June 18 (Bloomberg) -- Lori Dickerson Fouche has left as chief executive officer of the U.S. property casualty unit of Allianz SE, Europe’s largest insurer, to help lead Prudential Financial Inc.’s business providing coverage through employers.
Fouche will have responsibility for life and disability offerings, sales and account management, Newark, New Jersey-based Prudential said yesterday in a statement. She’ll have the title of president.
“I’m excited to join a great company,” Fouche said in a telephone interview. “Prudential has a very strong brand name and a great leadership team.”
Prudential and MetLife Inc., the largest U.S. life insurer, have been pushing sales of group coverage which can be less sensitive to low interest rates than retirement products. President Barack Obama’s health-care overhaul may also expand the market for some types of insurance sold through workplaces.
Fouche will report to Stephen Pelletier, CEO of Prudential Group Insurance.
“Her experience will be invaluable as we work toward achieving our goal of sustainable profitable growth,” Pelletier, 59, said in the statement. “We are delighted that Lori has joined Group Insurance at this important time for the business and industry.”
Pelletier joined in April 2012, one month before the company posted a first-quarter operating loss at the group unit, which was pressured by disability claims. Prudential, the second-largest U.S. life insurer, named Andrew Sullivan last June to lead its disability business.
Andrew Torrance will replace Fouche as CEO of Fireman’s Fund Insurance Co., the Novato, California-based Allianz unit said in a statement. Torrance formerly was CEO of Allianz UK.
Allianz had more than $5 billion in premium revenue in the U.S. property-casualty business last year. Fireman’s Fund sells coverage to wealthy individuals to protect assets such as yachts, fine art and wine collections. The company also backs U.S. films against risks such as an injury of a cast member.
Fouche, who also will be chief operating officer of the Prudential business, left Fireman’s Fund to pursue opportunities closer to her family on the U.S. East Coast, the Allianz unit said in its statement.
Fouche worked for Chubb Corp. before joining Allianz, rising to senior vice president in the Warren, New Jersey-based company’s specialty insurance business. She has an MBA from Harvard Business School and a bachelor’s degree in history from Princeton University.
Torrance received a degree in theoretical physics from University of Cambridge and a master’s degree from the London Business School.
He has a record of “delivering consistent profitability in a challenging business environment during his 14-year career at Allianz,” Gary Bhojwani, chairman of Fireman’s Fund, said in the statement.
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