Primerica has one of the BEST inspirational leaders, John Addison. However Mr. Addison could not do enough working in conjunction with CitiCorp to save their company.....However Primerica associates, don't be upset at your company, it will come back.
However Today is a GREAT DAY to look in to becoming a PrePaid Legal Associate. PrePaid Legal is not a subject of this recession, WE ARE GROWING right now. So I extend our hand of welcome and ask you in to looking in to becoming a PrePaid Legal Associate today.
Primerica Cans Bahamas Trip and Annual Convention
By Joshua Fineman and Mary Jane Credeur
Feb. 6 (Bloomberg) -- Citigroup Inc., the bank that received $45 billion in government bailout funds, canceled its Primerica Financial Services Inc.’s convention in Atlanta and a planned trip to the Bahamas this month for the insurer’s top agents.
Citigroup also canceled a trip for Primerica agents to Eden Roc resort in Miami, according to people familiar with the matter. About 1,500 Primerica agents were scheduled to stay at the Atlantis Resort on Paradise Island in the Bahamas.
“Everyone is aware that this is a time of unprecedented economic challenges,” Primerica, based in Duluth, Georgia, said today in a statement. “Citi continues to strive to reduce expenses, which includes eliminating certain meetings and events.”
Citigroup last month reversed a decision to buy a $50 million corporate jet under pressure from the government. Banks and other recipients of U.S. rescue funds have come under fire from lawmakers who said the money had been used for bonuses and other corporate expenses, instead of programs to aid consumers. U.S. Senate Banking Committee Chairman Christopher Dodd said yesterday the Obama administration should put new restrictions on banks that receive aid.
Primerica spokesman Mark Supic declined to comment about any costs associated with canceling the events.
The announcement was made to about 4,000 Primerica representatives through a video message by Primerica Co-Chief Executive Officer John Addison and Citigroup Chief Financial Officer Gary Crittenden earlier today, the people said.
55,000 Attended
The Primerica convention, which attracted 55,000 people in 2007, was scheduled for June 17-20 at the Georgia World Congress and the Georgia Dome, home to football’s Atlanta Falcons.
The Georgia World Congress Center received notice today from Primerica that the company was canceling its plans, said Pattsie Rand, director of sales and marketing for the center. The Primerica group usually takes all three of the center’s halls, which have about 4 million square feet, and the nearby 72,000- seat Georgia Dome, she said.
Primerica was founded in 1977 by Arthur L. Williams, who assembled part-time salespeople to sell term life insurance policies.
Primerica has 100,000 mostly part-time salespeople and 6 million customers, and it sells mutual funds, loans and other investment products as well as life insurance. The unit had revenue of $2.3 billion in 2007 and net income of $544 million.
Citigroup last month announced plans to split itself into two companies, including one that focuses on its “core” banking operations and one, called Citi Holdings, where the bank houses businesses such as Primerica that it plans to eventually sell or wind down.
To contact the reporters on this story: Joshua Fineman in New York at jfineman@bloomberg.net; Mary Jane Credeur in Atlanta at mcredeur@bloomberg.net, this story originally posted on Bloomberg.com
Primerica has one of the BEST inspirational leaders, John Addison. However Mr. Addison could not do enough working in conjunction with CitiCorp to save their company.....However Primerica associates, don't be upset at your company, it will come back.
However Today is a GREAT DAY to look in to becoming a PrePaid Legal Associate. PrePaid Legal is not a subject of this recession, WE ARE GROWING right now. So I extend our hand of welcome and ask you in to looking in to becoming a PrePaid Legal Associate today.
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