SunAmerica Financial Group, AIG’s life insurance and retirement services division, today announced several key organizational structure and management changes intended to better serve the organization’s distribution partners and customers. Highlights include:
- The creation of a new all-channel distribution organization – SunAmerica Financial Group Distributors – that will oversee sales and strategic account management efforts across SunAmerica Financial Group. Stephen A. Maginn has been named President of the new organization. Maginn, who joined SunAmerica in 2008, most recently served as Chief Distribution Officer for SunAmerica Retirement Markets and SunAmerica Mutual Funds, where he was instrumental in helping to significantly increase both variable annuity and mutual fund sales. The new unit will oversee all distribution of American General Life Companies’ life, accident and health products, VALIC’s group retirement and rollover offerings, Western National’s fixed annuities, and SunAmerica’s variable annuities and mutual funds. Advisor Group, comprised of broker-dealers FSC Securities Corporation, Royal Alliance and SagePoint Financial, will also be part of the new distribution organization. In addition to Maginn, SunAmerica Financial Group Distributors’ senior team includes current sales leaders and several key new hires: John Deremo, who recently joined SunAmerica from Protective Life Corporation to head sales of retail life, accident and health products; Terri Fiedler, who will be joining from Invesco to lead strategic accounts management; and Michael Treske, who joins SunAmerica from John Hancock to lead distribution of all annuity products and retail mutual funds.
- Mary Jane Fortin has been named Chief Financial Officer of SunAmerica Financial Group after serving since 2009 as President and CEO of American General Life Companies. She had previously served as Chief Financial Officer of American General Life Companies. Succeeding her as President and CEO of American General Life Companies is industry veteran James A. Mallon, currently President of American General Life and Accident Insurance Company (AGLA), a position he has held since 2004. In his new, broader role, Mallon will continue to lead AGLA.
- The establishment of a new division that will seek growth in institutional markets for SunAmerica Financial Group. The Institutional Markets division will oversee the structured settlements, pension terminal funding, private placement life and annuity and COLI/BOLI businesses, as well as consider new opportunities. Institutional Markets will be led by Jonathan Novak, who joins SunAmerica from Goldman Sachs, where he served in that firm’s Financial Institutions Risk Management business leading a team focused on risk management solutions for insurance companies and banks.
“This is a unique time of opportunity, change and growth for SunAmerica Financial Group,” said Jay Wintrob, President and CEO of SunAmerica Financial Group. “Our new organizational structure will enable us to better serve our broad network of distribution partners as we work together to help even more Americans plan for and achieve financial and retirement security. We are very fortunate that our senior leadership team represents such a formidable combination of talented individuals with many years of experience with our organization as well as a number of exceptional new members who bring strong industry experience and a fresh perspective.”