New York Life Insurance Company is putting a little more organizational chart distance between its long-term care insurance (LTCI) business and its annuity business.
New York Life, New York, is shifting the LTCI business into a new insurance group unit, away from the retirement income security unit.
Executives at New York Life mentioned the LTCI business briefly in an announcement about plans to organize the company into three major units.
- The insurance group unit will include the life insurance and association plan businesses as well as the LTCI business.
- The investment group unit will include New York Life Investments and most of the old retirement income security business.
- The agency department will continue to oversee the company's 12,000 career agents.
Mike Gallo, a senior vice president, is the executive directly in charge of the LTCI business.
Mark Pfaff, the executive vice president in charge of the agency department, will keep his post as leader of that department. John Kim, the executive vice president who has been head of New York Life Investments, will oversee the investment group unit.
Chris Blunt, an executive vice president who has been running the retirement income security unit, will now run the insurance group unit.
Because Blunt is moving over to the insurance group unit along with the LTCI business, he will continue to oversee the LTCI business as well as the life and association plans businesses.
Blunt, Kim and Pfaff are all members of the New York Life's executive management committee.
Blunt has a bachelor's degree in history from the University of Michigan and a master's degree in business from the University of Pennsylvania. He began working for New York Life in 2004. He started his financial services career as a financial consultant at Shearson Lehman Brothers.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.