USAlliance Life and Security Company sold its first insurance policy May 1, 2013.
The story of USAlliance Life and Security Company begins with the story of USAlliance Corporation (“USAC”).
This is our story.
This is the story of using our Midwest values to build a life insurance company.
This is the story of dedicated men and women who did not let the great recession stop them. It is the story of our rugged pioneers who settled rural America.
This is the story of building a company during the great recession when most said it couldn’t be built – we proved it can be done.
This is the story of USAlliance and the story of thousands of Midwesterners who believed, fought for us, and stood by us so together we could build a company which makes us proud.
2,050 Kansans and 1,425 North Dakotans have joined us as shareholders in this adventure and venture.
This is the story of Kansans and North Dakotans investing over $25,000,000 for capital and surplus to build our life insurance companies.
May 1, 2013 USAlliance Life and Security Company (“USALSC”) sold its first policy for $400. On April 18, 2012 Dakota Capital Life Insurance Company (“DCLIC”) wrote its first policy. Separate paths, but a courageous journey nonetheless.
Raising the capital is only part of the story. Partners and products are essential.
Without a full suite of products, we could not compete. We began surveying our shareholders and producers and learning the insurance needs of our business leaders and citizens. Then we built a suite of products designed for individuals, families, and small and large businesses. Click on the PRODUCTS tab at the top of this page for our USALSC products.
But products and capital are only part of the story. We needed world class partners to help us through the tough competition and the regulatory environment in today’s world.
World class partners such as Optimum Re with an A- rating and Gen Re, the highest rated reinsurer in the world incidentally run by our neighbor, Warren Buffet and Berkshire Hathaway. These relationships allow us to manage our risks for our policyholders and for our shareholders.
To help us manage our shareholder’s investment and protect our policyholders we sought a world class investment manager who could help navigate the treacherous waters of safety, liquidity and diversification. NEAM is an insurance-only focused investment manager that manages almost 70 billion dollars in insurance assets. This Berkshire Hathaway company is also run by Warren Buffet. Now we are ready!
From that first $400 premium May 1, 2013, today we have 4,225 policies with total premium since we began of $43,602,299. Our premium for 2018 was $11,067,469, a far cry from that first policy in 2013.
In March of 2013 we signed up our first producer. Today we have 750 producers in Kansas, Nebraska, North Dakota, Oklahoma, and Missouri.
While we are so proud of our organic growth success, we need to develop even more opportunities. On January 1, 2013 we entered into a reinsurance transaction with Unified Life Insurance Company which has resulted in premium of $14,324,566 since inception.
On September 1, 2015 USALSC entered into an agreement to provide certain insurance administrative functions, data processing systems, daily operational services, management consulting, and marketing development to Dakota Capital Life Insurance Company (“DCLIC”). This agreement has an initial term of 60 months (beginning on September 1, 2015). On August 1, 2017, DCLIC became a wholly-owned subsidiary of USALSC. Subsequent to the acquisition of DCLIC, this agreement became an inter-company agreement and is still inforce.
Dakota Capital Life Insurance Company received a Certificate of Authority from the North Dakota Insurance Department effective January 24, 2012. Click here for our DCLIC products.
On August 1, 2017 the USAC acquired Northern Plains Capital Corporation pursuant to a Plan and Agreement of Merger dated May 23, 2017, under which Alliance Merger Sub, Inc. (“Acquisition”), a wholly owned subsidiary of USAC, merged with and into Northern Plains (“Merger”) with Acquisition being the surviving company. USAlliance exchanged .5841 shares of stock for each share of Northern Plains common stock, or 1,644,458 shares. Subsequent to the merger, Acquisition was merged into USAC and DCLIC became a part of USALSC.
On September 30, 2017, USALSC entered into a coinsurance agreement with American Life and Security Corporation (“ALSC”) to assume 100% of a certain block of life insurance policies. USALSC is also the servicer of this block of policies. USALSC paid a ceding commission of $1,850,000 and received $7,153,663 from ALSC. The agreement will remain in effect until all liabilities associated with this block of policies have been satisfied.
On December 14, 2018, USALSC acquired Great Western Life Insurance Company (“GWLIC”) pursuant to Stock Purchase agreement entered into on October 11, 2018 with Great Western Insurance Company, a wholly-owned subsidiary of American Enterprise Group, Inc. USALSC paid $500,000 to acquire all outstanding shares of GWLIC. GWLIC has capital and surplus of $1,721,012. Subsequent to the acquisition, GWLIC was renamed US Alliance Life and Security Company – Montana.
This is our story, but it is just beginning. Like us on Facebook, learn about our products, and join the USAlliance team. We are growing.
Each member of the Company’s Board of Directors is elected to serve a one-year term. A director continues to hold office until a successor is elected and qualified. Current Directors of USALSC are Jack Brier, Rochelle Chronister, James Concannon, Donald Schepker, and Kurt Scott, who have each served since the formation of the company in June 2011, and William Graves, who joined the Board of Directors in 2014.
Jack H. Brier – Chairman of the Board of Directors; President; Chief Executive Officer; Founder, USAC & USALSC
- President of Brier Development Co. Inc.
