Changes at LifePlans: Marc Cohen Takes on New Role, Joyce Ruddock Named President

ATLANTA--(BUSINESS WIRE)-- LifePlans, Inc. today announced that its current president, Marc Cohen, Ph.D. will be stepping down from the day-to-day management of the company to become the Chief Research and Development Officer effective September 27^th, 2010. He will be succeeded as president and chief operating officer by Joyce Ruddock, a former senior vice president at UnitedHealth Group and former vice president, long term care insurance at MetLife. Joyce will report to LifePlans, Inc. board Chairman and CEO Michael DeKoning, FSA.

“After seven years at the helm of the company, I would now like to focus my efforts on positioning LifePlans to address the changes that are occurring in the long term care (LTC) and commercial health markets arising from the new health reform law,” said Marc Cohen. “Despite difficult market trends in the LTC insurance sector, LifePlans has experienced significant growth in revenues and profits and many of our products are now being successfully deployed in new ways and to new sectors. This is a result of the strong relationships we have with our valued clients and the dedication of our employees to excellent service and innovation. We have contributed in many ways to the growth and development of the LTC insurance sector, and under Joyce’s leadership, we will continue to do so,” Mr. Cohen continued.

“We are extremely fortunate to have such a highly qualified, well-respected and experienced executive as Joyce Ruddock take over the leadership of LifePlans,” said Mike DeKoning. “Joyce has over 25 years of experience in the long term care and health insurance fields and is well-known and respected throughout the industry. She is a visionary who brings an innovative approach to all that she does, and we are enthusiastic about the direction that she will take the company. I have very high expectations for LifePlans going forward. Marc has done a tremendous job leading the company over the last seven years and I thank him for his dedication and strong contribution. I am also very excited that Marc’s new role will serve as a catalyst for the continued growth and success for LifePlans. With the addition of Joyce, the existing strength of the management team, including Marc ,and all of its dedicated employees, LifePlans is well positioned for the future,” emphasized Mr. DeKoning.

LifePlans is a leading provider of outsourced services to LTC insurers and to a growing number of health plans. LifePlans has operated as a subsidiary of Munich American Reassurance Company, the US life and living benefits operation of Munich Re, since November, 1998.

Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client relationships. This is how Munich Re creates value for clients, shareholders and staff. In 2009, the Group – which pursues an integrated business model consisting of insurance and reinsurance – achieved a profit of €2.56bn on premium income of around €41bn. It operates in all lines of insurance, with around 47,000 employees throughout the world. With premium income of around €25bn from reinsurance alone, it is one of the world's leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier.

Disclaimer

This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.

Munich American Reassurance Company
Carol Sullivan, 770-350-3224
Corporate Marketing
Fax: 770-350--3324
[email protected]
or
LifePlans, Inc.
Eileen Haggerty, 781-810-2411
Human Resources
Fax: 781-893-9176
[email protected]

Source: LifePlans, Inc. and Munich Re