Elected Officers Serving You

As a mutual company organized for the benefit of our policyholders, ELCO Mutual invites these individuals to annually elect the board members who continue to serve the company’s best interests. The board members then choose the officers who direct the company's day to day operations. Every decision these officers make—investing funds, paying claims, answering your questions, appointing field representatives, and more—is with the company’s overall wellbeing top of mind. Our officers collectively have hundreds of years of executive experience in insurance, so they know how to make educated, appropriate choices for the benefit of our company and its customers

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David A. Bruce, President and CEO

David was raised in Lake Bluff, the home of ELCO Mutual Life and Annuity. He attended Bradley University and Barat College before beginning his career in ELCO Mutual’s new business department in 1985. Shortly after, he became an assistant vice president. Upon the retirement of its claim manager, David transitioned to the claim department in 1989. In 1996, he received his ALHC designation from the International Claims Association and was subsequently named a vice president and received his designation of ACS from LOMA. In 2006, David was elected ELCO Mutual’s executive vice president. He and his wife Merideth have one daughter and one son.

Paul Grawe, Executive Vice President and CFO

Paul began his insurance career as an agent in 1986 after studying business administration at Quincy College in Quincy, Illinois. He served as secretary and treasurer of a fraternal benefit society for over 20 years prior to joining ELCO Mutual in October of 2011. His background includes all phases of the statutory life and non-equity/indexed annuities and administration thereof. Paul joined ELCO Mutual to assist in the policyholder services area as well as provide additional insight for the company in the industry. He has received the Fraternal Insurance Counselor Fellowship designation, among other credits. Outside of work, Paul enjoys spending time with his wife Rita and three sons, who play baseball and softball. When time allows, Paul also enjoys playing golf.

Richard P. Leach, Senior Vice President and Corporate Secretary

Richard began his insurance career with ELCO Mutual as supervisor of the brokerage division in 1980. He became a vice president in 1983 and was named senior vice president in 1992. Today, he is in charge of marketing, new business, and agency. Richard is a graduate of the University of Wisconsin-Stevens Point and has also attained the designations of Chartered Life Underwriter (CLU) and Certified Senior Advisor (CSA).

Ponni Nainar, Vice President and Treasurer

Ponni acquired her master's degree in accounting in India and her certified public accountant (CPA) license in the United States. She worked for over 10 years as a senior manager for a manufacturing organization in India and headed the company's finance and taxation departments until she joined ELCO Mutual in 2014 as a part-time employee. It didn't take long for Ponni to quickly rise through the ranks, first becoming the accounting supervisor, then the controller and treasurer, and, finally, a vice president. Ponni has worked diligently to grow ELCO Mutual's accounting department and is an invaluable member of the executive team.

Lori Lemme, Vice President of Human Resources

Lori graduated from the University of Northern Illinois in 1987. Shortly after graduating, she began working at Radio America, where she gained experience in positions spanning collections, sales, marketing, and human resources. During her 22-year tenure, she rose to the rank of vice president. Lori joined ELCO Mutual in 2010 and quickly became an instrumental member of the team. She has acquired many designations, including the SHRM-CP and PHR designations for human resources. However, human resources is not Lori's only focus; building a culture that goes above and beyond in volunteering, donation, and organizational sponsorship opportunities is just one of the lasting impressions Lori has created. Outside of work, Lori enjoys contributing at her church, playing sports, and spending time with her daughter.

Roger Grum, Vice President of IT

Roger applied for a mailroom job at ELCO Mutual in 1981. On his first day of work, he made a wrong turn and ended up in the computer room—and never left that department. In 1996, he became a vice president for the company and now heads the information systems department, building the alignment of technology and business. He is constantly upgrading his knowledge with seminars and schooling. When away from the office, Roger spends time with his family and enjoys anything with an engine or things with fewer than four wheels.

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Contact a member of the ELCO Mutual team today for assistance finding the insurance plan that fits your needs now and prepares you for what’s next.

ELCO Mutual and its representatives are not legal or certified tax professionals. For tax and/or legal advice, please contact a licensed professional. ELCO Mutual contracts with independent licensed insurance producers and does not guarantee nor certify them as financial planners. Continue Reading Not insured by the FDIC or associated with any government program or agency. Annuities are not associated with a bank. Withdrawals taken from annuities before the age of 59 1/2 are subject to the IRS's 10% excise tax. Individual Retirement Accounts (IRAs) cannot be opened past age 70 ½. Dividends are declared by the company's board of directors and are not guaranteed. When purchasing a single premium whole life policy, please note that the policy is a Modified Endowment Contract (MEC). Any distributions taken by the owner may be taxable (including from the accelerated death benefit rider). Death benefits for life insurance contracts are contingent on any due premiums being paid. The information on this website is intended for informational and educational purposes only and is not intended to provide investment advice or a recommendation. Clients seeking advice should consult a licensed professional. All life insurance policies and annuities are underwritten and issued by ELCO Mutual Life and Annuity. Also known as ELCO Mutual Life and Annuity Company in Florida. Policy Forms: Platinum Eagle: ICC19-SPL-19, Golden Eagle: ICC19-WLP-19, Silver Eagle: ICC19-FE19 and ICC19-MWL19, Preneed: PNGI-02 and PMP99R2, Guardian Eagle Single Premium: ICC19-MYGA[term length]-19, Guardian Eagle Flexible Premium: ICC16-FPA16, and Immediate Annuities: SPIA11 and ICC17-AIFXB17. Policy forms may vary by state. View Less