It also enables executives to receive compensation comperable to stock companies of similar size. Huge pay increases in store for executives once this goes through. Deferred compensation (issued stock) is more readily available. Liberty Mutual’s retired CEO Ted Kelly led their company to their mutual holding company conversion c. 2002. He retired in 2012. In the last four years of his tenure he made over $200 million, much of it was due to cashing in the shares he acquired after the MHC was set up. The nice part of MHC is the preservation of mutuality, thus the execs and board still control the company, not pressured by Wall Street.
Salzwedel the head guy is making $8.2M plus Escalade, plus county club membership, plus jets, plus whatever else $8.2 won’t buy…. per year and others around him salaries are well into the millions. 50-60 “executives.” All done at the expense of their customers. The American Family auto company makes millions but this fake Mutual Company never pays a dividend.
This is some sort of power grab that moves the “mutual” further away. All American Family customers should decline. Oh, they’ll try to sell it to you and put a positive spin on it!
Also and I failed to mention this but looks like the class action lawsuit that the former agents have filed appears to be a winner and the company is looking for ways to shuffle things around a bit! You know just in case they lose the multi-billion (with a $B) lawsuit!
Bottom line; what do policyholders receive in return for relinquishing “ownership rights” for “membership rights”? If the exec’s make sound decisions on acquisitions and investments, they, along with the stock holders will reap all of the rewards. If the exec’s are frivolous or incompetent, they will have stock holders beaming down on them, and the policyholders will be left to “mop-up” the mess with increased premiums. Bottom line; policyholders give away power and assume the risks. Exec’s and stockholders get the rewards. Why would policy holders want to abandon a system that has served them well for almost 90 years?
Please vote against the proposed restructure. Concentrate on pages 24 through 26 of the enclosed information. We will lose control of the company, including control of executive bonuses.
Yet another shell game to rip-off the little guy. Shame on American Family Insurance for trying to bilk the people who made the company–the customers. Shame.
I voted against. I don’t want my insurance company passing along additional risk to me. And, I’m generally suspicious of reorganizing. Why are they doing this? Who really benefits?
I can give you a story that will make you “fall” down and cry about American Family Insurance.
I came forward many years ago and shot down by our so called leaders R’s and D’s along with the commissioner of insurance in Wisconsin. Organized crime is legal in Wisconsin, if you own the commissioner’s office.
Your Dream all summed up:
Universal life class put on by the Vice President and Current C.E. O.
A male client walks into your office and states he wants $150,000 life policy, only pay for 30 years and wants death benefit at age 94 of $150,000.
AGE 35 DEATH BENEFIT $150,000, MONTHLY PREMIUM $112.75 TO AGE 65 (30 YEARS)
AGE 94 CASH VALUE $1,440.00 AND D. B. $150,000. (29 YEARS NO PAY). NO MORE INSURANCE, OUT OF MONIES.
“DO NOT LEAVE LEDGER WITH CLIENT”
NOW ROUND UP TO $115.00 PER MONTH, TO AGE 65. (30 YEARS)
AGE 94 CASH VALUE $196,713 AND D. B. $198,713. (29 YEARS NO PAY).
AN EXTRA $2.25 A MONTH OR $27.00 PER YEAR X 30 YEARS =’s $810.00.
The Dream you had at age 35, you’ll still have at age 65 because you’ll be broke.
The C E O makes how much a year?
DO NOT LEAVER LEDGER WITH CLINET BECAUSE THEY MADE THE CHANGES AND NO ONE ENFORCES IT ANYWAY.
Agents were also told we’d have a class on how we can sell them more insurance and not cost them any monies. This could be another memo.
There are only two types of agents with this company. One, an active crook or two a silent crook. If you speak up you’re gone, I have about 5 or 6 more scams agents have to do to maintain their agency.
What did the V.P of Life always say? Swim with the current or drown.
Sounds like Amfam is re-structuring, but really, they are expanding their mutual company, and enabling equitable growth.
