Rick Klenk to Lead Penn Mutual’s Financial Strategy as New CFO
PHILADELPHIA, March 19, 2025 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual) has announced the promotion of Rick Klenk to Chief Financial Officer, effective March 17, 2025. In this role, Klenk will take charge of the company’s financial strategy, overseeing financial, risk, and product management teams. This appointment underscores Penn Mutual’s commitment to maintaining its fiscal strength as it continues to innovate and build on its 178-year history of financial stability.
Klenk is a seasoned executive with over 35 years of experience in risk management, actuarial science, and financial management across various business lines. Before his promotion, Klenk served as Chief Financial Officer for Life Insurance and Annuities at Penn Mutual.
“I am pleased to congratulate Rick on his promotion to Chief Financial Officer,” said Dave O’Malley, Chairman, President, and CEO. “Rick possesses a deep understanding of our core business and has displayed exceptional leadership within Penn Mutual’s financial management teams throughout his career. I am confident that under Rick’s leadership, we will continue to maintain Penn Mutual’s financial strength and stewardship.”
Klenk began his career at Penn Mutual as an actuary and has held leadership positions at Nationwide and Lincoln Financial Group, including Corporate Chief Actuary and Chief Risk Officer. He holds a bachelor’s degree in actuarial science from Lebanon Valley College and is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.
Klenk succeeds Dave Raszeja, who is retiring after more than 22 years of dedicated service to Penn Mutual. Raszeja played a key role in transforming the company’s financial management infrastructure. He will support Klenk’s transition through June 30, 2025.
In 2024, Penn Mutual achieved its highest level of surplus in company history and announced record-breaking dividend awards for its policyholders in 2025, a testament to the strong financial leadership within the company.
About The Penn Mutual Life Insurance Company
For over 175 years, Penn Mutual has been dedicated to empowering individuals, families, and businesses to achieve their financial goals. Through its partnerships with Financial Professionals across the U.S., the company provides the confidence and reliability that comes from a solid financial future. Penn Mutual and its affiliates provide a range of competitive products and services including life insurance, annuities, wealth management, and institutional asset management. To learn more, visit www.pennmutual.com.
© 2025 The Penn Mutual Life Insurance Company, Philadelphia, PA. Dividends are determined annually, are subject to change, and are not guaranteed.
Contact: Stephanie Kensy Penn Mutual 215-956-8337 [email protected]
