Great-West Life announcement regarding ADA Members Insurance Plans
July 01, 2019
The following statement is provided by the Council on Members Insurance and Retirement Programs to inform the membership of a new carrier for the ADA Members Insurance Plans. Dr. Naomi Ellison, council chair, and Dr. Jon Johnston, council vice-chair, commented that "as good stewards in overseeing the ADA Plans, the Council seeks to ensure a smooth and timely transition for all plan participants with close attention to preserving ADA member value and high quality service."
ADA is pleased to share a recent announcement by Great-West Life & Annuity Insurance Company (“GWL&A”) that on June 3 it had received all regulatory approvals for the sale of Great-West’s individual life insurance and annuity business, including the ADA Members Group Insurance Plans, to Protective Life Corporation (“Protective”).
While this acquisition marks the end of an 85 year successful legacy with GWL&A, the utmost care was taken to protect the integrity of the ADA Plans in the transition to Protective. ADA embraces this new business relationship and Protective’s unwavering commitment to honor all existing financial and service obligations to the ADA and GWL&A certificate holders.
GWL&A and Protective have affirmed that the sale will not result in any changes to the ADA Members Insurance Plans products or rates, nor will it result in any adverse impact to members who currently participate. Additionally, plan administration and member services will continue uninterrupted from the same Denver operations team, now employed by Protective.
Headquartered in Birmingham, Alabama, Protective is a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. Protective Life Corporation provides financial services through the production, distribution and administration of insurance and investment products throughout the U.S. Protective has solid financial strength ratings from all of the major insurance industry agencies, including A+ (Superior, 2nd highest of 15 ratings) from A.M. Best and AA- (Very Strong, 4th highest of 21 ratings) from Standard & Poor’s, with $900 billion insurance in force and $91.8 billion in assets.
Throughout its more than 100-year history, Protective has been a values-driven company which prides itself on its commitment and dedication to serving the best interests of its customers. Protective believes the ADA Program aligns with their long-term goals for growth which firmly support the ADA Common Ground 2025 strategic priorities.
From a member perspective, the Company’s organizational capacity, resources, customer-driven philosophy and core values will further elevate the competitive value of the ADA group plans and in time, offer additional opportunities to broaden the platform of products and services available under the new ADA-Protective brand.
GWL&A and Protective are committed to a seamless transition for the ADA and its members. The operational transition to Protective is estimated to take approximately one year or more and in due course, the rebranding of the ADA products portfolio will become more visible on the websites and in plan administration.
Members who currently participate in the ADA Plans will soon receive a personalized communication direct from GWL&A and Protective for their insurance records. For additional information or assistance, please call the Denver Service Center representatives at 855-411-5191.