Aflac Inc. (AFL), the largest seller of supplemental health insurance, hired Lori Evangel to be chief risk officer in the investment division as the company reshapes its portfolio after suffering losses tied to European banks.
Evangel, 50, who worked most recently at MetLife Inc. (MET), will be based in New York and report to Chief Investment Officer Eric Kirsch, the insurer said today in a statement.
Kirsch was hired in 2011 from Goldman Sachs Group Inc. after the insurer was burned by privately negotiated investments in European banks that issued debt in yen. Columbus, Georgia- based Aflac, which sells most of its coverage in Japan, has been adding U.S. corporate debt as Kirsch builds his staff with hires including Brad Dyslin, a former colleague at Deutsche Bank AG, and Timothy “Chip” Stevens from BlackRock Inc. (BLK)
Evangel’s job involves “risk mitigation and prudent risk- taking through market cycles,” according to the statement.
She began today in the newly created post, according to the insurer. Evangel was senior vice president and enterprise risk officer at MetLife, the biggest U.S. life insurer. She previously worked for MBIA Inc. (MBI)
MetLife said Frank Cassandra oversees corporate risk management and Howie Kurpit has international risk management, duties previously handled by Evangel. Both report to Global Chief Risk Officer Stan Talbi, according to an e-mail today from Chris Breslin, a MetLife spokesman.
Aflac in July reported second-quarter realized investment losses of $272 million as the insurer recorded impairments on Spanish holdings including Bankia SA. That was an improvement from a year earlier when the company posted losses tied to Portugal’s Banco BPI SA and National Bank of Greece SA.
Aflac gained 2 cents to $52.95 at 4 p.m. in New York trading. The company has rallied about 23 percent in the past year, beating the 19 percent advance of the 22-company Standard and Poor’s 500 Insurance Index.
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