Best is a large third party independent reporting and rating company that rates an insurance company on the basis of the company…

2017: Midland National Introduces XL Heritage

Midland National® Life Insurance Company announced the release of a new product offering to customers: XL Heritage Indexed Universal Life insurance (IUL).

The product provides guaranteed death benefit with a single premium and added positive attributes, such as liquidity and living benefits.1
According to a Morgan Stanley study, over the next several decades, the Baby Boom generation could transfer as much as $30 trillion in assets to the next generation.2 XL Heritage was created for Midland National clients between the ages of 50-80 carrying liquid assets amounting $25-200K which is not needed to fulfill retirement needs.
Midland National expects XL Heritage to add incremental sales ranging between 5% and 7% of Midland National’s annual premium revenue. Long-term, sales are expected to increase premiums by 10% to 15%. Additional positive facets to this product include: An Accelerated Death Benefit feature that allows the policy owner to use a portion of the death benefit while they are…

2017: Midland National Named to Ward’s 50 List

Each year, Ward Group—a leader in insurance industry benchmarking—analyzes and evaluates the financial performance of more than 700 life and health insurance companies in the U.S. into the Ward’s 50 list. In 2017, Midland National was added to the list for another consecutive year.

“We are proud to once again to be recognized by Ward’s as one of their Top 50 Life and Health Insurance Companies,” said Steve Palmitier, president and chief operating officer of Midland National Life Insurance Company. “For more than 110 years, Midland National has stood for strength and stability. Being included as a member of this list further validates our company’s ability to meet our commitment to our policyholders.”

Welcome to Midland National's Digital Archive

Since 1906, Midland National Life Insurance Company has been protecting families and preserving legacies for more than 110 years.  Midland National, a member company of Sammons Financial Group have made a "Our Company History" brochure that you can download and view as a PDF by clicking here.   There, you can view the entire company history in one easy to print document.

To stay up on the very latest from Midland National, visit us around the web.
Midland National OnlineFind the Midland National Company Profile on in touch with Midland National at our 'contact us' form. On Facebook? "Like" Midland National's Facebook Company page. Watch the latest videos on the Midland National YouTube Channel. Keep current with Midland National news on the Midland National Linkedin Company pageMidland National is also on Twitter. Find and follow the company @MidlandNatl.Add Midland National to one of your circles or communities on Goog…

2017: Midland National Receives Better Business Bureau Accreditation

In 2017, Midland National earned accreditation by the Better Business Bureau (BBB), an established nonprofit organization focused on advancing marketplace trust. Accreditation is earned by meeting BBB standards, such as making efforts to resolve consumer complaints, carrying through with product delivery, utilizing transparent business practices and more. BBB ratings are based on information BBB obtains from public complaints, public data sources and information directly from businesses. 
Within this framework, Midland received an A+ rating – the highest rating on a scale from A+ to F. View Midland National’s BBB profile for more information.

To read the latest updates, visit Midland National on social media at Facebook, LinkedIn and Twitter.

2017: Life Insurance Sales Surge at Midland National and Sammons Financial Group Member Companies

Midland National Life Insurance, combined with other Sammons Financial Group member companies, was ranked in the top 10 of 83 major life and health insurance companies for life insurance sales in the year 2016. The ranking and survey is in accordance with LIMRA, which is a research association for life and health insurance companies. The survey measures annual premiums and includes 83 major companies. Member companies of Sammons® Financial Group include Midland National® Life Insurance Company and Sammons®Corporate Markets Group, and North American Company for Life and Health Insurance®.
“This is quite the achievement when you consider some of the companies on each side of us are household names. The consistent execution of our strategy and relationships with our distribution partners has put us in a great place,” Midland National President and Chief Operating Officer Steve Palmitier said. Our growth rates have averaged 11% the past five years compared with an industry average of 2%.”