- Kansas Secretary of State, 1978-1987
- President, Kansas Development Finance Authority, 1990-1993
- Attended Shawnee Mission public schools
- Earned Business Administration degree from Washburn University
- Graduate studies in Public Administration at the University of Kansas
- Former Board Member, AmVestors Investment Group, Inc.; AmVestors Financial Corporation; and Columbian National Title Insurance Company
Donald J. Schepker – Vice Chairman; Director, USALSC
- Senior financial executive with more than 30 years of experience in a wide variety of financial disciplines
- Former Chair and Trustee of the Topeka Civic Theatre Endowment Trust
- Former president and executive director of the Stormont-Vail Foundation and senior vice president and CFO of Security Benefit Group
- During his time at Security Benefit Group, he grew the company’s assets to $10 billion, an increase of over 600%
- Former Partner in the Accounting and Auditing Services division of Deloitte & Touche, LLP
- Member of the American Institute of Certified Public Accountants
- Holds a Bachelor of Science degree in Commerce with a major in Accounting from Saint Louis University
Jeff Brown – Executive Vice President; Chief Operating Officer, USALSC
- Former Group Life Actuary of Fortis Benefits Insurance Company, 1995-2001
- Former Senior Vice President and Actuary of Amerus Annuity Group, 2001-2008
- Vice President of Finance and Business Intelligence of Aviva USA, 2008-2011
- Fellow of the Society of Actuaries and member of the American Academy of Actuaries
- Former Board Member, Cair Paravel Latin School
- Earned a Bachelor of Arts degree in Mathematics (Actuarial Science Specialization) from Washburn University
Rochelle Chronister – Director, USAC & USALSC
- Secretary, Kansas Department of Social and Rehabilitation Services (SRS), 1995-1999. In 1995, SRS had a $1.6 billion annual total budget and 11,000 employees
- Responsible for the formation of a public-private partnership for reorganization of child protective services, making Kansas the first in the country to contract for services to children-in-need of care for family preservation, adoption and foster care. Based on this reorganization of services, Kansas received the first U.S. award from the Child Welfare League of America for Child Protective Services
- Joined four other Cabinet Secretaries to form Connect Kansas, an organization to encourage community coordination for services to children
- Served in the Kansas House of Representatives, 1979-1995, including chairing the House Appropriations Committee, House Education Committee, and Joint House and Senate Committee for Economic Development
- Earned a B.A. degree in Microbiology from the University of Kansas
James Concannon – Director, USAC & USALSC
- Dean, Washburn University School of Law, 1988-2001
- Professor of Law at Washburn, holding the title of Distinguished Professor of Law since 2006
- Licensed to practice in state courts in Kansas, the U.S. District Court for Kansas, the U.S. Court of Appeals for the Tenth Circuit and the U.S. Supreme Court
- Research Attorney for the Kansas Supreme Court
- Trustee of Waddell & Reed Advisors Mutual Funds
- Trustee of Ivy Funds Variable Insurance portfolios
- Visiting Professor at Washington University School of Law, St. Louis
- Senior Contributing Editor, Evidence in America: The Federal Rules in the States
- Serves on the National Conference of Commissioners on Uniform State Laws
William Graves – Director, USAC & USALSC
- Recently served as President and CEO of American Trucking Associations, the national trade and safety organization of the United States trucking industry. Under his leadership, ATA advanced several safety initiatives
- Governor of Kansas, 1995–2003. As governor, Graves signed into law an historic 10-year, $13 billion comprehensive transportation program improving highways, railroad infrastructure, airports and public transit service in Kansas, financed by higher user fees
- Involved in the trucking industry his entire life. For almost 70 years, members of his family have operated fleets including Graves Truck Line
- Serves on the Board of OpenForce, a Phoenix, AZ transportation technology firm
- Earned a degree in Business Administration from Kansas Wesleyan University in his hometown of Salina and attended graduate school at the University of Kansas
Kurt Scott – Director; Treasurer, USAC & USALSC
- President and CEO of KAMMCO Health Solutions, Inc., 2014-2019
- Chief Executive Officer, Kansas Medical Mutual Insurance Company, 2011-Present
- Chief Financial Officer from 1989-1998 and Chief Operating Officer from 1998-2011, Kansas Medical Mutual Insurance Company
- Served as an integral part of Kansas Medical Mutual Insurance Company’s growth since its inception. The company now has $166 million in assets, policyholders surplus of $85 million and annual premiums of $23 million
- Chair of CEO/COO Section of Physicians Insurance Association, 2007-2009
- Board of Directors PIAA, 2011-2017
- Chief Examiner, Kansas Department of Insurance, 1983-1989
- Board Member, Kansas Chamber of Commerce and Industry, 2004-2008
- Earned B.S. degree in Business Administration with a major in Accounting from Kansas State University
Bob Boaldin – Former Board Member, Director Emeritus, USAC & USALSC
It is with great sadness we report the passing on December 29, 2016, of founding director Bob Boaldin. Bob was with us since the company was formed and we appreciate his many contributions to our growth and development.