New York Life Rehires ING U.S.’s Bedard as Unit CFO

New York Life Insurance Co., the largest policyholder-owned U.S. life insurer, named David Bedard chief financial officer of the unit created last year to include institutional asset management, mutual funds and annuities.

Bedard, 49, was rehired from ING U.S. Inc. as CFO of the investments group and will report to John Kim, president of the unit, the company said today in a statement. He worked for New York Life from 2007 to 2010 and was president of the annuities business at ING U.S.

New York Life last year divided the company into two business units, the insurance and investments groups. Chris Ashe, who had been interim finance chief during the search for a permanent executive, will be deputy CFO, said William Werfelman, a spokesman for the insurer.

“David brings nearly three decades of experience in the global investment management and annuities business, and we are delighted to welcome him back,” Kim said in the statement.

Bedard has also worked at Hartford Financial Services Group Inc., Massachusetts Mutual Life Insurance Co. and Coopers & Lybrand LLP, where he became a partner, according to the statement. ING U.S., an insurance subsidiary of the largest Dutch financial services company, announced in January that it hired Bedard from Hartford.

“We appreciated Dave’s contributions during his tenure with ING U.S., and we wish him well,” the insurer said in an e-mailed statement. “We are currently in the process of looking for his replacement.”

To contact the reporter on this story: Marci Jacobs in New York at mjacobs63@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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