Liberty Mutual Insurance, Boston, Mass., appointed Brian Dunham as senior vice president and chief actuary of its Group Benefits operation.
Dunham will manage the actuarial function for the business unit that provides group disability and life insurance, and leave administration services, to middle market and national accounts through brokers and consultants.
Prior to joining Liberty Mutual, Dunham was responsible for the pricing and financial management of Unum’s large case group life and disability business. He is a fellow of the Society of Actuaries and a member of the American Academy of Actuaries.
In other industry news:
Oxford Life Insurance Company, Phoenix, Ariz., introduced the Oxford Life Income Protector that combines the guaranteed interest of a multi-year guarantee annuity (MYGA) with the guaranteed lifetime payout of a guaranteed lifetime withdrawal benefit rider (GLWB), which is included at no additional charge.
The MYGA interest rate is guaranteed for five years and varies based on the deposit amount. Deposits from $25,000 to $250,000 are currently being credited an annual interest rate of 3.0% and deposits from $10,000 to $24,999 are currently being credited 2.5%. The Oxford Life Income Protector is available to clients ages 18 to 80, and offers hardship waivers for nursing home confinement and terminal illness.
The GLWB rider credits interest to an income account, used solely for the purpose of calculating the monthly income benefit, at a rate 5.0% greater than the base product. The current income account interest rate is 8.0%.
The Oxford Life Income Protector will cater to clients concerned with achieving guaranteed rates of return like those found in certificates of deposit, and those concerned with outliving their retirement savings.
Oak Street Funding, Indianapolis, Ind., hired Kelly Drouillard as director of strategic markets. In this new role, Drouillard will focus on building strategic partnerships to structure larger, more complex insurance loans.
Drouillard has more than 25 years of experience in finance, operations, commercial lending and strategic development in the insurance industry. Previously, she owned her own consulting and professional services company that specialized in structuring capital transactions in the insurance industry and consulted on hundreds of insurance agency acquisitions.
“Providing insurance agency funding is a niche service and there aren’t a lot of professionals who know the business,” commented Rick Dennen, CEO of Oak Street Funding. “Kelly is one of only a few people in the country who truly have expertise and grasp the intricacies of the insurance industry.”