Lincoln National Hires Voya’s Hobbs for Annuity Risk-Management
July 27, 2015 by Katherine Chiglinsky
Lincoln National Corp. hired Carey Hobbs as head of variable-annuity risk management to help with the day-to-day oversight of its hedge program.
Hobbs, 38, joins from Voya Financial Inc. where he was head of market risk management, Radnor, Pennsylvania-based Lincoln said Wednesday in a statement. He replaces Eoin Elliffe and will report to Lincoln’s chief risk officer, John Rhodes.
Hobbs “is a top-tier talent, and I am confident that he will make significant contributions that help to drive our future success,” Rhodes said in the statement. “Effectively managing variable-annuity risk is not only a fundamental component of our overall business strategy, but also a daily focal point that directly influences our results.”
Lincoln and other insurers were burned in the financial crisis by variable annuities, which can guarantee returns for clients even when equity prices fall. Lincoln was the third-largest U.S. annuity seller in the first quarter, according to data from industry group Limra.
Hobbs previously worked at JPMorgan Chase & Co. and Moody’s Investors Service, according to Lincoln’s statement. He received a bachelor’s degree from Adelphi University and is a graduate fellow in physics at Princeton University.
Elliffe joined Aegon NV’s Transamerica as head of global annuity hedging in May, according to his LinkedIn profile.
