Corporate Markets Group
Sammons Corporate Markets Group, as a member of Sammons Financial Group (SFG), serves corporate customers such as banks, credit unions, as well as other business sectors. We are based in Fargo, North Dakota, and are a separate business unit from the retail life insurance and annuity operations of Midland NationalŽLife Insurance Company and North American Company for Life and Health InsuranceŽ. We are devoted to understanding the needs of our customers and providing them with innovative, state-of-the art products.
Companies purchase life insurance to fund benefit obligations, such as medical costs and retirement benefits. While traditional life insurance serves as protection for premature death, in Corporate Markets, life insurance is the most economical method to fund employee benefits. These benefits help companies:
- retain and reward key people
- provide supplemental retirement income
- allow employees to defer income until retirement
- provide security for an employees' survivors
In 1982, Sammons Corporate Markets Group, which was then known as Western States Life Insurance Company (and later became part of Sammons Financial Group), was the first company to provide Bank-Owned Life Insurance (BOLI) products. We have grown consistently in the BOLI market since that time, currently serving over 1,500 commercial bank customers.
In 2009, Sammons Corporate Markets Group began serving credit unions and small businesses with funding solutions. While credit unions are still in the financial services sector, we quickly realized that they were different than banks. In 2010, we modified our offerings for credit unions, providing them with their own product line tailored to their needs. Today, we are currently serving over 700 credit union customers.
In 2020, Sammons Corporate Markets Group entered the Pension Risk Transfer (PRT) market by leveraging its expertise in working with institutions to provide customized solutions for their employee benefit programs. Our financial strength along with an in-house administrative system and team that is specifically dedicated to providing knowledgeable and friendly customer service, plan sponsors can be confident when choosing us to handle their future pension benefit obligations. In addition, with our ESPOP ownership structure and long-term commitment to the PRT market you can count on us long into the future.