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Lafayette Life leaving in June; 159 jobs affected

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All 159 employees of the Lafayette Life Insurance Co. will either relocate to Cincinnati or lose their jobs by July, when the company moves to Ohio.

The company is owned by Cincinnati-based Western & Southern Financial Group, which purchased Lafayette Life in 2005.

A notification received Monday by the Indiana Department of Workforce Development said the layoff is expected to be permanent, and that it will affect all employees of the company.

Layoffs will begin June 1 and will conclude by the end of the month, the notification said. So far, 56 employees have agreed to relocate to Cincinnati, a spokeswoman for Western & Southern said.

Founded in 1905, Lafayette Life provides life insurance and annuity products to individuals and small businesses.

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  • Truly sad . . . .
    There were once great companies, both unique in what they do and part of the local community. Slowly but surely, they are gobbled up by conglomerates. A few holdouts are still out there, like Life of Alabama in Gadsden (main product is cancer policies and small whole life policies). Lafayette Life did it's thing in a positive way. Provided good rates on its life insurance products, paid respectable dividends (policyholders got the surplus profits), local jobs, and no doubt provided a customer to many local vendors. All gone in the name of "progress" and one or two fat cats making a personal profit.
  • Bd Of Directors At Fault
    When The Bd hired a money hungry outsider to turn this once great company from a mutual company to a mutual holding company they should be assumed. BG openingly stated he was at lafayette life to partner with a larger organization. Upon his finding a suitable partner to the tune of $8 Million in his pocket and $2 Million per Sr Staff at the time the acquistion transpired. It was not in the best interest of policyholders,employees or the community. It is assume the state let this gem go. More of assume on the Bd to allow this to happen. Shame on all!!
  • Lafayette Life
    When a great niche company like Lafayette Life partners with a crap company like Western & Southern, you get what you asked for, a larger pile of crap in another city.

    Such a shame.......

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    1. The deductible is entirely paid by the POWER account. No one ever has to contribute more than $25/month into the POWER account and it is often less. The only cost not paid out of the POWER account is the ER copay ($8-25) for non-emergent use of the ER. And under HIP 2.0, if a member calls the toll-free, 24 hour nurse line, and the nurse tells them to go to the ER, the copay is waived. It's also waived if the member is admitted to the hospital. Honestly, although it is certainly not "free" - I think Indiana has created a decent plan for the currently uninsured. Also consider that if a member obtains preventive care, she can lower her monthly contribution for the next year. Non-profits may pay up to 75% of the contribution on behalf of the member, and the member's employer may pay up to 50% of the contribution.

    2. I wonder if the governor could multi-task and talk to CMS about helping Indiana get our state based exchange going so Hoosiers don't lose subsidy if the court decision holds. One option I've seen is for states to contract with healthcare.gov. Or maybe Indiana isn't really interested in healthcare insurance coverage for Hoosiers.

    3. So, how much did either of YOU contribute? HGH Thank you Mr. Ozdemir for your investments in this city and your contribution to the arts.

    4. So heres brilliant planning for you...build a $30 M sports complex with tax dollars, yet send all the hotel tax revenue to Carmel and Fishers. Westfield will unlikely never see a payback but the hotel "centers" of Carmel and Fishers will get rich. Lousy strategy Andy Cook!

    5. AlanB, this is how it works...A corporate welfare queen makes a tiny contribution to the arts and gets tons of positive media from outlets like the IBJ. In turn, they are more easily to get their 10s of millions of dollars of corporate welfare (ironically from the same people who are against welfare for humans).

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