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Penn Mutual Appoints Rick Klenk as Chief Financial Officer
The Penn Mutual Life Insurance Company has announced the appointment of Rick Klenk as its new Chief Financial Officer (CFO).
This transition comes as part of the planned departure of Dave Raszeja, who has served at Penn Mutual for over 20 years. Raszeja will assist Klenk’s transition through June 30, 2025.
In his new role, Klenk will oversee the company’s financial strategy and lead its financial, risk, and product management teams. With a career spanning more than 35 years, Klenk has extensive experience in risk management, actuarial science, and financial management across various sectors.
Prior to this appointment, Klenk served as CFO of Life Insurance and Annuities at Penn Mutual. He began his career at the company as an actuarial specialist and has also held leadership roles at Nationwide and Lincoln Financial Group, where he served as corporate chief actuary and chief risk officer.
Dave O’Malley, Chairman, President, and CEO of Penn Mutual, commented: “I am pleased to congratulate Rick on his promotion to Chief Financial Officer. Rick has a deep understanding of our core business and has demonstrated exceptional leadership within Penn Mutual’s financial management teams and throughout his career.
“I am confident that with Rick’s leadership, we will continue to maintain Penn Mutual’s financial strength and stewardship, enabling us to deliver a comprehensive product portfolio and provide top-tier service to the financial professionals and policyholders we serve.”
In 2024, Penn Mutual achieved its “highest level of surplus” and announced “record-breaking dividend awards” to policyholders for 2025.
Last month, the company appointed Brandon Mann as Managing Principal within its national affiliated distribution organization, 1847Financial.
Penn Mutual offers a range of services, including life insurance, annuities, wealth management, and institutional asset management.
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