2017: Former Midland National CEO William Rigsbee Passes Away

Former Midland National Life Insurance Company President and Chief Executive Officer (CEO) William A. Rigsbee passed away on May 1, 2017. Rigsbee joined Midland National in 1961, retiring in 1992 after serving 31 years at the company.
“Bill left an indelible mark on our organization by leading us on a course of unparalleled growth, stability and financial strength,” said Esfand Dinshaw, Chairman and CEO of Sammons Financial Group, parent company of Midland National. “Under his leadership, the Regional Sales Director (RSD) program was established, a system that helped us build our field force, and enabled us to obtain national prominence in the insurance marketplace,” added Dinshaw. Under his leadership, the company increased life insurance policies in force from $275 million to $50 billion; increased assets from $29 million to $4.1 billion; and achieved a compound annual growth rate of 15% while maintaining superior industry ratings and a high quality investment portfolio*.

*Midland …

2016: Midland National Marks 110 Years

On August 30, 2016, Midland National announced the celebration of its 110 year history with an anniversary announcement.

The 110 year anniversary news release is featured here on the Midland National website.

“As we mark this landmark moment, we continue to focus on protecting our policy owners and supporting our partners,” said Palmitier. “At our core, we deeply believe that today’s success is a result of a deliberate and enduring strategic approach—an approach that we will continue to follow and apply as we make our second hundred years just as successful as the first.“
To see the 50th Anniversary of Midland National in 1956, click here.
To see the 100th Anniversary of Midland National in 2006, click here.

2015: More than $58B in assets milestone

Midland National is one of two life insurance companies under the Sammons Financial Group umbrella. The other is the North American Company for Life and Health Insurance.

By 2015., the entities forming Sammons Financial Group have more than $58 billion in assets and over $243 billion of life insurance in force.*

* Sammons Financial Group, Inc., internal information 2014

2014: Midland Outpaces Life Insurance Industry

Midland National continued to grow and 2014 marked its sixth straight record sales year. Also in 2014, Midland National was noted as the #1 company in Personal Producing General Agent (PPGA) distribution by sales.

Learn more about the Personal Producing General Agent system. 
5LIMRA International, U.S. Retail Individual Life Insurance Sales, fourth quarter 2014 results. Sales based on annualized premium plus excess.

2009: Midland National Moves

After 30 years in the downtown location, Midland National’s administrative office moved into a new environmentally friendly Sammons Financial Group building in February 2009. The 120,000 square-foot building was designed to accommodate the growing company by housing more than 500 employees and providing room for expansion.
See the various Midland National office locations throughout the years.

2006: Midland National Marks 100 Years with 100 Oak Trees

Midland National Celebrates 100 YearsMidland National celebrated its 100th Anniversary with a series of events, showing its gratitude to the city and citizens of Sioux Falls. The company looked back at its first slogan “Great Oaks from Little Acorns Grow,” and donated 100 trees to the city. Through a radio and print campaign, titled “Sioux Falls at its Best,” Midland National recognized achievements in the community from the last century. To top off the anniversary, Midland National’s employees and top agents from across the country were invited to the celebration in Sioux Falls during the fall of 2006.

2005: 25 Years of A.M. Best Ratings

In 2005, Midland National earned an A+ rating for the 25th year in a row by A.M. Best, the oldest and most widely recognized provider of insurance industry focused ratings, financial data and news. This ratings judges insurance companies on financial strength as well as the credit quality of the company’s obligations.

Discover Midland’s long history of independent ratings and rankings.

2004: Midland National Exceeds 100 Billion Dollars of Life Insurance in Force

By 2004, the company reached the milestone of 100 billion dollars of life insurance in force – doubling its value over a twelve-year span.

2003: Midland Reaches 100,000 Annuity Contract Owners

2003: Palmitier Named President and COO of Midland National

Steven C. Palmitier, CLU, LLIF was named president and COO of Midland National in 2003. Palmitier joined Midland National as senior vice president of marketing and chief marketing officer in August 1996. He also maintained his role as president of Sammons Securities Company, LLC after being named president and COO of Midland National.

Learn more about Midland National’s history of officers.

2002: Craig Named as President and CEO

On January 1, 2002, John J. Craig became the CEO and twelfth president of Midland National. He succeeded Mike Masterson.
Learn more about Midland National’s history of officers.

