Chapter 4: The Acquired Executive

Terry was sitting at his desk in one of the executive offices overlooking Halifax Harbour. On clear days, you could see well out into the harbor, but today it was raining, as it often does during fall in Nova Scotia, Canada.

Usually, Terry’s morning ritual consisted of preparing for a busy schedule of meetings with clients and staff, but the last few weeks had changed everything. Now, he was unsure if it was business-as-usual, or if he needed to change course.

Terry was Vice-President in charge of a profitable sales office of Maritime Life Insurance, managing annual revenues of over half a billion dollars with an ROI in excess of 20%. His main product responsibility was trusteed insurance: specialized insurance policies for multi-employer unions. Unlike most group insurance plans, the policy is the responsibility of the union, rather than the company for which an employee works. For example, in the construction trade, a union member may work for different contractors or on many different projects throughout the year. If the union did not negotiate and manage the insurance plan, an individual worker might never be considered a “full-time, permanent employee” entitled to on-going benefits such as life insurance, dental coverage, or long-term disability benefits in case of an injury. Due to the seasonality of work, having the union responsible also ensures continuity of insurance year-round.