Two of the world’s largest insurance and financial services organizations are uniting. The boards of directors of LIMRA International and LOMA approved the merger proposal late in September. The new, not-for-profit organization will be called LL Global Inc. and will be based in Windsor, Conn., the current home of LIMRA.
LIMRA’s membership now consists of more than 800 financial services and insurance companies from 71 countries, while LOMA has a membership of more than 1,200 financial services and insurance companies from more than 80 countries. Each offers a variety of consulting, research, education, and training services to its members. While members of both LIMRA and LOMA will automatically become members of the new association, LIMRA and LOMA will remain distinct entities. For example, LOMA will continue to run its operations from its Atlanta office.
LIMRA President Robert A. Kerzner will become president and CEO of LL Global, while Thomas P. Donaldson, current president and CEO of LOMA, will become chairman of the executive committee of the board of directors. “Bringing LIMRA and LOMA together will be good for the industry, our members, and our dedicated employees who serve our members,” said Kerzner, in a statement announcing the merger. “Building on our well-established strengths, we can create a new and exciting organization with limitless possibilities to meet the industry’s needs, whatever they may be, now and in the future.”
Over the years LOMA has developed a reputation for innovations in e-learning, while LIMRA has made its mark with international training and education, and according to Kerzner’s statement announcing the merger, part of the rationale behind the merger is to use LOMA’s e-learning platform to expand LIMRA’s global training programs.
Members of both organizations will vote on the merger agreement later this year, and, if approved, the merger will take effect January 1, 2008.