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Central States Health & Life Co. (CSO)
       
 
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Central States Health & Life Co. (CSO)
 
 
Mission statement: 

Central States Health & Life Co. of Omaha (CSO) exists to help people enhance their lives by offering quality products and services, thereby assisting people in minimizing their financial risks.  In pursuit of this mission, CSO strives to:

   • Maintain a strong financial base and be governed by its trustee obligations.

   • Maintain a reasonable diversity of products, targeting areas where CSO is best qualified.

   • Develop a highly skilled and productive group of professionals and create a working environment that supports their personal and career goals.

   • Monitor the changing marketplace and incorporate that change into our products and people.

   • Maintain constructive and informed relationships with regulatory groups.

In our desire to stress quality in all things and expand on a sound basis, CSO recognizes a theme of
"To Care is To Grow" in every business decision.  To fulfill this theme, CSO endeavors to:

   • Instill a sense of fair play, equal opportunity and justice in all things;

   • Inspire through the pursuit of professionalism and excellence a liveliness of mind and expression that promotes company loyalty and pride;

   • Encourage the company and its employees to participate in the affairs of their communities, on local, state and national levels, and to make meaningful contributions to professional associations;

   • Encourage people to take responsibility for their own health and to make wellness a way of living a longer, healthier life.
Overview: 

CSO is a mutually owned insurance company specializing in the debt protection market. Our vision is to be the leader in debt protection products by providing innovative solutions and value to its lenders, agents, customers and policyholders.

We are uniquely positioned to capitalize on the dual focus of credit life and disability products and debt cancellation programs. These product offerings are marketed by business partners consisting of automobile dealerships and financial institutions. CSO's extensive network of employed sales and training professionals and general agents allow for effective and responsive servicing of its accounts.

A solid history of successful business practice has provided an exceptionally strong financial base. Retained earnings as of year-end 2008 exceeded $145,500,000.

With over 75 years in the business, CSO supports over 5,300 financial institutions and automobile dealerships and is a top provider of debt protection in the dealer market in the United States. The number of in-force credit life and/or disability policyholders exceeds 340,000 and more than 21,000 insurance certificates are processed on a monthly basis. CSO possesses the knowledge and skills required to extend superior service and products to its policyholders and business partners alike.

Based in Omaha, Nebraska, CSO employs approximately 160 people and is licensed in every state except New York. CSO is also licensed in Guam and the District of Columbia. The company strives to be the provider of choice in the debt protection market. Our motto, "To Care is To Grow," remains the guiding philosophy behind how we do business.
History: 

Central States Health & Accident Association was founded in 1932 by T. Leslie Kizer, beginning with two desks, two chairs and 100 individuals each willing to spend $11 on an insurance policy.  Central States pioneered what was then called Deferred Payment Health Accident Protection, providing payment protection when death or disability made it impossible for an insured to fulfill their financial obligations.  It was the first of its kind in the Midwest, and it quickly propelled Central States growth in the insurance industry.  The company soon developed a hospital reimbursement policy, similar to modern major medical insurance, and expanded its business into Colorado and South Dakota by the early 1950s.

In 1957, Central States celebrated its silver anniversary and changed its corporate charter to a legal reserve life, health and accident company, emerging with a new corporate name: Central States Health & Life Co. of Omaha (CSO).  At that time, CSO offered both life and health insurance and was licensed in 14 states.  The new name was a more accurate reflection of the company's diversified product lines.

CSO continued to experience growth and became a leading writer of credit insurance and various health insurance products.  Statutory surplus grew from $1,000,000 in 1960 to over $5,400,000 by 1970.  To accommodate the growing business, a new headquarters facility was built on a 13-acre office site in Omaha, Nebraska.  The building was completed in 1976 and featured a unique crescent shaped architectural design.  The building offered more space than could be filled at the time.

An important organizational change occurred in 1977 when Central States Indemnity (CSI) was formed as a subsidiary of CSO.  Chartered to operate as a full line property and casualty insurance company, CSI focused on credit disability and unemployment insurance for bank credit card customers.  At the same time, CSO’s credit insurance and supplemental health lines focused on its target business.  By 1980, statutory surplus was over $10,000,000.
    

It wasn’t long before continued growth prompted the construction of a second building, which was completed in 1988.  The five-story structure is directly adjacent to the first building and was the first round office building built in Omaha. In December 1992, CSO’s subsidiary, CSI, was purchased by Berkshire Hathaway Inc.  As a result of this sale, CSO’s financial condition was strengthened and its ability to compete in the insurance marketplace was enhanced.  Statutory surplus now exceeded $37,000,000.

In the late 1990’s, CSO set in motion strategic business initiatives designed to ultimately place emphasis on its core business:  debt protection.  The major medical business was sold in 1999.  And, with the expanded ability of financial institutions to offer debt cancellation products, CSO in 2002 developed the infrastructure enabling them to support debt cancellation programs.  The ability to extend both credit insurance and debt cancellation offerings solidified their position as a leader in the debt protection industry.

In 2004, CSO made a strategic decision to discontinue marketing its Medicare Supplement and other supplemental health insurance products.  With the reinsurance and/or assumption of its supplemental blocks of business completed in 2005, CSO exited the health insurance market.  These transactions resulted in statutory surplus combined with asset valuation reserve to reach a record high, in excess of $100,000,000.

In 2006, CSO entered into a strategic marketing alliance with Jim Moran and Associates (JM&A) for the rights to market credit insurance to their dealership base. Later that year, CSO negotiated a similar agreement with Universal Underwriters (Zurich). In 2007, CSO finalized an agreement with The Warranty Group to take over Resource Life Insurance Company's (RLIC) credit insurance block of business.

As a result of these agreements, CSO has established a significant national presence in providing credit insurance to the dealership market. In addition, CSO continues to service and grow their business with financial institutions for both credit insurance and the evolving debt cancellation lines.

As of 2009, over 3,400 automobile dealerships and 1,800 financial institutions have contracted with CSO to extend credit insurance products to their customers.

Though statutory accounting principles are utilized by the insurance industry, Generally Accepted Accounting Principles (GAAP) are the accounting methods utilized by non-insurance orginizations. CSO's year-end 2008 statutory surplus combined with asset valuation reserve exceeded $88,000,000. CSO began 2009 with retained earnings (a GAAP measurement) in excess of $145,500,000.

CSO’s vision is to be the leader in the debt protection market by providing innovative solutions and value to lenders, agents and policyholders.  The core business of debt protection uniquely positions CSO to capitalize on a dual focus of extending traditional credit life and disability products as well as providing debt cancellation programs.
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