The Penn Mutual Life Insurance coverage Firm has appointed Rick Klenk as chief monetary officer (CFO).
The transition follows the deliberate departure of Dave Raszeja, who has served for greater than 20 years at Penn Mutual.
Raszeja will facilitate Klenk’s transition by 30 June 2025.
In his new position, Klenk will handle the corporate’s monetary technique and lead the monetary, threat and product administration groups.
In his profession of greater than 35 years, he has labored in threat administration, actuarial and monetary administration throughout numerous enterprise sectors.
Previous to his new position, Klenk served as CFO of Life Insurance coverage and Annuities at Penn Mutual.
Klenk started his skilled journey with Penn Mutual as an actuarial specialist.
Earlier than that, he additionally served in a number of management roles at Nationwide and Lincoln Monetary Group, the place he was company chief actuary and chief threat officer.
Penn Mutual chairman, president and CEO Dave O’Malley stated: “I’m happy to congratulate Rick on his promotion to chief monetary officer. Rick has a deep understanding of our core enterprise and has demonstrated distinctive management inside Penn Mutual’s monetary administration groups and all through the course of his profession.
“I’m assured that with Rick’s management, we’ll proceed to keep up Penn Mutual’s monetary energy and stewardship, which allows us to ship a complete product portfolio and supply top-tier service to the monetary professionals and policyholders we serve.”
In 2024, the corporate achieved a “highest degree of surplus” and introduced “record-breaking dividend awards” to policyholders in 2025, the discharge added.
Final month, Penn Mutual appointed Brandon Mann because the managing principal inside its nationwide affiliated distribution organisation, 1847Financial.
The corporate provides a variety of providers together with life insurance coverage, annuities, wealth administration and institutional asset administration.