2002: Midland Reaches 100,000 Annuity Contract Owners

In 2002, Midland National reached 100,000 annuity contract owners. Throughout the 2000s, the company experienced tremendous success, and offering multiple kinds of annuities, including fixed index, traditional fixed and immediate annuities. 2000s, 2003, Aughts, Midland National, Midland National Life, Milestone, Annuities, Contracts
1. Under current law, annuities grow tax deferred. An annuity is not required for tax deferral in qualified plans. Annuities may be subject to taxation during the income or withdrawal phase. Neither Midland National® Life Insurance Company, nor any agents acting on its behalf, should be viewed as providing legal, tax or investment advice. Your client should be advised to rely on their own qualified adviser. 2. Withdrawals taken prior to age 59 1/2 may be subject to IRS penalties.

2001: A Growth Spurt for Midland National And Sammons Financial Group

From 1997 to 2001, Midland National grew in both size as well as complexity through its own efforts and those of its parent company, Sammons Enterprises, Inc.  A number of support functions were combined with other Sammons-owned financial companies.  An annuity division was created, and Midland National acquired several businesses and distribution systems.  Combined, assets grew $5.4 billion to $9.2 billion.

The entities forming Sammons Financial Holdings reached more than $196 billion of individual insurance in force on more than 1.2 million insurance policies, making it one of the industry's top-30 groups in terms of individual insurance in force.

1996: Masterson Named President and CEO

After coming to Midland National as executive vice president and chief marketing officer in 1995, Michael M. Masterson became president and CEO of Midland National in 1996. He would later become chairman and CEO of Sammons Financial Group.1990s, 1996, Midland National, Midland National Life, Company Milestones, Milestone,

1996: Midland National Celebrates 90 Years

1996 marked Midland National’s 90th anniversary with a year-long celebration that was highlighted by a special birthday party from September 5–8. As a key part of Midland National’s 90th Anniversary, the historic Rock Island Depot was fully restored to house Midland National’s Hall of Fame and provided additional office space for the company. Charter members of the Hall of Fame were inducted at a ribbon-cutting ceremony.

1992: Rigsbee Retires. Watson Named President, CEO and Chairman

Upon his retirement, William Rigsbee said:
"To survive and prosper, a company must provide an adequate return to its shareholders, good products reasonably priced to its customers and the incentive for growth to its field force and employees.  My job as chief executive officer of Midland National has been to balance all of these sometime conflicting objectives." In 1992, after serving thirty-five years, John C. "Jack" Watson left his role as president of another insurance company to become CEO, president and chairman of Midland National.  His positive message began:
"Now is the time to get highly excited about the Midland National opportunity and share it with your clients, business associates, teammates and potential customers."

1992: $50B of Life Insurance In Force at Midland National Attained

In 1992, Midland National issued a bronze medallion commemorating over $50 billion of life insurance in force at the company.  This bronze medallion can be seen in the image above and in the image below.  

1989: Midland National Reaches 25 Billion Dollars of Life Insurance in Force

In 1989, Midland National reached 25 billion dollars of life insurance in force – a 150 percent increase in value in just seven years.

1982: Midland National Reaches 10 Billion Dollars of Life Insurance in Force

In 1982, Midland National reached 10 billion dollars of life insurance in force. Within the next ten years, it will quintuple its life insurance sales in force

1981: Midland National Celebrates 75 Years in the Insurance Industry

Midland National’s 75th anniversary celebration kicked off with newspaper ads and radio spots proclaiming, “As we look forward to our 75th Anniversary, we salute our people… more than three hundred reasons why Midland National is a great insurance company. We wish you could meet all of them because these are the people with the talent, the skill, and the ideas that make us a strong, successful, growing company.”

1981: Wayne Gillis Named President of Midland National

In 1962, Wayne A. Gillis joined Midland National as associate actuary, advancing to senior vice president in 1975.  In 1981, Gillis was named president of Midland National.  Gillis died in November of 1983 and William Rigsbee returned as president.

1980: First A+ rating from A.M. Best

In 1980 A.M. Best, the oldest and most widely recognized provider of insurance industry focused ratings, financial data and news, granted Midland National its first industry rating for financial strength as well as the credit quality of the company’s obligations.

