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.
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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.