Penn Mutual Names New President-COO
November 25, 2015 by Frank Klimko, Washington correspondent, BestWeek: frank.klimko@ambest.com
HORSHAM, Pa. – Penn Mutual Life Insurance Co. has named David O’Malley as the company’s president and chief operating officer. The promotion is effective Jan. 1.
“Dave has been integral to our success, and is one of the reasons for my optimism about our company’s future,” says Eileen McDonnell, chairman and chief executive officer of Penn Mutual. “His inspiring ascent from intern to president and COO is telling of his hard work and dedication to our company and what we stand for. We are thrilled to welcome him as Penn Mutual’s 19th president.”
Penn Mutual Group is the 54th-largest U.S. life insurer out of a list of the top 200 based on total admitted assets in 2014 of $20 billion, according to A.M. Best Co. It was previously ranked 55th, with assets in 2013 of $17.94 billion (Best’s News Service, Jan. 05, 2015).
Penn Mutual Life Insurance Co. currently has a Best’s Financial Strength Rating of A+ (Superior).
