INDIANAPOLIS--(BUSINESS WIRE)--OneAmerica chairman of the board and CEO Dayton H. Molendorp has announced his plan to retire as CEO on March 31, 2014. Molendorp will remain chairman of the board of OneAmerica and its parent company American United Mutual Insurance Holding Company (AUMIHC).
“I have been truly blessed to serve as president and CEO of OneAmerica for nearly 10 years,” said Molendorp, who assumed the chief executive role in 2004. “It has been an honor and a privilege to work with our unbelievably dedicated associates, agents and representatives to serve our policyholders and customers across the nation.”
The AUMIHC board named OneAmerica’s current president, J. Scott Davison, CLU, ChFC, as OneAmerica’s next CEO, effective April 1, 2014, upon Molendorp’s retirement. Davison was also elected to the AUMIHC board of directors at its January 14, 2014 board meeting.
During the years of Molendorp’s leadership, the OneAmerica companies have produced outstanding results. During the financial crisis – the worst economic period since the Great Depression – OneAmerica continued its strong business growth and maintained unquestioned financial strength. The company had the lowest investment losses in the industry during the crisis years and twice had its financial strength rating upgraded, including an upgrade to A+ “Superior” by A.M. Best in 2011. A+ is second highest of A.M. Best’s 16 rating categories.
“The OneAmerica companies weathered the financial crisis well because our mutual philosophy is a long-term commitment that puts our daily focus squarely on our customers,” said Molendorp. “Our product is a promise to pay, and we take that promise seriously. Our job is to be there when our customers need us most.”
Molendorp, 66, has been with AUL since 1987. He became senior vice president of AUL’s Individual Operations in 1999 and was named president of AUL affiliate Pioneer Mutual Life Insurance Company in 2002. In 2003, he was named executive vice president of AUL and president of The State Life Insurance Company. He was named president and CEO of OneAmerica in 2004 and chairman of the AUMIHC board in 2007.
Molendorp is active in a number of business, industry and civic organizations including: American Council of Life Insurers, United States Chamber of Commerce, Indiana Chamber of Commerce, Central Indiana Corporate Partnership, Indianapolis Public Safety Foundation, Indianapolis Downtown, Inc., Indiana Sports Corporation, Boys and Girls Clubs of Indianapolis and the Indianapolis Zoo.
Molendorp credits a strong leadership team for putting the company in the strongest financial position in its storied history. During his tenure as CEO, the company has grown from just under $15 billion in assets to more than $36 billion in assets under administration. The enterprise has grown to more than $2 billion in annual sales, with a 12 percent compound growth rate since 2004. The most fundamental measure of financial strength – capital – has experienced a compound annual growth rate of almost 10 percent during his tenure. The enterprise currently has a record $1.6 billion of total available capital.
“Our organization is focused on taking care of families and businesses,” said Molendorp. “In 2013, the OneAmerica companies paid our customers a record $2.4 billion in benefits. I’m proud to have had the opportunity to work for an organization that continues to help millions of Americans protect the financial security of their families and their businesses.”
Davison named president and CEO
Scott Davison, 49, joined OneAmerica in 2000 and was named president in August of 2013 after serving as the company’s executive vice president since 2011. Davison served as OneAmerica’s chief financial officer (CFO) from 2004-2011. A 28-year industry veteran, Davison previously worked in various financial roles at UNUM Corporation. He serves on the boards of IU Health, LL Global, The American College, Indiana Sports Corporation, Indiana Bond Bank and Camptown.
“Under Dayton’s leadership OneAmerica has been among the fastest growing and strongest life insurance and retirement companies in the industry,” said Davison. “We are well positioned in markets with excellent growth potential and have an outstanding team with a track record of success. Most importantly, we remain committed to putting the needs of our customers and their trusted advisors first, in everything we do.”
“OneAmerica will be in exceptional hands with Scott at the helm,” added Molendorp. “He knows our business and he believes in our mission. He has been an integral part of OneAmerica’s success for more than a decade and he is well-prepared to serve as CEO.”
OneAmerica Financial Partners, Inc. is headquartered in Indianapolis, IN. The companies of OneAmerica® can trace their solid foundations back more than 135 years in the insurance and financial services marketplace. The OneAmerica companies offer a variety of products to serve the financial needs of their policyholders and other clients. These products include retirement plan products and services; individual life insurance, annuities, long-term care solutions and employee benefit plan products.
The products of the OneAmerica companies are distributed through a nationwide network of employees, agents, brokers and other distribution sources that are committed to increasing value to policyholders and clients by helping them prepare to meet their financial goals.