Thanks, Steve

Bob Wallach, rumors have it, is in the process of reorganizing the Robert Plan 2.0 for a different market and under a different structure. The “wiz kid” as he was known told us to “watch and see”…and we will…just as we watched his legendary Dad, Bill Wallach, amaze and astound an entire industry.… Speaking of an entire industry, our next issue will have details of the remarkably successful IFNY Annual Luncheon held at New York’s historic Union League Club on November 9th. Full story in next issue, but meanwhile, we cannot help but mention how great it was to see Roosevelt Giles, Chairman of Atlanta Life Insurance Company, who just returned from Stockholm, where ALIC’s most famous client had memorabilia on display including his life insurance policy: Dr. Martin Luther King, Jr.… Meanwhile, New York Life, America’s largest mutual life insurer, announced that the company expects to pay eligible participating policy owners a record dividend payout of $1.8 billion in 2019. This milestone will mark the 165th consecutive year that New York Life has paid a dividend to policy owners, underscoring the company’s continued financial strength. New York Life is the only major U.S. mutual life insurance company to declare a record dividend payout in each of the last five years. According to CEO and Chairman Ted Mathas, “Paying dividends to our eligible policy owners for the 165th consecutive year is New York Life’s mutual structure in action. This unparalleled consistency in sharing our success reflects the disciplined execution of our diversified business strategy and superior financial strength. As a mutual company, our interests are aligned with those of our policy owners, not Wall Street or shareholders, meaning the value we create is carefully managed with their long-term interests in mind.” The dividend payout declared in 2018 follows an outstanding year of performance; NYL holds surplus and asset valuation reserve remain strong at a record $25.1 billion, bolstered by the company’s ability to strategically manage its $252.9 billion general account and successfully operate its portfolio of supporting businesses, which deliver diversified revenue streams to support New York Life’s financial strength.… Great pro business and free enterprise leader, Herb London, Ph.D., founder of the London Center for Policy Research, former dean of New York University’s Gallatin Division, and leading American conservative intellectual passed away last week after a coronary ailment. He was 79. Dr. London was born in Brooklyn in 1939. Reaching 6’5”, he led Jamaica High School to a citywide basketball championship. He played hoops at Columbia University and was drafted by the NBA’s Syracuse Nationals, although an injury kept him from playing professionally. He enjoyed a hit rock & roll record in 1959, and went on to a highly distinguished career as an academic and conservative activist. The author of 30 books on public affairs was a widely beloved fixture on the local, state, national, and global stages. Readers in New York will recall that he ran for mayor of New York City in 1989. He was the Conservative Party nominee for governor of New York in 1990 and finished just one percent behind GOP standard bearer Pierre Rinfret. RIP.… And last…as this column’s title has it, our long time (as opposed to “old”) friend Steve Ruchman has just retired from his regular contribution of articles to the Insurance Advocate over several years. His work was crisp and well received by readers (including me!) and offered insight into many of the issues facing agents. Steve has given the industry great service these many years and deserves our applause…and thanks. All good things to you and yours, Steve. SA