THE PENN MUTUAL LIFE INSURANCE COMPANY TO CREATE CENTER FOR VETERANS AFFAIRS AT THE AMERICAN COLLEGE
BRYN MAWR and HORSHAM, PA – May 26, 2011 – In response to the compelling need to help returning soldiers find a rewarding career in civilian life, The Penn Mutual Life Insurance Company today announced an unprecedented gift to build the nation's first Center for Veterans Affairs at a non-profit college that specializes in the insurance industry.
"Our soldiers are world-class heroes, and they deserve a world-class opportunity in an industry that values their professionalism and commitment to protecting people," notes Eileen McDonnell, President and Chief Executive Officer of Penn Mutual. "This gift of $2.5 million over five years to The American College is just the start-- we see unlimited possibilities to identify men and women who would be superb life insurance producers and financial professionals," she added.
The American College, based in Bryn Mawr, PA, is the nation's largest institution devoted to financial services and holds the highest level of academic accreditation. Best
known for conferring the Chartered Life Underwriter® (CLU®) and Chartered Financial Consultant® (ChFC®) designations earned by over 140,000 professionals, The College was a pioneer in distance learning 84 years ago when founded by a Professor Solomon S. Huebner of The Wharton School.
"This gift will allow our College to help soldiers study while serving in any country, in any capacity, and learn about insurance and financial security before they are redeployed home. They will enroll in the most rigorous financial study programs in the world, and those who earn their designations and commit to an ethical practice will benefit from this remarkable gift from the people of Penn Mutual," notes Dr. Larry Barton, President and CEO of The College.
According to the U.S. Department of Labor, veterans face steeper unemployment rates than the rest of the country. Their report, Employment Situation Summary, produced by the Bureau of Labor Statistics in February 2011, indicated that while the national unemployment rate was at 9%, the unemployment rate among veterans was found to be 15.2%.
According to Allen C. McLellan, CLU®, ChFC®, Associate Dean of The College and a retired Air Force Lt. Colonel, “Things may get worse before they get better. The unemployment rate among veterans is expected to increase as more soldiers return home from overseas missions in the Middle East. But thanks to Penn Mutual, The American College will have the resources it needs to reach out to active duty members, reservists and veterans--the heroic men and women of the U.S. armed forces--and offer them their next career of significance. Their hard work, dedication, focus, and ability to succeed in the face of seemingly insurmountable odds is exactly what the financial services industry needs during these challenging economic times.”
The Center will work with a special panel of existing and retired military leaders and insurance industry recruiters to create a "Mission Roadmap" for soldiers who are interested in becoming insurance agents and financial advisors. It is anticipated that the first soldiers willgraduate from The College with these designations within two years.
Penn Mutual has encouraged its producers and home office executives to study with The American College since The College’s founding 84 years ago. "This is the citadel of study for anyone who expects to build a practice for themselves in providing life insurance and annuity solutions, and it was a natural choice for us," adds Thomas H. Harris, CLU®, ChFC®, Senior Vice President, Penn Mutual.
Since 1847, Penn Mutual has been driven by our noble purpose to create a world of possibilities. At the heart of this purpose is the belief that life insurance is the most protective, responsible and rewarding action a person can take, and is central to a sound financial plan. The company is committed to helping families and small businesses unlock life's possibilities through life insurance and annuity solutions. This is accomplished througha national network of financial professionals, who help clients make great things possible. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc., Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. Visit Penn Mutual on the Internet at www.pennmutual.com.
The American College is the nation’s largest non-profit educational institution devoted to financial services. Holding the highest level of academic accreditation, The College has served as a valued business partner to banks, brokerage firms, insurance companies and others for over 84 years. The American College’s faculty represents some of the financial services industry’s foremost thought leaders. For more information, visit TheAmericanCollege.edu.