Protecting Life Company CEO Wealthy Bielen has revealed plans to retire on the finish of 2026, with Paul Wells named as his successor.
Wells will take over as president and CEO from 1 January 2027.
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The insurer, a US subsidiary of Daiichi Life Group, additionally mentioned that Scott Adams, government vice-president and chief transformation & technique officer, and Mark Drew, government vice-president and chief authorized officer, plan to depart the enterprise on the finish of 2026.
Wells, who has been with Protecting for nearly 20 years, is at present the corporate’s president and chief monetary officer.
Wells mentioned: “I’m extremely honoured by the board’s confidence and excited to step into this position.
“Protecting has a robust basis, a transparent technique and an distinctive crew that’s dedicated to serving our clients and communities. Collectively, we’ll proceed constructing on our momentum and positioning the corporate for lengthy‑time period success.”
Bielen has led Protecting as president and CEO since 2017. In keeping with the corporate, its property elevated from $75bn to $142bn throughout his time within the prime position, whereas income elevated from $4.5bn to $8bn.
Protecting additionally accomplished six acquisitions throughout that interval.
The corporate mentioned Bielen has labored in monetary providers for greater than 40 years, together with 35 years at Protecting, the place he held a number of senior positions.
It mentioned he was concerned in steering the corporate by way of the 2008 monetary disaster, adjustments within the sector and the worldwide pandemic.
Bielen additionally chaired the American Council of Life Insurers in 2025.
Bielen commented: “Serving as CEO of Protecting has been an honour. I’m extremely pleased with what our crew has completed collectively and deeply grateful to work alongside so many proficient colleagues.
“Paul has been an integral a part of Protecting’s development technique for a few years, and as I look forward, I’ve nice confidence in him, our management crew and the sturdy basis we now have constructed collectively to help the corporate’s continued success.”
Adams has led the group’s transformation and company technique work and has been at Protecting for 20 years. Drew joined in 2016 and is chargeable for authorized issues together with compliance and authorities affairs.
Protecting mentioned additional particulars on succession preparations for Adams and Drew shall be supplied within the coming months.
Final month, Protecting Life agreed to purchase Obsidian Insurance coverage Holdings and its associates from Genstar Capital, a transfer that offers the insurer entry to the specialty property and casualty market.
That transaction shall be accomplished by way of Protecting Life Insurance coverage Firm, the group’s most important working subsidiary, and can add a brand new enterprise line.
