Sammons Financial Group (SFG) has announced the passing of the company's former chairman and CEO John "Jack" Watson.

Watson joined Sammons Enterprises Inc.'s subsidiary, Midland National Life Insurance Company, as president and CEO in 1992. He served as the first chairman and CEO of Sammons Financial Group (SFG) when it was established in 1996 to hold Sammons Enterprises' investments in insurance companies. 

“Jack had a huge impact on the company,” Mike Masterson, former SFG chairman and CEO, said in a statement. “He was responsible for changing the culture and helped set the stage for the significant growth the company has experienced over the last 20 years."

Watson retired in 2000 after leading the SFG member companies to $154.6 billion in life insurance sales and assets worth $5.6 billion.

“Jack also created opportunities for me and a number of senior executives like John Craig (former Midland National president and CEO) and Steve Horvat (former SFG senior vice president and general counsel)," said Masterson, who is a current board member of Midland National and North American Company for Life and Health. "I will always be grateful for everything Jack did for me and for Sammons Financial Group.”