Pres. Life to 'Maintain Presence' in Nyack

Although Presidential Life Corp. has to a Bermuda-based company, the Nyack-based insurance company says it will remain in the village.

"[Presidential Life] is committed to maintaining a presence in Nyack," Beau Allen, a spokesman for Presidential Life, told Patch. He added the company will remain local for the "long term."

The company sells insurance and retirement annuities and employs about 100 local or nearby residents, many of whom frequent Nyack businesses for lunch.

Allan said it was "premature" to comment on whether or not the company's specific location—in the iconic, three-story brick building on Lydecker Street—would change, or if there would be any layoffs.

Presidential Life agreed to sell to Athene Holding Ltd. last week; the deal is expected to close later this summer, if lawmakers and shareholders approve the transaction. Presidential officials lauded the sale as, "in the best interest of our shareholders."

The company was founded by Rocklander Herbert Kurz, who remained with the company up until 2009. He is now 92-years-old, and holds about one-quarter of the company's stock, according to reports.

Athene purchased Presidential Life for $14 a share. Presidential Life's shares have fallen about 11-percent in the past year, according to a Reuters report.

Some involved parties are unhappy with the sale, however, and believe the company sold for less than its value.

"It's very shady dealings," said Robert Knutson, a New Yorker who has been a Presidential Life stock holder for about ten years, and has not sold or bought in five. "I'm astounded."

Knutson cited Bloomberg data showing Presidential Life stocks going for about $30 a share earlier this year.

Knutson attends the company's annual meetings, he said, and is familiar with several elderly, local residents "who depend on Presidential Life stock for their livelihood."