Unum Group has appointed Jack McGarry to oversee the company’s closed block of business in the US, who has served as CEO of Unum UK since July 2010.
Peter O’Donnell, senior vice president and chief financial officer of Unum UK, has been selected to succeed McGarry as president and CEO of Unum UK.
Unum Group president and CEO Thomas Watjen said, "Our closed block now represents over 25 percent of our capital, and I’m confident that Jack’s significant financial and operational expertise will help us improve the performance of this business."
The closed block of business comprises of individual disability policies issued prior to the mid-1990s and all of the company’s long-term care business.
According to the underwriter, it stopped writing individual long-term care policies in 2009 and new group long-term care policies earlier this year.
As of 30 June 2012, this business segment had assets of more than $32bn.
Peter O’Donnell joined the company in June 2010 as its chief financial officer and prior to joining Unum UK, O’Donnell worked for many years in senior finance roles at RSA and Aviva and was director, Group Finance, for Prudential.
The company said that with O’Donnell’s promotion, deputy CFO Stephen Harry becomes CFO of Unum UK, subject to formal approval by the UK Financial Services Authority.
Unum Group offers financial protection benefits in the US and the UK, which includes disability, life, accident and critical illness coverage.