History of Rocky Mountain Life Insurance Company
From Jim Woods notes for his RML book
The Rocky Mountain Life Insurance Company was formed in 1965 and commenced selling insurance on January 1st, 1966 and the company enjoyed mammoth growth in its first four years of operation.
In 1969 they led the Province in new business produced. Its cost in obtaining this business was the lowest in Canada using Stone & Cox Life Insurance tables & methods of calculation. (Available in Edmonton Public Library).
During the first four years of operation they had spent $375,000 and created hidden assets (not shown on a life company balance sheet) of $2,760,000 valued on a “going concern” basis.
The Romoco organization (Officers and Directors of Rocky Mountain Life Insurance) had also formed the Professional Life Insurance Company and raised in excess of $1,000,000 in 1969 and 1970 in a very severe economic climate.
The Romoco Organization was fully disclosed to the Alberta Securities Commission. A prospectus for Professional Life, dated September 8th, 1969 outlines this disclosure.
It was the belief of James E Wood (Jim) that the Romoco Organization did more towards the creation of a substantial Life Insurance Company for the Province of Alberta than any other organization and at less cost. To be in its current financial situation is totally unnecessary.
Jim noted that the current Alberta administration was giving consideration to:
The formation of an Alberta bank.
- Human rights.
- The protection of Alberta businesses.
- Foreign ownership.
Jim suggested that a successful Life Insurance Company can equal, if not surpass the value of a bank in this province.
Jim also believed that it is his “Human Right” to be allowed to carry out his goals and plans without undue intimidation.
Jim also suggested that his organization and his record, is worthy of Government support both financially and morally.
It has been the ambition of the Romoco Organization to allow Albertans to participate in their own financial ventures and ultimately reap the rewards for that participation.