Former Midland National Life Insurance Company President and Chief Executive Officer (CEO) William A. Rigsbee passed away on May 1, 2017. Rigsbee joined Midland National in 1961, retiring in 1992 after serving 31 years at the company.

“Bill left an indelible mark on our organization by leading us on a course of unparalleled growth, stability and financial strength,” said Esfand Dinshaw, Chairman and CEO of Sammons Financial Group, parent company of Midland National. “Under his leadership, the Regional Sales Director (RSD) program was established, a system that helped us build our field force, and enabled us to obtain national prominence in the insurance marketplace,” added Dinshaw.

Under his leadership, the company increased life insurance policies in force from $275 million to $50 billion; increased assets from $29 million to $4.1 billion; and achieved a compound annual growth rate of 15% while maintaining superior industry ratings and a high quality investment portfolio*.

*Midland National internal information, 1961.

1992: Rigsbee Retires. Watson Named President, CEO And Chairman

Upon his retirement, William Rigsbee said:

“To survive and prosper, a company must provide an adequate return to its shareholders, good products reasonably priced to its customers and the incentive for growth to its field force and employees.  My job as chief executive officer of Midland National has been to balance all of these sometime conflicting objectives.”

In 1992, after serving thirty-five years, John C. “Jack” Watson left his role as president of another insurance company to become CEO, presidentand chairman of Midland National.  His positive message began:

“Now is the time to get highly excited about the Midland National opportunity and share it with your clients, business associates, teammates and potential customers.”

In 1962, Wayne A. Gillis joined Midland National as associate actuary, advancing to senior vice president in 1975.  In 1981, Gillis was named president of Midland National.  Gillis died in November of 1983 and William Rigsbee returned as president.

In November 1961, William Rigsbee was named president of Midland National.  For the next 31 years, Rigsbee, as president and chief executive officer, set Midland National on a course of unparralleled growth, stability and financial strength.

He established the Regional Sales Director (RSD) program and set in motion a belief that he carried with him through his entire career with Midland National Life – give the agent three things:

1.  Excellent products.
2.  A contract that rewards the agent for superior performance.
3.  The company service philosophy that, “The most important person is the one who makes the sale.”

Under his leadership, the company increased life insurance policies in force from $275 million to $50 billion; and achieved a compound annual growth rate of 15% while maintaining superior industry ratings and a high quality investment portfolio.*

*Source: Midland National internal information, 1961.