PHILADELPHIA, PA — The Penn Mutual Life Insurance Company has announced the recent promotion of Rick Klenk to Chief Financial Officer. Klenk will oversee the firm’s financial strategy and lead its financial, risk, and product management teams, fortifying Penn Mutual’s fiscal stability as the company approaches its 178th anniversary.
Klenk brings over 35 years of experience in risk management, actuarial, and financial leadership to the role. Prior to this promotion, he served as the CFO for Life Insurance and Annuities at Penn Mutual, where he demonstrated strategic insight and operational expertise. Earlier in his career, Klenk held leadership roles at Nationwide and Lincoln Financial Group, including Corporate Chief Actuary and Chief Risk Officer.
“I’m pleased to congratulate Rick on his promotion to Chief Financial Officer,” said Dave O’Malley, Chairman, President and CEO of Penn Mutual. “Rick has a deep understanding of our core business and has demonstrated exceptional leadership within Penn Mutual’s financial management teams and throughout the course of his career. I’m confident that with Rick’s leadership, we will continue to maintain Penn Mutual’s financial strength and stewardship.”
Klenk assumes this position following the planned departure of Dave Raszeja, who served Penn Mutual for over 22 years. Raszeja played a vital role in advancing the company’s financial management infrastructure and will assist with the transition until June 30, 2025.
Holding a bachelor’s degree in actuarial science from Lebanon Valley College, Klenk is also a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries. His promotion signifies Penn Mutual’s continued focus on stability, innovation, and financial excellence.a
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