Modern Woodmen of America and Equitable Reserve Association combine
The Modern Woodmen of America Board of Directors, Rock Island, Ill., announced that Modern Woodmen and Equitable Reserve Association combined effective Nov. 1, 2012.
The intent to combine was originally announced in May. The transaction means Equitable Reserve’s 18,000 members are now members of Modern Woodmen. Modern Woodmen has taken over Equitable Reserve’s operations, assets and liabilities.
To complete this process, Modern Woodmen and Equitable Reserve obtained approval of the agreement from both the Wisconsin Office of the Commissioner of Insurance and the Illinois Department of Insurance.
“The members from Equitable Reserve will continue to receive the same insurance and annuity benefits they purchased, and they’ll continue to have access to social and volunteer opportunities offered through our local chapters in their area,” said W. Kenny Massey, president and CEO of Modern Woodmen.
Founded in 1883, Modern Woodmen is the third largest fraternal financial services organization in the United States with more than 760,000 members, 60 regional offices and more than 800 financial representatives nationwide. At the end of 2011, Modern Woodmen had more than $11.4 billion in assets and $34.3 billion of life insurance in force. Modern Woodmen also has an A+ Superior rating from A.M. Best, an independent rating agency. A+ Superior ranks second highest of 15 ratings.
Equitable Reserve, which was founded in 1897, operated in 12 Midwestern states and the District of Columbia. At the end of 2011, Equitable Reserve had $128 million in assets and $505 million of life insurance in force.
The transaction displaced 28 full-time employees at Equitable Reserve’s former home office in Neenah, Wis. The transaction did not cause an addition of staff to Modern Woodmen’s Rock Island home office.
For additional information, contact Kim Woodward, Corporate Communications, 309-793-5660