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Lafayette Life Insurance Company Moves into next 100 years under New Leadership
-- Robert J. Gibbons, Chairman & CEO Announces Retirement --
LAFAYETTE, Ind. (Dec. 8, 2005) – Lafayette Life Insurance Company, one of the nation’s
top 200 life insurance companies, will welcome a new president and chief executive
officer on Jan. 2, 2006. Robert J. Gibbons announced today that he is retiring as
chairman and chief executive officer of Lafayette Life. However, he will be continuing
his association with Western & Southern Financial Group® (W&SFG) in a consulting
capacity. In that role, Gibbons’ primary activities will be assisting with W&SFG’s
merger and acquisition efforts.
“My decision to retire certainly was not an easy one. However, recently, I felt
as we celebrated our 100th anniversary of Lafayette Life’s founding, it was an appropriate
time to prepare for our next century of success. It has been a pleasure and privilege
to lead one of the country’s premier providers of financial protection. I am confident
as we prepare ourselves for the next chapter in our story, Lafayette Life will continue
expanding our distribution, adding general agents, financial institution alliances,
independent marketing organizations, regional group offices and master brokers to
assure that our products are being distributed to our well-defined U. S. market
segments,” said Gibbons.
Under Gibbons’ leadership, Lafayette Life reorganized into a mutual insurance holding
company, increased its asset base to become among the top 25 percent of all U.S.
life insurers, and broadened its offerings to include policies that provided for
such needs as estate planning, annuities, retirement income, pension or profit-sharing
plans, and cash accumulation. He also guided Lafayette Life through its strategic
partnership with W&SFG earlier this year.
Upon Gibbons’ retirement, Lawrence L. Grypp, president and chief executive officer
of Columbus Life Insurance Company, will become Lafayette Life’s president and chief
executive officer. He also will continue his current role and responsibilities at
Columbus Life. Grypp will split time between Lafayette, Ind. and Cincinnati, Ohio.
Both Columbus Life and Lafayette Life are part of W&SFG’s family of companies.
Gibbons also announced that William F. Olds, a senior vice president, will become
chief operating officer, effective Jan. 2, 2006. He will be responsible for the
day-to-day operations at Lafayette Life. In addition, John F. Barrett, W&SFG
chairman, president and chief executive officer, will become chairman of Lafayette
Life.
Lafayette Life’s headquarters will remain in Lafayette, Ind. Both Gibbons and Grypp
emphasized that Lafayette Life’s deep community involvement will continue both through
individual activities and that of the Lafayette Life Foundation.
According to Grypp, he looks forward to maintaining Lafayette Life’s emphasis on
focusing on its strengths that are deeply rooted in its history and traditions from
the past 100 years. “It is my vision to continue guiding Lafayette Life by the principles
that have brought it to such great successes on so many levels. I have the deepest
respect for Bob and Lafayette Life’s many accomplishments during his tenure. The
outstanding senior management team and talented associates at Lafayette Life will
continue to have the resources to pursue an even broader distribution of products
and services – along with solid and enviable ratings,” said Grypp.
About Western & Southern Financial Group - Western & Southern
Financial Group (W&SFG) is a Cincinnati-based diversified family of financial
services companies with assets owned and under management of $38 billion. A FORTUNE
500 company, W&SFG is one of only 11 groups in the world to earn Standard &
Poor’s AA+ rating or higher for its life insurance units, and is consistently recognized
by A.M. Best, Moody’s and Fitch for financial strength and sound management. With
a heritage dating to 1888, the group’s affiliates include The Western and Southern
Life Insurance Company, Western-Southern Life Assurance Company, Capital Analysts
Incorporated,1, 2 Columbus Life Insurance
Company, Eagle Realty Group LLC, Fort Washington Investment Advisors, Inc.,1 Fort Washington Savings Company,3
IFS Financial Services, Inc., Integrated Fund Services, Inc., Integrity Life Insurance
Company, The Lafayette Life Insurance Company and Touchstone Investments. For more
information, please visit www.westernsouthern.com.
W&SFG is the title sponsor of the Western & Southern Financial Group Masters
and Women’s Open tennis tournaments.
1 A registered investment advisor.
2 A registered broker-dealer and member NASD/SIPC.
3 Member FDIC.
Ratings refer to the financial strength of the insurance company and not to the
safety, stability or performance of any investment product.
About The Lafayette Life Insurance Company - The Lafayette Life Insurance
Company, which was founded in 1905, is a member of Western & Southern Financial
Group. Lafayette Life offers a broad range of financial and insurance planning products
marketed on an individual and group basis. With $2.01 billion in total GAAP assets
as of Dec. 31, 2004, Lafayette Life ranks among the top 200 life insurance companies
in the United States. Lafayette Life is rated “A+” (Superior) by A.M. Best for its
financial condition and operating performance, AA+ for Very Strong financial security
characteristics (second highest of 21 ratings) by Standard & Poor’s, and “AA+”
(Very Strong) by Fitch for its claims-paying ability.
About Columbus Life Insurance Company - Columbus Life Insurance Company
is a top-rated company providing life insurance and annuity products for clients
in 48 states and the District of Columbia. With a heritage dating back to 1906,
the company provides retirement, estate planning, and advanced business planning
services to the affluent market through a nationwide network of independent producers
and registered representatives. The company holds the following outstanding ratings:
A.M. Best A++ for Superior financial strength, operating performance and market
profile (highest of 16 ratings); Standard & Poor’s AA+ for Very Strong financial
security characteristics (second highest of 21 ratings); Fitch AA+ for Very Strong
insurer financial strength (second highest of 24 ratings); and Moody’s Aa2 Excellent
rating for financial strength (third highest of 21 ratings). Columbus Life is a
member of Western & Southern Financial Group®.
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