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Penn Mutual Life Insurance Promotes Pair as New General Counsel

Sept. 22, 2020, 5:46 PM

Penn Mutual Life Insurance promoted Frank Best and Ann-Marie Mason to general counsel, splitting the company’s top legal job along business unit lines.

Mason will be the Philadelphia-based company’s general counsel of asset management and broker/dealer, and will oversee Penn Mutual’s subsidiaries, including brokerage firm Horner, Townsend & Kent, and handle federal regulatory compliance.

Best was promoted to general counsel of insurance and corporate secretary, a similar title as his previous role but with expanded responsibilities. He now oversees Penn Mutual’s insurance units, including compliance with state regulations.

These new, expanded roles reflect the company’s growth and need for “laser-focused” legal service as it climbs the Fortune 1000 list, said Jeff Leinen, the company’s senior manager of sponsorship and public relations.

“I think it’s recognition that both Frank and I have really good, solid, unique legal skills. It’s a small but dynamic company, and I think it makes sense if you have homegrown talent,” Mason said.

Mason joined the company in 2019 as vice president and head of shared services. Prior to Penn Mutual, she spent over a decade with the Financial Industry Regulatory Authority as vice president and counsel.

Best has worked for Penn Mutual in various roles for nearly five decades in positions such as managing corporate counsel and associate general counsel.

“I like to think of myself as a small town lawyer with Penn Mutual as the small town,” he said.

Penn Mutual this year also promoted Atilua Bailey to chief audit executive and Dave Raszeja to chief financial officer.

To contact the reporter on this story: Ruiqi Chen in Washington, D.C. at rchen@bloombergindustry.com

To contact the editors responsible for this story: Rebekah Mintzer at rmintzer@bloomberglaw.com; Chris Opfer at copfer@bloomberglaw.com