October 01, 2014 9:25 AM ET

Insurance

Company Overview of The Northwestern Mutual Life Insurance Company

Company Overview

The Northwestern Mutual Life Insurance Company provides various life insurance products primarily in the United States. The company offers life, annuity, disability, and long-term care insurance products to the personal, business, and estate markets. Its products include permanent, term, and combination life insurance products; disability insurance; long-term care insurance; and annuity products, such as deferred and income annuities, as well as medical, dental, and vision insurance products. The company also provides a range of mutual funds, education funding plans, cash management accounts, and individual retirement accounts. In addition, it offers investment products comprising bonds, cer...

720 East Wisconsin Avenue

Milwaukee, WI 53202

United States

Founded in 1857

Phone:

414-271-1444

Key Executives for The Northwestern Mutual Life Insurance Company

Chairman
Age: 54
President
Age: 56
Chief Financial Officer and Executive Vice President
Age: 52
Executive Vice President of Operations and Technology
Chief Investment Officer and Executive Vice President
Age: 55
Compensation as of Fiscal Year 2014.

The Northwestern Mutual Life Insurance Company Key Developments

Northwestern Mutual Life Insurance Co. Purchases Two Adjacent Office and Apartment Buildings

Northwestern Mutual Life Insurance Co. has purchased two adjacent office and apartment buildings near its downtown campus for $2.55 million. The company bought the buildings, at 765-769 N. Van Buren St. and 771-773 N. Van Buren St., from VB 765 LLC. The three-story buildings total around 13,400 square feet, and their lots total 7,200 square feet.

Northwestern Mutual Life Insurance Company, Inc. Announces Executive Changes

The Northwestern Mutual Life Insurance Company Inc. has named Rebekah Barsch as executive officer and vice president of planning and sales; and David Stoeffel as executive officer and vice president of investment services. Stoeffel also becomes president of Northwestern Mutual Investment Services, LLC - a wholly owned subsidiary that provides brokerage and advisory services to individuals and businesses. Barsch joined Northwestern Mutual in 1994. She serves on the advisory board of the American College Retirement Income Center, and is a past board member of Advocates of Ozaukee.

U.S. District Court for the Central District of California Rules Employer of Insured who Embezzled Funds Entitled to Share of Insurance Proceeds in Suit against Northwestern Mutual Life Insurance Company

The U.S. District Court for the Central District of California held an insured's employer was entitled to a proportionate share of the insured's life insurance proceeds due to the insured's embezzlement of funds from the employer. Kurt Brimberry was employed by Fiduciary Trust International of California in its Los Angeles office from November 2001 until Aug. 14, 2012, when Fiduciary terminated his employment. At the time of his termination, Kurt's title was managing director and business development officer. As managing director and business development officer, Kurt was responsible for generating, maintaining and overseeing relationships with high-net-worth clients. Kurt died in August 2012 of unknown causes. Prior to his death, Northwestern Mutual Life Insurance Co. issued two life insurance policies to Kurt. The policies provided a net benefit of $3,501,691, and the sole designated beneficiary under the policies was Kellie Brimberry. On Aug. 31, 2012, Kelly notified Northwestern of her claim for benefits under the policies. While investigating Kelly's claim, Northwestern was contacted by counsel for Fiduciary. Fiduciary's counsel asserted Fiduciary had an interest in the benefits payable under the policies because Kurt embezzled funds from Fiduciary during his employment there and used the embezzled funds to pay some or all of the policies' premiums. Fiduciary's counsel wrote to Northwestern on behalf of Fiduciary and Kellie, making a joint demand that Northwestern stay further processing of the separate claims for benefits while Fiduciary and Kelly attempted to informally resolve their competing claims. Thereafter, Kellie sued Northwestern, and Northwestern moved for summary judgment. The district court granted Northwestern's motion. Because Kurt made premium payments with ill-gotten money paid to him by Fiduciary, Fiduciary was entitled to a share of the insurance proceeds in proportion to the amount of premium payments he made with his ill-gotten embezzled funds.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
August 29, 2014
Two Building at Van Buren Street, Milwaukee
Merger/Acquisition
June 26, 2014
Frank Russell Company
Private Placement
June 26, 2014
South Jersey Industries, Inc.
 

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