Well-respected veteran financial professional to drive company's finance and actuarial initiatives
Leading life reinsurer Munich Re Life US has appointed 30-plus-year finance veteran Scot Parnell as its Chief Financial Officer.
The New York-based Parnell, who reports to Munich Re Life US CEO, Marc Giguère, is responsible for overseeing the company's Finance and Corporate Actuarial functions, which manages valuation, financial reporting and analysis, expense and capital management, and M&A activity. Parnell will partner closely with the Life US executive leadership team to drive financial planning and advise on the strategic financial direction of the company to ensure sustainable, profitable growth.
"Scot's demonstrated and strong financial acumen, collaborative approach and proven leadership combine to make him a tremendous fit for this vital role," said Giguère. "I look forward to Scot and his team's contributions as we continue to strengthen our reinsurance business throughout the U.S."
Parnell joins Munich Re Life US from DailyPay, where he served as CFO and played an integral role in leading the company's efforts in the on-demand pay industry. He has also held financial leadership roles within TIAA's retail and institutional divisions, as well both the Crump Group and Student Loan Corporation.
"Munich Re Life US is so highly regarded – they are the leader in the life reinsurance industry," said Parnell. "We have a great team of professionals in place. I am honored to join and eager to work together so we can reach each even greater heights."
A licensed CPA, Parnell received his BBA from The University of Texas at Austin's McCombs School of Business and earned his MBA from Columbia Business School.
About Munich Re Life US
As one of the leading life reinsurers in the United States, Munich Re Life US partners with life insurers to leverage smart and connected data, embrace new ideas and technologies, make confident decisions at speed and scale, and gain an exponential understanding of underlying risks. Munich Re Life US is well known in the industry as an innovation leader with extensive technical depth. Munich Re Life US' optimized solutions and capital management expertise expand beyond market leading offerings in individual life, group, individual disability and living benefits reinsurance, to a global center for predictive analytics, automated underwriting, digital partnerships and standard-setting underwriting and medical capabilities. Munich Re Life US believes the digital economy offers an unprecedented opportunity for the life insurance industry to rapidly advance risk assessment and close the widening global underinsured gap.
Munich Re Life US, incorporated as Munich American Reassurance Company, is a subsidiary of Münchener Rückversicherungs- Gesellschaft Aktiengesellschaft in München ("Munich Re"). It has high ratings for financial strength from A.M. Best Company and Standards & Poors. Munich Re Life US serves clients throughout the United States from its two locations in New York and Atlanta.
About Munich Re
Munich Re is one of the world's leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world's most sought-after risk partners for businesses, institutions, and private individuals.
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