SPRINGFIELD, Mass., May 18, 2015 – Massachusetts Mutual Life Insurance Company (MassMutual) has named Executive Vice President Elizabeth (Betsy) Ward, Chief Actuary, effective May 29, expanding her role as Chief Enterprise Risk Officer. Ward is succeeding Isadore Jermyn, who, after a 34-year career with MassMutual – more than a decade of which was spent as Chief Actuary – is retiring.
Ward, MassMutual’s Chief Enterprise Risk Officer since 2007, has a tremendous track record as an active leader in several chief risk officer and industry groups involved with the evolution of enterprise risk management at global financial institutions. Further exemplifying her stature within the global CRO and actuarial communities, Ward, a certified Professional Risk Manager, is currently Chair of the American Council of Life Insurers’ Global Risk Management Committee and is a founding member of the North American CRO Council, where for three years she was Vice Chairman. She has also been a member of the American Academy of Actuaries since 1990, and a Fellow of Society of Actuaries since 1993.
Ward has also been a key contributor to the International Association of Insurance Commissioners’ ComFrame initiative, a set of international supervisory requirements focusing on the effective groupwide supervision of internationally active insurance groups and seeking to narrow the gaps between and among global regulatory regimes. Underscoring this, and Ward’s nearly three decades of industry contributions and leadership, was her recognition as 2014 Chief Risk Officer of the Year by Insurance Risk magazine, a leading global publication dedicated to insurance risk management issues.
“Managing risk is critical to our success and by bringing together our actuarial and risk functions, we are strengthening our ability to help more people secure their future and protect the ones they love,” said Roger Crandall, Chairman, President and CEO of MassMutual. “Betsy’s strong leadership and unwavering dedication to fostering our superior risk and actuarial practices, which are core to our ongoing strength and growth, will benefit this – and future – generations of policyowners and customers.
“Further, on behalf of the entire MassMutual community, I want to thank Isadore for his immeasurable contributions to our company,” added Crandall. “Throughout his tenure, Isadore always conducted himself with the highest integrity and has worked tirelessly as a steward of MassMutual, putting our policyowners’ and customers’ long-term interests first and foremost. I am confident that Betsy will carry on that tradition.”
Prior to joining MassMutual, Ward was a Managing Director at Babson Capital Management, a MassMutual affiliate, and was later appointed Head of Portfolio Consulting in the investment management division. She has also held leadership positions at American Skandia, Charter Oak Capital Management, Aeltus Investment Management and Aetna Life & Casualty.
Ward received her bachelor’s degree from the University of Rochester in Economics and Spanish.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. The company has a long history of financial strength and strong performance, and although dividends are not guaranteed, MassMutual has paid dividends to eligible participating policyowners consistently since the 1860s. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities. In addition, the company’s strong and growing network of financial professionals helps clients make good financial decisions for the long-term.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.