SBLI USA Mutual Insurance Company

SBLI USA Mutual Insurance Company
460 West 34th Street,
Suite 800, New York, NY 10001-2320

The Savings Banks Life Insurance Fund, which would eventually become SBLI USA Mutual Insurance Company, Inc., was established and founded in 1939 inspired by the vision of former Supreme Court Justice Louis Brandeis. SBLI USA is one of the leading financial service providers in the country today, initially serving the ordinary hardworking men and women of the country, believing that the general public should have access to quality yet affordable insurance. With the tremendous amount of competition in the insurance industry today, almost every policyholder knows that they need to find the right insurance company to satisfy their unique needs.

At present, the company has over 300,000 policy holders nationwide and more than $15 billion worth of insurance in force and assets amounting to $1.4 billion dollars, including $111 million dollars in surplus capital. The company is licensed to operate in 49 states including the District of Columbia, U.S. Virgin Islands and Puerto Rico. SBLI USA Mutual Life Insurance Company, Inc. is the parent company to SBLI USA Holdings, Inc.

The Company initially marketed their products and services exclusively by insurance agents at participating banks. Following the merger of SBLI Fund and other 16 separate affiliate insurance of issuing banks in 1999, a single mutual company was created and renamed SBLI USA Mutual Life Insurance Company, Inc. The Company now sells their products and services online and through career and independent sales insurance professionals and brokers spread all across the country.

The Company specializes in the selling of Whole and Term life insurance as well as Disability insurance. SBLI USA also offers Annuity plans, SeniorLife and Accidental Death & Dismemberment insurance. The Company offers a unique marketing system allowing customers to interact either by phone, over the internet or to a live person that is based in the Company’s Customer Center in New York.

A.M. Best Co. has lowered the FSR Financial Strength Rating of the Company from B++ (Good) to B+ (Good) as well as the ICR issuer credit ratings from “bbb” to “bbb-” The outlook for all ratings is negative. The decrease in ratings reflects the significant change in the Company’s business profile announcing it would no longer accept new business effective June 30, 2010 but with intentions of continuing to administer the existing businesses with no policy changes in contractual guarantees anticipated.

Evelyn Murphy is the Company’s Chairman of the Board. She succeeded former Chairman Joseph Mancino, who retired after serving the Board for almost 19 years. She assumed the role on January 6, 2010. Michael Akker serves as President and Chief Executive Officer. He was the former Chief Operating Officer and Executive Vice-President since 2007. Robert Damante is Executive Vice-President and Chief Financial Officer. He is responsible for overseeing Company’s the finances including accounting and budget planning as well as investment analysis and reporting. Eric Bulis is the Company’s Executive Vice-President and Chief Information Officer. He is responsible for the Company’s Technology and Operations. Other key personalities include David Jefferson as Vice-Chairman and Board members Deborah Aguiar-Vélez, Theresa Balog, Roslyn M. Watson, G. Thomas Rogers and Samuel M. Bemiss.