Open thread: Obama health-care summit; Update: Video link added

http://www.villageprofile.com/nebraska/omaha/15/topic.html
The “Prime” Insurance Destination in the Midwest
Torchmark Insurance Group

In a city that’s world famous for its steaks, there’s also another aspect Omaha is “prime” for—the insurance industry. Just ask some of Omaha’s newest companies, which include a number of Fortune 500 companies that have re-domiciled to the state of Nebraska and opened Omaha operations. The reason for these re-domiciles is due, in part, to Nebraska’s low state premium tax and a strong Midwest work ethic.

In 2008, Torchmark Insurance Group re-domiciled two of its major subsidiaries to Nebraska and opened operations in Greater Omaha. This re-domestication is the seventh in recent years–including Pacific Life, AFLAC, West Coast Life, Fidelity National Title Group, Inc. and Arch Insurance Group. Following AFLAC’s decision, CEO Dan Amos stated, “We conducted a nationwide evaluation, and taking a number of factors into consideration, most notably premium tax rate and favorable business climate, and found Nebraska to be the best fit for AFLAC.”

Greater Omaha has an outstanding insurance workforce including claims experts, underwriters and legacy systems personnel necessary to operate a 21st century insurance company. It has proven to be a flexible, efficient environment for new insurance ideas, including an evolving regulatory structure and a proactive approach to integrating information technology into complex insurance industry challenges.

Since 2004, Greater Omaha has added more than 30 new or expanded insurance companies that have invested over $140 million in the Omaha area. These companies have helped Omaha have a financial services’ employment increase of more than 6.5 percent during the last four years.

And then, there are industry giants Mutual of Omaha and Berkshire Hathaway (including its numerous Omaha-based affiliates). Under the leadership of Dan Neary, chairman and CEO, Mutual of Omaha has reinvigorated their business, with the high-profile mixed-use development, Midtown Crossing at Turner Park, near their Midtown headquarters.

Berkshire Hathaway is most famous around the world for its CEO Warren Buffett. And to many Omahans, Berkshire Hathaway’s embodiment is Borsheim’s or Nebraska Furniture Mart. But many people are unaware of the company’s significant insurance presence in Greater Omaha including National Indemnity, Berkshire Homestate Companies and Central States Indemnity Co. of Omaha.

Another of the area’s largest employers, Blue Cross and Blue Shield of Nebraska, continues to be a health insurance thought leader. A customer-first, wellness-focused company, Blue Cross and Blue Shield of Nebraska has also been named one of the 2008 and 2009 Best Places to Work in Omaha.

Other health insurance-related companies have also greatly increased their Omaha operations base including PayFlex Systems, Perot Systems and Prime Therapeutics. These companies have been attracted to the strong workforce and good transportation options associated with living in the center of the country and operating in an environment with an accessible, connected airport.

In addition, Zurich North America and AAA have recently added significant property and casualty operations in west Omaha due in large part to the ability to find top-quality insurance people in the region. As AAA President and CEO Charles H. Podowski stated following their decision to expand in Omaha, “It was the passion, support and information that was provided to us by the people in Nebraska that made the difference.”

Woodmen of the World and Physicians Mutual® continue to thrive in this 21st century insurance evolution. In addition, long-standing institutions have become new growth leaders, such as Guarantee Mutual’s group operations now owned by Lincoln Financial Group, which has approximately 1,000 Omaha employees.

OmahaConservative on February 25, 2010 at 9:58 AM