A Canadian life insurer has named a new head for its U.S. retirement business.
Great-West Lifeco Inc. says Edward Murphy III will succeed Robert Reynolds as the president and chief executive officer of Great-West Life & Annuity Insurance Company.
Great-West Life is the parent of Empower Retirement, Great-West’s U.S. retirement services unit.
Reynolds, who is also the president of Putnam Investments, will keep that job and become chair of Great-West Lifeco U.S. LLC, Great-West says.
Murphy, who has been president of Empower Retirement, will keep that job.
What Murphy Will Run
Murphy will end up running a unit that manages about $544 billion in assets for 9.2 million customers and 39,000 retirement plan sponsors. The unit oversees Great-West Investments and the Great-West individual life and annuity operations as well as Empower Retirement.
Dai-Ichi Life Holdiings Inc. of Tokyo recently agreed to acquire the Great-West U.S. individual life and annuity operations, through a deal with a value of about $1.2 billion.