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Life Health > Life Insurance

McGarry to lead Unum closed-block unit

By Allison Bell

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Unum Group Corp. (NYSE:UNM) has brought Jack McGarry back from London to run its U.S. closed-block business.

McGarry has been running the company’s Unum UK unit since July 2010, when he took over from Susan Ring.

Peter O’Donnell, the chief financial officer of Unum UK, will become the president of the U.K. unit, which has faced problems with earnings. The unit also has faced questions from U.K. consumers about its role in advising the country’s government on welfare reform efforts.

The U.S. closed-block unit handles the individual disability insurance policies that Unum sold before the mid-1990s and all of the company’s long-term care insurance (LTCI) products. The unit manages about $32 billion in assets. It accounts for about 25% of Unum’s capital, the company said earlier this week.

Unum stopped selling individual LTCI products in 2009 and group LTCI products earlier this year.

McGarry has a bachelor’s degree in mathematics from the University of Vermont. He is a fellow of the Society of Actuaries and a member of the American Academy of Actuaries.

He started out in the individual life division at Unum in 1986 and became a vice president for underwriting and risk management for long-term disability insurance in 1992. He became senior president of the U.S. risk management organization in 2000.

In December 2008, McGarry joined with Stephen Mitchell to write an article about the roots of the “Great Recession” for the SOA. Mitchell and McGarry blamed the recession on “the three L’s” — lack of accountability, leverage and liquidity.

Mitchell and McGarry talked about the need to watch for “a crisp relation between authority and accountability” in the financial markets.

“We should also look at our own organizations and institutions to be sure that the individuals we rely on for decisions in sales, service, management and professional ranks have the interest in the outcomes necessary to drive rational behavior,” Mitchell and McGarry wrote.

In June 2011, Unum UK made a video that showed McGarry explaining the concept of disability insurance to U.K. consumers. 

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