Pacific Life Insurance Company, Newport Beach, CA, has named Khanh T. Tran as President of Pacific Life and Adrian S. Riggs as Chief Financial Officer.
The March 8 announcement was made by Chairman and CEO James T. Morris and the changes will take effect on April 1, 2012.
Both Tran and Griggs are being promoted from within in the company and both have intricate knowledge of the company’s operations.
Tran joined Pacific Life as treasurer in 1990 and was subsequently promoted to Vice President of Corporate Development and Treasurer in 1995. Tran’s aptitude for mergers, acquisitions and strategic new businesses propelled him to get elected to the board of directors of Pacific Life Insurance Company and become chief financial officer in 1996 and chief investment officer in 2011.
Griggs joined Pacific Life in 1994 in the role of an assistant vice president where he arranged and facilitated financial reporting and planning for Pacific Life’s institutional products. He moved on to join the Retirement Solutions Division in the role of vice president where he managed financial, budgeting, planning and compliance operations for the company’s annuity and mutual fund product lines. Promoted to senior vice president in 2008, for Institutional & Structured Products and Risk Management, he will replace and report to Mr. Tran.
In other company news:
New York Life Insurance Company, New York, NY, announced on March 9 the appointment of Vice President Joanne Rodgers as Chief Diversity Officer.
In her new role Rodgers will be responsible for the development and execution of the company’s diversity strategy, the organization of diversity activities and recruitment.
Rodgers was formally head of the Women’s Leadership Program at the New York Life Insurance Company. She will continue to oversee that program as looks to expand others. Rodgers has been with New York Life since 1994. She most recently served as vice president of strategy.
Aviva USA, West DeMoines, IA, has announced new indexed life insurance product, the Survivorship Builder life insurance policy. The policy, which senior vice president Chuck Van Devander describes as a “multifunctional Swiss Army knife” is applicable to consumers who need financial protection for small businesses, blended families and those who feel that their estate tax planning needs could be subject to change.
Although Survivorship insurance is typically used in the realm of estate planning, where the death benefit is paid upon the death of the last surviving insured, Survivorship offers an optional first-to die rider that allows for a portion of the death benefit to be paid to the survivor after the first insured passes.
Indexed universal life insurance credits interest to the policy’s account value and they are correlated to the movement of the S&P 500.