Penn Mutual names Rick Klenk as CFO

Penn Mutual has promoted Rick Klenk to Chief Financial Officer, effective March 17, 2025. Klenk, a 35-year insurance veteran, most recently served as CFO for Life Insurance and Annuities at Penn Mutual.

In his new role, Klenk will lead the company’s financial, risk, and product management teams, supporting Penn Mutual’s long-standing focus on fiscal strength and stability. He originally began his career with the company as an actuary and held senior roles at Nationwide and Lincoln Financial, including Corporate Chief Actuary and Chief Risk Officer.

Klenk succeeds Dave Raszeja, who is stepping down after 22 years with the company and will assist with the transition through June. His appointment follows a record year for Penn Mutual, which reported its highest-ever surplus in 2024 and announced record dividend awards for 2025.

“I’m pleased to congratulate Rick on his promotion to Chief Financial Officer. 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, which enables us to deliver a comprehensive product portfolio and provide top-tier service to the Financial Professionals and policyholders we serve.” – Dave O’Malley, Chairman, President and CEO.