The Penn Mutual Life Insurance Company has appointed Rick Klenk as chief financial officer (CFO).
The transition follows the planned departure of Dave Raszeja, who has served for more than 20 years at Penn Mutual.
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Raszeja will facilitate Klenk’s transition through 30 June 2025.
In his new role, Klenk will manage the company’s financial strategy and lead the financial, risk and product management teams.
In his career of more than 35 years, he has worked in risk management, actuarial and financial management across various business sectors.
Prior to his new role, Klenk served as CFO of Life Insurance and Annuities at Penn Mutual.
Klenk began his professional journey with Penn Mutual as an actuarial specialist.
Before that, he also served in several leadership roles at Nationwide and Lincoln Financial Group, where he was corporate chief actuary and chief risk officer.
Penn Mutual chairman, president and CEO Dave O’Malley said: “I am pleased to congratulate Rick on his promotion to chief financial officer. Rick has a deep understanding of our core business and has demonstrated exceptional leadership within Penn Mutual’s financial management teams and throughout the course of his career.
“I am confident that with Rick’s leadership, we will continue to maintain Penn Mutual’s financial strength and stewardship, which enables us to deliver a comprehensive product portfolio and provide top-tier service to the financial professionals and policyholders we serve.”
In 2024, the company achieved a “highest level of surplus” and announced “record-breaking dividend awards” to policyholders in 2025, the release added.
Last month, Penn Mutual appointed Brandon Mann as the managing principal within its national affiliated distribution organisation, 1847Financial.
The company offers a range of services including life insurance, annuities, wealth management and institutional asset management.
