CITIZENS, INC. (NYSE:CIA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On September12, 2017, Citizens,Inc. (“Citizens” or the “Company”) announced the appointment of David S. Jorgensen as General Manager for International Operations of CICA Life, Ltd. (Bermuda). Mr.Jorgensen has more than 25 years of experience in the life insurance industry, particularly in oversight of international insurance operations in his most recent role as Chief Financial Officer and Treasurer of Citizens. Prior to joining the Company, Mr.Jorgensen was Chief Financial Officer of AIG Life of Bermuda from 2014 to 2015, where he gained experience in Bermuda Solvency Capital Requirements (“BSCR”), corporate governance, risk assessment and risk management under the BSCR. In his new role, he will be responsible for leading CICA Life, Ltd. operations, expanding the Company’s international footprint globally and implementing strategic changes to the Company’s current international business model.
Mr.Jorgensen is succeeded by Kay E. Osbourn, who will serve as Citizens’ Executive Vice President, Chief Financial Officer and Chief Investment Officer. Ms.Osbourn was most recently the Company’s President. Since joining the Company in 2008, Ms.Osbourn has served in a number of management roles including Vice President, Internal Audit, Treasurer, Chief Financial Officer and Interim Chief Executive Officer. Ms.Osbourn has extensive experience in the insurance industry and with the Company.
Geoffrey M. Kolander, Citizens’ current Chief Executive Officer, will succeed Ms.Osbourn as President and serve in the role of President and CEO of Citizens, Inc.
In connection with the change in roles, Mr.Jorgensen’s employment agreement as Chief Financial Officer has been terminated.
CICA Life, Ltd. is a wholly owned subsidiary of Citizens, Inc. Other insurance companies in the Citizens Inc. Group are CICA Life Insurance Company of America and Security Plan Life Insurance Company.
| Item 5.02 | Financial Statements and Exhibits |
CITIZENS INC ExhibitEX-10.1 2 d407076dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 TERMINATION AGREEMENT This TERMINATION AGREEMENT (this Agreement) is entered into as of September 12,…To view the full exhibit click here
About CITIZENS, INC. (NYSE:CIA)
Citizens, Inc. is an insurance holding company. The Company operates in three business segments: Life Insurance, Home Service and Other Non-Insurance Enterprises. The Life Insurance segment issues ordinary whole life insurance in the United States and in the United States Dollar-denominated amounts to foreign residents. It operates this segment through its subsidiaries, including CICA Life Insurance Company of America (CICA) and Citizens National Life Insurance Company (CNLIC). The Home Service segment sells limited-liability, named peril property policies covering dwelling and contents. Its home service insurance products consist of small face amount ordinary whole life and pre-need policies, which are designed to fund final expenses for the insured, primarily consisting of funeral and burial costs. The Other Non-insurance Enterprises segment includes Computing Technology, Inc. and Insurance Investors, Inc. This segment also includes the results of Citizens, Inc., the parent company. CITIZENS, INC. (NYSE:CIA) Recent Trading Information
CITIZENS, INC. (NYSE:CIA) closed its last trading session up +0.07 at 7.75 with 99,078 shares trading hands.