HORSHAM, Pa., Feb. 28, 2013 /PRNewswire/ -- The Penn Mutual Life Insurance Company, a more than 166-year-old company, is pleased to announce that its Board of Trustees has approved the appointment of David M. O'Malley to Chief Operating Officer. O'Malley had previously served as the company's Executive Vice President & Chief Financial Officer.
In his position as Chief Operating Officer, O'Malley, 38, will continue to be responsible for all of the company's operating areas, including financial management, product development and management, new business and underwriting, producer and client services, information management and technology, the project management office, and Hornor, Townsend & Kent, Inc. (Penn Mutual's wholly owned broker-dealer subsidiary).
"Dave's expertise, combined with his natural curiosity, has enabled him to build a successful 20-year career here at Penn Mutual," said Eileen McDonnell, President and Chief Executive Officer of Penn Mutual. "During his tenure, Dave's results-driven and collaborative leadership style has been key to strengthening our business and delivering on the promises we've made to our policyholders. His is a great story of outstanding local talent that began, stayed and grew at Penn Mutual."
O'Malley joined Penn Mutual's Investment Department in 1994. His expertise in the investment field enabled him to build a highly successful career that has led to positions of increasing complexity. In addition, his expertise in derivatives and asset-liability management was instrumental in designing Penn Mutual's highly successful hedging program for life and annuity products with living benefits.
In 2006, he was appointed Chief Risk Officer, which gave him responsibility for leading the company's Enterprise Risk Management Department. Later, as Senior Vice President, he led the development and delivery of competitive products and solutions to meet the needs of the company's policyholders.
O'Malley became a member of Penn Mutual's Executive team as Executive Vice President in 2008, and was named Chief Financial Officer in 2010.
Along with his responsibilities at Penn Mutual, he also serves on the Board of Governors of the Academy of Risk Management and Insurance (ARMI) at St. Joseph's University's Ervin K. Haub School of Business in Philadelphia.
A lifelong resident of the area, O'Malley graduated summa cum laude from Drexel University in Philadelphia, Pa., with a bachelor's degree in finance and economics.
He and his family live in Ambler, Pa.
The Penn Mutual Life Insurance Company
Since its founding in 1847, Penn Mutual has been driven by its noble purpose to create a world of possibilities. At the heart of this purpose is the belief that purchasing life insurance is the most protective, responsible and rewarding action a person can take, and is central to a sound financial plan. The company is committed to helping families unlock life's possibilities through life insurance and annuity solutions. This is accomplished through a national network of more than 5,000 financial professionals, who help clients make great things possible. Penn Mutual supports its field representatives with brokerage services through Hornor, Townsend & Kent, Inc. Registered Investment Advisor and wholly owned subsidiary. Member FINRA/SIPC. Visit Penn Mutual on the Internet at http://www.pennmutual.com/.
©2013 The Penn Mutual Life Insurance Company, 600 Dresher Road, Horsham, PA 19044
SOURCE The Penn Mutual Life Insurance Company