Dear GTL Agents,
We have received a number of calls in response to a letter sent to our policyholders regarding an upcoming “Meeting of Policyholders” to take place in April of this year. Included in this letter is a proxy notice which allows our policyholders to assign their vote to designated Board members to vote his or her interest. We send out a proxy notice every year to our policyholders- this is nothing new.
What is new is there is a specific subject matter identified in this notice and it seems that has created calls to our agents when in prior years our notices have not created such calls. The subject is our contemplated re-domestication to the state of Nebraska. Notice of such to our policyholders is required by statute.
It is my fault for not anticipating our notice would be received in a way different from the millions of proxy notices sent out over the past number of years. And so I apologize for putting you in a position of not having been given advance notice.
Our move to Nebraska is being done only after serious deliberations. Our company was founded in Illinois in 1936 and we have been a Chicago based company for better than 85 years. Unfortunately, the business and regulatory environment in Illinois has grown increasingly less friendly to businesses and as we are regulated at the state level, it is critical we reside in a state whose regulatory profile is competent and fair. Having spent considerable time with leaders in Nebraska it is very clear the interests of Guarantee Trust Life Insurance Company are far better served by becoming a Nebraska domiciled company.
Our move does not impact any agent or policyholder in any way. Most of our employees, and executive team, will remain at our existing campus in Glenview. Yet, once finalized, Nebraska will become our primary regulator. As I look for ways to position our company for future success, there are few things I could do which will have a more enduring positive impact on Guarantee Trust than this decision.
Once again, I apologize for not having communicated our intentions at an earlier date such that you would have been prepared for any inquiries directed to you.
And let me emphasize again, other than providing our company a much more attractive regulatory environment in which to operate, there is no change whatsoever to any representative or insured of Guarantee Trust.
Thank you, in advance, for your understanding.
Richard S. Holson III
President and C.E.O.