1979: New Home Office Opens in Sioux Falls

Midland National occupied its new 22,000 sq. ft. gold glass home office building in June 1979. After operating for 71 years in Watertown, the move to a new home office in Sioux Falls would mark the beginning of a new era in Midland National Life’s history – a period of unprecedented growth.

1978: Sammons Adopts ESOP

In 1978, Charles Sammons established an Employee Stock Ownership Plan (ESOP). The Sammons ESOP was designed to provide more than a retirement benefit. It enabled employees to impact the value of their personal holdings as a result of their contributions to the success of their individual companies.

1970: First Billion Dollars of Life Insurance in Force

In 1970, Midland National Life Insurance attained One Billion Dollars of Life Insurance in force.  They issued this medallion that you can see above.

Just a little over twenty years later, that number had grown.  In 1992, Midland National issued a bronze medallion commemorating over $50 billion of life insurance in force at the company.

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In 1908, the Dakota Mutual Life Insurance Company (which would eventually be renamed to Midland National Life Insurance Company) saw the first death claim filed.

1977: Midland National Moves to Sioux Falls

Citing concerns that Watertown could no longer support the company’s rapid growth, Midland National announced plans to move its home office to Sioux Falls
Relocating to Sioux Falls offered Midland National several advantages, including a larger population from which to recruit personnel, better air travel connections, and access to a larger postal processing center.

Within a year, all departments had migrated to temporary quarters in Sioux Falls while a new five-story building was under construction.

1962: Sammons Enterprises, Inc. Established

In 1962, Sammons Enterprises, Inc. is established to hold Charles Sammon's diverse investments.

1961: William Rigsbee Named President

In November 1961, William Rigsbee was named president of Midland National.  For the next 31 years, Rigsbee, as president and chief executive officer, set Midland National on a course of unparralleled growth, stability and financial strength.

He established the Regional Sales Director (RSD) program and set in motion a belief that he carried with him through his entire career with Midland National Life - give the agent three things:

1.  Excellent products.
2.  A contract that rewards the agent for superior performance.
3.  The company service philosophy that, "The most important person is the one who makes the sale."

Under his leadership, the company increased life insurance policies in force from $275 million to $50 billion; and achieved a compound annual growth rate of 15% while maintaining superior industry ratings and a high quality investment portfolio.*

*Source: Midland National internal information, 1961.

1961: Introduction of the PPGA System

In 1961, Midland National embraced the Personal Producing General Agent (PPGA) system as the marketing structure to distribute products to consumers in the United States.  The company began working with regional sales directors to recruit and train independent agents across the country.  Midland National stays committed to its independent agents by providing direct access to underwriters and other home office employees, as well as fast, fair and consistent service.

This enabled Midland National to build its field force and gain agent loyalty.

Today, Midland National is licensed to operate in 49 states, Puerto Rico, the Virgin Islands, Guam and military installations both overseas and at home.

Read more at Trust Midland National.

1958: Company purchased by Reserve Life Insurance Company, Dallas

In 1958, Reserve Life Insurance Company based in Dallas, Texas, acquired the majority of Midland National stock. Charles A. Sammons, sole shareholder and president of Reserve Life, owned eight other life insurance companies and had been active in the business for 30 years. 

In addition to health and life insurance companies, Sammons acquired control or substantial stock interests in diverse industries. These businesses included hotels, travel related companies, equipment, industrial and energy distribution, cable television, bottled water, real estate and manufacturing. Sammons had admired the rapid growth of Midland National, which had doubled its life insurance in force during the prior five years.
To learn more about Charles A. Sammons, click here.  To learn more about Sammons Financial Group, click here.To view the full history of acquisitions since 1906, visit the acquisitions page.

1956: Fiftieth Anniversary for Midland National

In 1956, Midland National marked the 50th company anniversary.  The 50th was celebrated with a banquet in Waterton on Frank Bramble's birthday, May 23, 1956.  As part of the celebration, a "Big Boost for Bramble" sales contest was held.  Midland National representatives submitted nearly three times as much business as normal during this seven-day sales contest.