NEW YORK, N.Y., OCTOBER 30, 2007 – New York Life Insurance Company today announced that Senior Vice President Paul Pasteris has added Special Markets businesses to his portfolio. Mr. Pasteris will pick up responsibility for New York Life's AARP-related businesses, in which the company serves as the life insurance and income annuity provider for AARP's 38 million members; long term care insurance operations, and group membership, the provider of group life insurance coverage for members of associations across the country.
Mr. Pasteris will retain overall responsibility for directing New York Life’s Retirement Income business, which is focused on leveraging New York Life’s financial strength, innovation and leadership position as the country’s largest mutual life insurer, to provide products and services that help address America’s retirement challenge.
Mr. Pasteris will continue to report to Ted Mathas, president and chief operating officer of New York Life Insurance Company.
Mr. Mathas said, “Paul has done an outstanding job since joining New York Life in 2005, leading us to the number one U.S. market share position in immediate fixed annuities and in creating more interest among the public for Guaranteed Lifetime Income. We are looking forward to many more successes from Paul and his team.”
Mr. Pasteris joined New York Life in 2005 after seventeen years with Massachusetts Mutual Life Insurance Co., where he was President of MassMutual’s Financial Products Division. Prior to that he led the company’s mergers & acquisitions department, and before that he was head of corporate strategy. Mr. Pasteris graduated from Duke University in 1980 with a degree in management sciences. He and his wife Trudy have three children.
Among those reporting to Mr. Pasteris are Brian Duffy, senior vice president and head of the AARP-related operations; Dennis O'Brien, senior vice president and head of Long Term Care, and John Cassagne, senior vice president and head of Group Membership Association. In addition, Senior Vice President Michael Whitton, who manages financial administration for Special Markets, also reports to Mr. Pasteris. Retirement Income is headed by Senior Vice President Michael Gallo, who continues to report to Mr. Pasteris.
“Our goal is to provide solutions that will help consumers, during every stage of life, achieve the peace of mind that life insurance, long term care insurance and lifetime income can provide,” said Mr. Pasteris. “With New York Life’s financial strength, strong brand, and innovative products, we are well-positioned to meet this goal.”
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investment Management LLC provides institutional asset management and retirement plan services. Other New York Life affiliates provide an array of securities products and services, as well as institutional and retail mutual funds
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|New York Life Names Paul Pasteris To Head Special Markets|