ALEXANDRIA, Va., July 24, 2012 /PRNewswire/ -- Armed Forces Benefit Association (AFBA) and 5Star Life Insurance Company today announced that Craig Piers has elected to retire as President of 5Star Life Insurance Company after 12 years of service with the company. Mark Singleton succeeded Piers as President effective June 27, 2012.
"Craig has put in place the foundation that has made 5Star Life such a success. Under his strong leadership and strategic guidance, he has built a team that has brought 5Star Life's insurance in force from $32.6 billion to $40 billion. He has increased the policies and certificates from 466,000 to 687,000. He has also increased shareholder's equity from $53 million to $92 million. We have been fortunate to have Craig leading the Life Company and we wish him the very best in his well-deserved retirement," said General Ed Eberhart, USAF (Ret.), Chairman and President, AFBA.
With more than 41 years of experience in the life insurance industry, Piers has devoted his life to honor, duty and life insurance. Prior to 5Star, he headed John Hancock Mutual Life Insurance Company's group sales and marketing. Prior to that, he was a captain in the United States Army, an experience that served him well as he advanced in the industry and, as President of 5Star, provided valuable products and services to those who serve this great nation.
About Mark Singleton, FLMI
Mark comes to 5Star Life with over 25 years of experience in the financial services industry to include life and health insurance, property and casualty insurance, retirement services and real estate investment. He has served as Chief Executive Officer and President of Ullico, Inc. in Washington, DC. During his time at Ullico, Inc. he was able to implement new growth strategies to leverage the company's unique niche in the labor union affinity markets.
Prior to joining Ullico, Mark was the CFO of Inviva Inc., a New York-based life insurance and annuity holding company he helped found in 2000.
"We are very excited about Mark joining the AFBA/5Star team. He is a seasoned veteran who has proven his ability to develop and implement growth strategies. His leadership will guide the continuous evolution of AFBA and 5Star Life's strategies and operating concepts in ways that will allow us to address the evolving needs of our members and customers. He will help us to further leverage our unique niche as one of the best financial services providers to the men and women who serve this great nation. Mark is the right choice at the right time," said General Ed Eberhart, USAF (Ret.), Chairman and President, AFBA.
Founded to Serve Our Great Nation
AFBA was established in 1947 with the support of the General of the Army, Dwight D. Eisenhower, to ease the strain on military members and their families during wartime. At that time, servicemembers could not purchase life insurance that would pay a death benefit if the member was killed in a war zone.
For over sixty-five years, AFBA, the Armed Forces Benefit Association, has stood by our country's armed forces. AFBA provides life insurance in both war and peace to those who serve this great nation including military, first responders and government employees.
What makes AFBA unique is that, unlike so many other insurance companies, AFBA's insurance coverage continues to have no war or terrorism exclusions. AFBA also offers other financial benefits and services to its members.
AFBA Stands by Its Members
AFBA has paid life insurance claims to the families of members who lost their lives in the Korean, Vietnam and Persian Gulf conflicts, the attack on the Pentagon and the wars in Iraq and Afghanistan. AFBA continues to keep its rolls open during the "War on Terrorism." The Association has over 345,000 members insured with $37 billion of insurance in force. Life insurance claims paid exceed $1.2 billion.
AFBA is under the leadership of a President-Chairman and a Board of Directors of retired senior flag and non-commissioned officers and business leaders from private industry who continue to honor the mission of its founders.
AFBA Related Enterprises
5Star Financial, LLC, a financial services holding company owned by the AFBA Investment Trust, offers AFBA members and the general marketplace financial services including individual life insurance and banking services.
5Star Life Insurance Company is the principal underwriter of AFBA's group life insurance programs in addition to offering individual life insurance products.