Penn Mutual Life Insurance Company has promoted David O’Malley to executive vice president.

O’Malley has been chief risk manager and senior vice president for product management at Penn Mutual, Horsham, Pa. He helped design the company’s hedging program for life and annuity products with living benefits.

O’Malley has a bachelor’s degree in finance and economics from Drexel University.

In other personnel news:

- Great-West Retirement Services, Greenwood Village, Colo., a unit of Power Corp. of Canada, Montreal, has hired Thomas Mordaunt and Jason Smoot to be regional sales directors for 401(k) business.

Mordaunt, who will handle upstate New York, previously worked as an external wholesaler at John Hancock, Boston, a unit of Manulife Financial Corp., Toronto.

Smoot will handle Washington and northern Virginia. He was an external wholesaler at Principal Financial Group Inc., Des Moines, Iowa.

- Towers Perrin Inc., Stamford, Conn., has hired Eric Palley to be a principal in the firm’s retirement risk solutions practice.

Palley, who will be based in New York, previously was director of the North American pensions business at BNP Paribas S.A., Paris.

Palley has a bachelor’s degree in applied mathematics from Harvard University and a master’s degree in industrial relations and personnel management from the London School of Economics and Political Science.

- HealthMarkets Inc., North Richland Hills, Texas, has hired B. Curtis Westen to be executive vice president and general counsel.

Westen previously was general counsel of Health Net Inc., Woodland Hills, Calif.

Westen has a bachelor’s degree and a master’s degree in business from Western Illinois University. He has a law degree from the University of California at Berkeley.