SPRINGFIELD, Mass., October 21, 2019 –Massachusetts Mutual Life Insurance Company (MassMutual) announced today that Arthur (Art) Wallace has been named Chief Actuary. Wallace is taking over these responsibilities from Elizabeth (Betsy) Ward, who has been serving as both Chief Financial Officer (CFO) and Chief Actuary for MassMutual since 2016 and will continue as the company’s CFO. Wallace will report to Ward.
In this role, Wallace will assume actuarial oversight for the pricing, illustrations, valuations, and policyowner dividends of MassMutual’s products. He will also provide counsel on actuarial implications of business strategies and regulatory changes.
“Art is a seasoned actuarial and risk leader who brings more than 20 years of insurance, investment and consulting expertise to his role,” said Ward. “We look forward to adding his strategic actuarial insights, vast industry knowledge and cross-functional leadership to the company, which will be critical for our future success.”
A veteran of the insurance industry, Wallace most recently served as Chief Actuary for Prudential Financial’s US businesses. Prior to that, he was Chief Actuary for Prudential Financial’s Annuity business and also previously served as Chief Risk Officer for Retirement Solutions at VOYA Financial (formerly ING US). Earlier in his career, Wallace held various leadership roles with The Hartford, Mercer Oliver Wyman and Ernst & Young.
Wallace is a graduate of Trinity College, where he double majored in Mathematics and Economics. He is also a Fellow of the Society of Actuaries (FSA) and a Chartered Financial Analyst (CFA).