It also enables executives to receive compensation comperable to stock companies of similar size. Huge pay increases in store for executives once this goes through. Deferred compensation (issued stock) is more readily available. Liberty Mutual’s retired CEO Ted Kelly led their company to their mutual holding company conversion c. 2002. He retired in 2012. In the last four years of his tenure he made over $200 million, much of it was due to cashing in the shares he acquired after the MHC was set up. The nice part of MHC is the preservation of mutuality, thus the execs and board still control the company, not pressured by Wall Street.
Salzwedel the head guy is making $8.2M plus Escalade, plus county club membership, plus jets, plus whatever else $8.2 won’t buy…. per year and others around him salaries are well into the millions. 50-60 “executives.” All done at the expense of their customers. The American Family auto company makes millions but this fake Mutual Company never pays a dividend.
This is some sort of power grab that moves the “mutual” further away. All American Family customers should decline. Oh, they’ll try to sell it to you and put a positive spin on it!
Also and I failed to mention this but looks like the class action lawsuit that the former agents have filed appears to be a winner and the company is looking for ways to shuffle things around a bit! You know just in case they lose the multi-billion (with a $B) lawsuit!
Bottom line; what do policyholders receive in return for relinquishing “ownership rights” for “membership rights”? If the exec’s make sound decisions on acquisitions and investments, they, along with the stock holders will reap all of the rewards. If the exec’s are frivolous or incompetent, they will have stock holders beaming down on them, and the policyholders will be left to “mop-up” the mess with increased premiums. Bottom line; policyholders give away power and assume the risks. Exec’s and stockholders get the rewards. Why would policy holders want to abandon a system that has served them well for almost 90 years?
Please vote against the proposed restructure. Concentrate on pages 24 through 26 of the enclosed information. We will lose control of the company, including control of executive bonuses.
Yet another shell game to rip-off the little guy. Shame on American Family Insurance for trying to bilk the people who made the company–the customers. Shame.
I voted against. I don’t want my insurance company passing along additional risk to me. And, I’m generally suspicious of reorganizing. Why are they doing this? Who really benefits?
I can give you a story that will make you “fall” down and cry about American Family Insurance.
I came forward many years ago and shot down by our so called leaders R’s and D’s along with the commissioner of insurance in Wisconsin. Organized crime is legal in Wisconsin, if you own the commissioner’s office.
Your Dream all summed up:
Universal life class put on by the Vice President and Current C.E. O.
A male client walks into your office and states he wants $150,000 life policy, only pay for 30 years and wants death benefit at age 94 of $150,000.
AGE 35 DEATH BENEFIT $150,000, MONTHLY PREMIUM $112.75 TO AGE 65 (30 YEARS)
AGE 94 CASH VALUE $1,440.00 AND D. B. $150,000. (29 YEARS NO PAY). NO MORE INSURANCE, OUT OF MONIES.
“DO NOT LEAVE LEDGER WITH CLIENT”
NOW ROUND UP TO $115.00 PER MONTH, TO AGE 65. (30 YEARS)
AGE 94 CASH VALUE $196,713 AND D. B. $198,713. (29 YEARS NO PAY).
AN EXTRA $2.25 A MONTH OR $27.00 PER YEAR X 30 YEARS =’s $810.00.
The Dream you had at age 35, you’ll still have at age 65 because you’ll be broke.
The C E O makes how much a year?
DO NOT LEAVER LEDGER WITH CLINET BECAUSE THEY MADE THE CHANGES AND NO ONE ENFORCES IT ANYWAY.
Agents were also told we’d have a class on how we can sell them more insurance and not cost them any monies. This could be another memo.
There are only two types of agents with this company. One, an active crook or two a silent crook. If you speak up you’re gone, I have about 5 or 6 more scams agents have to do to maintain their agency.
What did the V.P of Life always say? Swim with the current or drown.
NICE.