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Western Reserve Life
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Western
Reserve Life Assurance Company Of Ohio (Inc) |
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Western Reserve Life Assurance Company Of Ohio (Inc) is a private
company categorized under Chartered Life Insurance Underwriters and
located in Saint Petersburg, FL. Our records show it was established
in 1991 and incorporated in Ohio. Current estimates show this
company has an annual revenue of $2,984,086,654 and employs a staff
of approximately 1,150.
In November of
1958, Western Reserve Life Assurance Co. of Ohio
was founded. The company name was taken from the
large territory in northeast Ohio known during
the Pre-Revolutionary war days as the "Western
Reserve".
Measured growth
became rapid expansion as WRL acquired other
small insurance companies and their blocks of
business. By the end of 1962, the company was
able to conduct business in five states.
Also in 1962, a
major milestone occurred when Jack Kenney joined
Western Reserve Life as Director of Marketing.
Over the course of the next three decades, Mr.
Kenney would be named Chairman and Chief
Executive Officer, leading WRL to become one of
the nation's top providers of annuities and
variable universal life insurance.
By the
mid-1960s, evolving customer needs were
beginning to dictate a change in financial
products. As part of their financial planning,
more and more Americans were learning about the
possibility of rewards from the stock market.
Mutual funds were emerging as a popular
financial instrument. However, consumers were
hard pressed to afford both the premiums on
traditional, whole-life insurance and
investments in mutual funds. It seemed like an
either-or situation: either the security
provided by life insurance or the growth
potential provided by the stock market, but not
both. WRL pioneered the solution to this dilemma
with the introduction of a new marketing
concept, The Balanced Program. The Balanced
Program gave consumers the power to enjoy the
cost-effective security of term life insurance
and the growth potential of mutual funds with a
single check.
For the concept
to work, WRL had to create a Broker/Dealer
network of representatives licensed to sell
insurance and mutual funds. Thus, in 1967,
Western Reserve Financial Services was formed.
But one more piece of the puzzle was missing: a
mutual fund. In 1968, key stockholders of
Pioneer Management Company, investment advisor
to the nation's second oldest fund group, the
Pioneer Funds, agreed to a business venture with
Western Reserve Life. The resulting holding
company was called Pioneer-Western Corporation.
The decade ended
with WRL's move to Florida. The move established
the foundation for even more profitable growth.
The next fifteen years would
bring much change. During
this period, WRL spun off
from Pioneer-Western
Corporation, was bought then
sold by a railway
conglomerate and a child
care corporation, and
expanded its portfolio of
financial products.
Throughout it all, WRL
continued to prosper. By the
mid-70s, barely 16 years
after its birth, the company
achieved $1 billion of life
insurance in force. The
second billion came only two
years thereafter. This
phenomenal growth was a
direct result of the success
of the company's innovative
products.
Indeed, the Balanced Program
was well established, but
while the sales force
continued to sell the
Pioneer Fund, WRL no longer
owned the management
company. The search was on
to acquire a new fund
management company. In 1985,
WRL's search bore fruit.
Janus Capital enjoyed a
great track record, but at
the same time had no sales
force and minimal assets.
Our parent company launched
a joint venture with Janus,
and in June 1985, the IDEX
Fund was launched.
At WRL, it was business as
usual: sales were booming
and there was yet another
revolutionary product around
the corner.
Western
Reserve
Life's
first
variable
universal
life
insurance
product
was
launched
in 1986.
This
revolutionary
product
gave
consumers
all the
benefits
of life
insurance
along
with the
flexibility
to
choose
among
investment
options,
ranging
from the
lower
risk-lower
return
potential
of bonds
to the
higher
risk-higher
return
potential
of
equities.
And
consumers
could
enjoy
any
growth
of their
cash
value on
a
tax-deferred
basis.
WRL's
first
annuity
was
introduced
shortly
thereafter.
Sales
soared.
In 1991,
Jack
Kenney
went
searching
for a
corporate
parent
with the
insurance
roots,
capital,
flexibility,
and
vision
to
appreciate
WRL's
specialty:
annuities
and
variable
universal
life
insurance.
Happily
for us
all, a
deal was
struck.
In
February
of 1991,
WRL
became a
member
of the
AEGON
insurance
group.
It took
WRL 20
years to
achieve
the
first
billion
dollars
of life
insurance
in
force.
In just
the last
eight
years,
our life
insurance
in force
has
increased
over
seven-fold
to over
$62
billion.
In 1998,
WRL
became a
member
of the
Insurance
Marketplace
Standards
Association
(IMSA),
a
voluntary
membership
organization
whose
purpose
is to
promote
high
ethical
standards
in the
sale of
individual
life
insurance
and
annuities.
WRL
capped
off the
year by
moving
into a
beautiful
new
building
in sunny
St.
Petersburg,
Florida.
Today,
Western
Reserve
Life
continues
its
leadership
and
innovation
in the
financial
services
industry
on the
strength
of its
history,
its
products,
and its
people.
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Western Reserve Life- Start Here!
Western Reserve Life is a private company.
Western Reserve Life |
Address1 |
570 Carillon Parkway |
Address2 |
- |
City |
St. Petersbut |
State |
FL |
Zip |
33716 |
Phone Number |
(727) 299-1800 |
Fax Number |
- |
WebPage |
www.westernreserve.com |
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