A leader who facilitated “unparalleled” company growth many times over, William Rigsbee—one-time president and CEO of Midland National Life Insurance Company (MNL) of Sioux Falls, South Dakota—has passed away.
Rigsbee joined MNL in 1961 and served with the company for 31 years. As its anchor, he achieved a significant growth trajectory for MNL, with its active life insurance policies increasing from $275 million to $50 billion and assets jumping from $29 million to $4.1 billion. He also helped achieve a 15 percent compound annual growth rate—all while sustaining superior industry ratings in the field.
“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,” Rigsbee stated upon his retirement in 1992. “My job … has been to balance all of these sometime conflicting objectives.”
MNL, founded as Dakota Mutual Life Insurance Company in 1906, is owned by Sammons Financial Group (SFG), headquartered in Chicago.
“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 SFG. “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.”
For more information, visit www.midlandnational.com.