Ameritas

Ameritas Life Insurance Corp. (established in 1887 as Old Line Bankers Life Insurance Company of Nebraska) is a mutual insurance company.[1] It is owned by Ameritas Mutual Holding Company, headquartered in Lincoln, Nebraska, United States. The company includes Ameritas Mutual Holding Company (AMHC) and Ameritas Holding Company (AHC), as well as Ameritas Life Insurance Corp. of New York.[2]

Ameritas
IndustryInsurance
Founded1887
Headquarters
Lincoln, Nebraska
,
United States
ProductsInsurance, Employee benefits, Financial services
Websitewww.ameritas.com

History
Bankers Life Insurance building Lincoln, NE

In 1984, Ameritas was mostly selling life insurance, with assets of less than $1 billion, and about 500,000 customers.[3]

In 1999, Ameritas Life Insurance Corp. merged with Acacia Mutual Holding Company. The latter had been formed in 1997 when Acacia Life Insurance Company of Washington, D.C., converted from a mutual life insurance company to a stock company wholly owned by a mutual insurance holding company. The company formed by the merger of the Acacia and Ameritas holding companies was named the Ameritas Acacia Mutual Holding Company.

In 2005, Ameritas merged with The Union Central Life Insurance Co. of Cincinnati, forming Unifi Mutual Holding Co.[3] In 2006, The Ameritas Acacia Cos. merged with Union Central Life Insurance of Lincoln. In 2014, Union Central, still part of Ameritas, was being sued for allegedly overlooking an agent's ponzi scheme.[4]

Ameritas rebranded in 2012. It also merged at one point with Acacia Life Insurance Company.[2] In 2013, it changed its name back from Summit Investment Advisors to Ameritas.[5] Also in 2013, Ameritas Life Insurance Corp. sold Acacia Federal Saving Bank to Stifel Bank & Trust.[6] In 2014, Ameritas Employees Credit Union and MembersOwn Credit Union both merged.[7] In September 2014, Ameritas finished a new office building in Forest Park to house around 350 workers, also remodeling a nearby building to house 225 Ameritas employees. Nationally, Ameritas had 2,300 employees at that time.[1] The company began a renovation of its Nebraska location in 2015.[8] In 2015, the new public finance office of Ameritas Investment Corp. in Kansas City was largely staffed from Oppenheimer & Co. Oppenheimer stated they were "keenly disappointed" by what seemed an "orchestrated raid" on the staff of their Kansas City Public Finance business.[9]

In 2017, a judge ruled that Ameritas had no right to payment from a broker's bond after the broker was caught stealing from clients. Ameritas had sued Federal Life alleging breach of contract.[10] Ameritas partnered with Nelnet on a student loan repayment program in 2017.[11]

In July 2019[12][13] and August 2019, a data breach at Ameritas was reported to possibly expose customer info.[14]

It has the sixth-largest property tax in Lincoln in 2019.[15] Ameritas announced a public finance team, to be responsible for municipal bond financing, in September 2019.[16]

In January 2020, William W. Lester succeeded JoAnn M. Martin as CEO, after Martin became CEO in 2009.[2] Martin became CEO of both Ameritas Mutual Holding Company and Ameritas Holding Company, and chair of Ameritas Life Insurance Corp on January 10.[17] On January 1, 2010, Ameritas Acacia Mutual Holding Company merged with the Union Central Mutual Holding Company of Cincinnati, Ohio, and became the UNIFI Companies. Union Central Life was originally established as a mutual life insurance company in 1867, and it had formed its own mutual insurance holding company in 2005. UNIFI changed its name to Ameritas Mutual Holding Company. In 2014, Union Central Life and Acacia Life merged into Ameritas Life.[18]

Products

The company sells life insurance, among other insurance products.[14]

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See also

References
  1. Ameritas unveiling $17M projects in Forest Park, USA Today
  2. Martin to retire as CEO of Ameritas, 1011 Now
  3. JoAnn Martin: Helping to lead her company and her city, Lincoln Journal-Star
  4. Utah lawsuit alleges insurance company aided Ponzi scheme, The Salt Lake Tribune
  5. Summit Investment Advisors Changes Name Back to Ameritas, Lincoln Journal-Star
  6. Ameritas sells Acacia Federal Savings Bank, Lincoln Journal-Star
  7. MembersOwn, Ameritas Employees Credit Unions plan to merge, Lincoln Journal-Star
  8. In brief: Nebraska Ameritas location begins $1 million renovation, Omaha World-Herald
  9. New Ameritas office built on experience nabbed from Oppenheimer & Co., Kansas City Business Journal
  10. Judge: Ameritas not entitled to payment from disgraced broker's bond, Lincoln Journal-Star
  11. Nelnet, Ameritas partner on student loan repayment program, Lincoln Journal-Star
  12. Ameritas announces data breach exposing customers' info, WIBW
  13. Lincoln-based Ameritas discloses data breach, Lincoln Journal-Star
  14. Nebraska Insurer, Ameritas: Data Breach Possibly Exposed Customers’ Info, Insurance Journal
  15. One of Lancaster County's largest taxpayers gets $26 million reduction, Lincoln Journal-Star
  16. Ameritas announces public finance team, Lincoln Journal-Star
  17. CEO Change At Ameritas, KIBZ
  18. "History". Ameritas. Retrieved 2014-12-31.
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