Prudential’s Durning to Run Commercial Mortgage Business
Prudential Financial Inc. (PRU), the second-largest U.S. life insurer, named David Durning president of its commercial mortgage business to help lead expansion outside the U.S.
Durning will take over as president of Prudential Mortgage Capital Co., with $72.7 billion under management and administration. He’ll replace David Twardock, who had the post since 1999, the Newark, New Jersey-based insurer said today in a statement.
Prudential is targeting commercial real estate as the insurer seeks to boost investment income. Hal Collett was promoted last month to oversee commercial mortgage servicing. The insurer in July hired Alfonso Munk from Morgan Stanley to oversee more than $3.2 billion in assets for the insurer’s real estate investment unit in Latin America.
Durning “is uniquely positioned to lead and continue to grow the mortgage business, particularly as the business expands internationally,” David Hunt, CEO of Prudential Investment Management, said in the statement.
The loans Prudential Mortgage Capital Co. owns or services expanded from $69.5 billion a year earlier. The insurer provided a $71 million loan this month for Olympia House, a 22-story mixed-use building in Manhattan near the United Nations. The building has 240 apartments and more than 12,000 square feet of commercial space.
Twardock is scheduled to retire in April. Durning is currently a senior managing director and head of originations. He joined Prudential in 1988 as an investment analyst, and earlier worked at Chemical Bank and Shearson Lehman, according to the statement.
Durning earned a bachelor’s degree from Middlebury College and an MBA from the Harvard Business School.
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