MINNEAPOLIS – Former Governor Arne Carlson and two University of Minnesota leaders want UM President Joan Gabel investigated for a role in a financial holding company connected to UM employee life insurance. They claimed a conflict of interest. Gabel is on the board of directors of Securian Financial, to which the university pays premiums of $4.6 million a year. The complaint was filed with the U.S. Securities and Exchange Commission and state Attorney General Keith Ellison. Filing the complaint with Carlson were UM Regent Darrin Rosha and law ethicist Richard Painter.
Securian profile
Securian is a unit Minnesota Mutual Companies. Securian was founded in 1880 in St. Paul. Today’s assets are $78.6 billion and $1.2 trillion in plicies. Subsidiaries include:
> American Modern Life.
> Minnesota Life.
> Securian Life.
> Southern Pioneer Life.
Gabel. President of UM system since 2019.
