MassMutual CEO Crandall Adds Chairman to His Title

Roger W. Crandall, president and chief executive officer of Massachusetts Mutual Life Insurance Co., is now the chairman of the board of directors of the mutual U.S. life insurer, which will mark its 160th anniversary in 2011.

Crandall succeeds Stuart H. Reese, who has retired. Reese served as chairman and CEO before Crandall was named CEO on Jan. 1 of this year.

"This represents the completion of a smooth transition and thoughtful succession plan," said Mark Cybulski, a spokesman for MassMutual, adding that the company had a strong 2010. "We have excellent momentum heading into next year and we look forward to continued successful execution of our strategy under Roger's leadership."

Crandall joined MassMutual in 1988, and spent the first 12 years in the company's investment management department. In 2000, he joined Babson Capital Management, a subsidiary, and in 2002, was named managing director and head of the company’s corporate bond management, public bond trading and institutional fixed income units.

Crandall eventually became MassMutual's chief investment officer in 2005, and was named co-chief operating officer in 2007. He was named president and COO in 2008 and joined the board at that time.

His background is mostly in investment and asset management. "That's clearly where I started out," Crandall told BestWire in an August 2009 interview, noting he was "never an insurance guy, per se." His father, though, was a group insurance representative for MassMutual for 35 years, and growing up, Crandall heard a lot about insurance (BestWire, Aug. 17, 2009).

He also said he did not plan to make any changes to MassMutual's business model: operating as a mutual life insurer run for the benefit of its participating policyholders.

MassMutual Financial Group is the 13th-largest U.S. life/health writer based on 2009 admitted assets of $132.9 billion, according to Best Link, which provides online access to A.M. Best's database of insurance information.

Massachusetts Mutual Life Insurance Co. currently has a Best's Financial Strength Rating of A++ (Superior)

(By Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com)