Rick Klenk Promoted to Chief Financial Officer at Penn Mutual

Klenk to lead financial, risk and product management teams in driving Penn Mutual's continued financial strength 

PHILADELPHIA, March 19, 2025 /PRNewswire/ -- The Penn Mutual Life Insurance Company (Penn Mutual) announces the promotion of Rick Klenk to Chief Financial Officer, effective March 17, 2025. 

In this role, Klenk will oversee the company's financial strategy and lead the financial, risk and product management teams, supporting the fiscal strength of Penn Mutual as we continue to innovate and build on our 178-year track record of financial stability.

Klenk is an accomplished insurance leader with over 35 years of diverse risk management, actuarial and financial management experience across multiple business lines and organizations. Most recently, Klenk served as Chief Financial Officer for Life Insurance and Annuities for Penn Mutual. 

"I'm pleased to congratulate Rick on his promotion to Chief Financial Officer. Rick has a deep understanding of our core business and has demonstrated exceptional leadership within Penn Mutual's financial management teams and throughout the course of his career," said Dave O'Malley, Chairman, President and CEO. "I'm confident that with Rick's leadership, we will continue to maintain Penn Mutual's financial strength and stewardship, which enables us to deliver a comprehensive product portfolio and provide top-tier service to the Financial Professionals and policyholders we serve." 

Klenk started his career with Penn Mutual as an actuary and has held leadership roles at Nationwide and Lincoln Financial Group, including Corporate Chief Actuary and Chief Risk Officer. Klenk holds a bachelor's degree in actuarial science from Lebanon Valley College. He is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries. 

Klenk steps into the Chief Financial Officer role following the planned departure of Dave Raszeja, who provided more than 22 years of dedicated service to Penn Mutual and played a central role in transforming Penn Mutual's financial management infrastructure and further strengthening the financial management and product organizations. Raszeja will be supporting Klenk's transition through June 30, 2025. 

As a testament to the strong financial leadership at Penn Mutual, in 2024, Penn Mutual achieved the highest level of surplus in our company's history and announced record-breaking dividend awards in 2025 for our policyholders. 

About The Penn Mutual Life Insurance Company 

For over 175 years, Penn Mutual has empowered individuals, families and businesses on the journey to achieve their financial goals. Through our partnership with Financial Professionals across the U.S., we help instill the confidence and reliability that comes from a stronger financial future. Penn Mutual and its affiliates offer a comprehensive suite of competitive products and services to meet the unique needs of Financial Professionals and their clients, including life insurance, annuities, wealth management and institutional asset management. To learn more, including current financial strength ratings, visit www.pennmutual.com. 

© 2025 The Penn Mutual Life Insurance Company, Philadelphia, PA 

Dividends are determined annually, are subject to change and are not guaranteed. Policyholders will receive dividends on their 2025 anniversary date based on the way they elected to receive them.

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Contact: 
Stephanie Kensy 
Penn Mutual 
215-956-8337 
[email protected]

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SOURCE The Penn Mutual Life Insurance Company