Market Overview

Vantis CEO Peter Tedone Announces Retirement


Penn Mutual's Ray Caucci to Succeed Tedone

Longtime CEO of Vantis
Life Insurance Company
Peter Tedone has announced that he will
retire at the end of the year from the company where he has served as
President, Chairman and CEO for the past 18 years. Over a 31-year career
at Vantis, Tedone, of Simsbury, CT, transformed the company into a
leading provider of life insurance for mid-market and emerging affluent
customers by marketing through banks and now direct-to-consumer.

Tedone will be succeeded in his position as Chairman and CEO by Ray
Caucci, who currently serves as Senior Vice President of Product
Management, Underwriting and Advanced Sales at Penn Mutual, a
Pennsylvania-based life insurance company. Tedone engineered the
integration of Vantis when it was acquired by Penn Mutual in late 2016.
Concurrent with Caucci's appointment, Scott Smith, current Executive
Vice President and Chief Operating Officer (COO) of Vantis, will be
promoted to President and COO.

"Under Peter's leadership, Vantis secured a leadership position in the
financial institution marketplace and introduced state-of-the-art
technology platforms to provide superior life insurance products for
America's working families," says Eileen McDonnell, Chairman & Chief
Executive Officer of Penn Mutual. "His leadership played an important
role in our decision to acquire Vantis and diversify Penn Mutual's
growth plans. We appreciate Peter's long track record of contributions
to Vantis' success and wish him well in retirement."

While leading Vantis, Tedone was responsible for transitioning the
company from a single-state insurer to a nationally licensed
institution, overseeing the company's expansion in the banking and
direct-to-consumer market and spearheading Vantis' implementation of
next-generation underwriting technology. Tedone will continue to serve
on the boards of the Fidelco Guide Dog Foundation, Hartford Stage and
the University of Hartford's Barney School of Business. In addition,
Tedone will continue to serve as an EMT for Simsbury EMS and as a Police
Commissioner for the Town of Simsbury.

Caucci comes to Vantis with over 30 years of experience at Penn Mutual.
A Fellow of the Society of Actuaries, Caucci is a member of the American
Academy of Actuaries, holds the Chartered Financial Consultant (ChFC)
designation from The American College, is Chairman of the Pennsylvania
Life & Health Insurance Guaranty Association Board of Directors and sits
on various boards and committees within the Penn Mutual enterprise.

Smith joined Vantis 20 years ago and quickly progressed through the
leadership ranks to his current role as COO, which commenced in 2007.
Smith was named Executive Vice President of Vantis in 2011 and Director
of the Board at Vantis in 2017.

About Vantis Life

Established in 1942, Vantis Life Insurance Company's primary goal is to
provide families with affordable life insurance products. Vantis Life
markets its products through financial institutions and
direct-to-consumer. The Company prides itself on providing simple,
easy-to-afford products to middle-income American families and
supporting these products with attentive and personal customer service.
Vantis Life is a separately operated subsidiary of The Penn Mutual Life
Insurance Company.

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