Western Reserve Life
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
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.
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
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
Corporation, was bought then
sold by a railway
conglomerate and a child
care corporation, and
expanded its portfolio of
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
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
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A Tale Of Two Agents
An agent working exclusively for a single
firm. He or she is obliged to submit business only to that firm,
or at least give that firm first rights of refusal on the case.
Captive agents that are non-established are usually paid on a
combination of salary and commissions earned from selling the
policy contract. Also, the firm usually provides its captive
agents with an allowance for office expenses as well as employee
benefits such as pensions, life insurance, and health insurance.
The established captive agent is usually paid
exclusively on a commission basis. This type of agent will
tend to have more in-depth knowledge of that firm's policies,
however, he or she will hardly ever be equipped to offer the
industries' best price on any particular product offering.
Independent Agent Broker
Simply said, independent agents are
appointed to sell policies from many insurers. The agent is
independent from all insurers thus, the independent agent's
responsibility is solely focused on evaluating the client's
needs and the pricing of the product chosen.
While searching for the brokerage market's best place for a
client's business, independent agents pay all their own expenses
and keep their own records and earn their income from brokerage
commissions on the policies they sell.