January 5, 2024
I’ve worked with many wonderful people in this industry over the last 37 years – advocates, sounding boards, collaborators and friends. Jon Anderson, President of iiSi (also a division of Companion Life Insurance Company) has been each of those for me.
Quick history: When Spectrum was acquired by Companion Life in late 2016, I reported directly to Jon within the internal corporate structure. That’s when I learned his tremendous value as both an advocate and a sounding board. Two years ago, when Jon left the Companion Life ranks to become iiSi’s new president, he remained those things but also became an enthusiastic collaborator. And throughout, he’s been a great friend.
Back to the now: Why am I talking about the President of another MGU? Because, if you haven’t already seen the News Release issued today (click the News link above), Spectrum and iiSi are combining our divisions into one MGU in 2024.
As presidents of MGU divisions within Companion Life, Jon and I have the primary responsibility to do what is best for our operating divisions and for Companion Life. As we’ve bounced around ideas or worked on projects together over the last few years, it became apparent to me that we share a common vision, a surprisingly similar leadership style, and a competitive desire to be the best MGU in the stop loss market. Then it hit me – I know what Spectrum (34+ years in business) and iiSi (40+ years in business) have accomplished on their own – imagine what they could accomplish together.
I worked up a basic outline of my idea and presented it to Jon. I’m pretty sure I caught him off guard, but he quickly became enthusiastic about the possibilities. We put together a strengths/weaknesses analysis and were pleased to discover that the unique strengths of each division complimented one another, and that whatever we considered weaknesses were offset by the others’ strengths.
Things lined up so perfectly that we just had to take the next step. So, a merger plan was developed, presented to Companion Life leadership, enthusiastically approved, and now we begin the process of integration.
I’ll make our policyholders and producers this promise – if you like what you get from Spectrum, you’ll love what’s coming in its new form, and if you already love it, then it’s business as usual.
Here’s to business as usual – cheers!
Please enjoy a healthy, productive and satisfying 2024.
Regards,
Kurt Ridder
President