Chapter 10
The Adaptive Society the Midwest, most recently he had built a new life insurance company Patriot Life Insurance Company (a member of Frankenmuth Insurance) from the ground up in 15 months before joining the Society. The immediate challenge of rebuilding members’ surplus lost in the Great Recession was not easy. The Society ended 2012 with negative net income of $832,428 after freezing its employee defined-benefit pension plan, and its surplus fell by more than half a million dollars to $80.8 million. The picture improved in 2013 as surplus increased more than $2.25 million on positive net income of $2.1 million. At the 56th Biennial Convention in 2013, delegates elected Margaret Noe and Todd Warner as Board Directors, replacing Dudley “Dud” Dauterman and Chairman Bill Warner as they retired from the Board, and reelecting Richard Bennett and Suann Hammersmith. The trend of surplus growth slowly moved forward throughout the rest of the decade despite the growing challenge of historically low interest rates. Rates declined from 3% for 10-year U.S. Treasury bonds at the end of 2013 to a record low of 0.5% in July of 2020. The decline put pressure on life insurance companies and others having outstanding annuities that, in many cases, had long-term guarantees of 3% or higher. Society leaders mitigated the interest rate risk in 2019 and 2020 by entering into reinsurance agreements that covered these higher-interest rate guarantee annuities.
Kevin A. Marti President and CEO June 11, 2012, to present On June 11, 2012, Kevin A. Marti became the ninth President and CEO in Gleaner Life history. His selection by the Board of Directors, after a nationwide search with more than 200 applicants, marked the first time a Society leader had been chosen from outside its existing leadership. While a newcomer with a chance to view the Society with fresh perspective, Marti also was a home-grown Midwesterner. His background in actuarial science included a degree from Ball State University in Indiana, and industry experience in Frankenmuth in Michigan’s Thumb area — the cradle of the Society. After actuarial and executive roles at several successful life insurance companies across
The decade preceding the 2020s produced changes in virtually every aspect as the Society sought to meet members’ needs while remaining focused on the founding principles of benevolence, protection and fraternity. All three of those ideals were represented symbolically in 2013 when Gleaner Life first introduced its mascot, Benevolence (shortened to “Benny”), a cartoon lion. The story of how Benny was adopted as a cub and showered with love was an illustration to young and old alike. Helping others by protecting them helps create a sense of family and also leads to more members practicing acts of kindness. 103
