Ritter Insurance Marketing, Craig Ritter

Shenandoah Life Close to Finding Buyer

Shenandoah Life, currently under control of the Virginia Department of Insurance, has entered into a 90 day negotiation period with Prosperity Life.  Prosperity Life’s president, Jose Montemayor, was a former DOI commissioner for the state of Texas who is also a partner in Black Diamond Capital Partners which owns AmeriLife Group which was…

7 Jul 10
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Shenandoah Life’s CEO, Robert Clark, Retires after State Takeover, Sees “No Active Role”

Here is the article.

27 Feb 09
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Shenandoah Posts Receivership Documents on its Website

To view all of the documents, you can click here. Of most interest to agents would be the Cover Letter, the notice to agents and the Notice Regarding Hardship Request.

25 Feb 09
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Link to National Organization of Life and Health Insurance Guarantee Associations

I’ve had some questions from agents (Thanks Sue) regarding the Financial Situation with Shenandoah Life.  Shenandoah is NOT in liquidation at this point.  The company is in receivership with the intent being rehabilitation.  However, there are questions about the State Guarantee protection.  Since every state is different, I’m posting a link to the National Organization…

16 Feb 09
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Shenandoah Life will continue to pay Commissions on In-Force Business: Final Expense, Life and Medicare Supplement (Med Supp); Moratorium on New Business Continues; More Updates Coming

This came out Friday afternoon.  Great News!  The 2/12/09 commission run which was being held was supposed to be processed on 2/13/09. shenandoah_2_13_2009

16 Feb 09
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Shenandoah Life Taken over by Virginia Regulators; AM Best Downgrades; Shenandoah Immediately Ceases New Business

Late last year, Shenandoah Life announced that it was merging with OneAmerica.  Shenandoah had taken major losses on its Bond Portfolio (mainly from Fannie Mae bonds) and needed a partner.  At the time of the writedown, AM Best downgraded Shenandoah from A- (Excellent) to B++ (Very Good).  News of the proposed merger was posted on…

13 Feb 09
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