New York Life, the US’ largest mutual life insurance company, has tapped a new CIO.
Tony Malloy will replace former investment chief John Kim, who was elected president of New York Life in May 2015 after spending seven years in the CIO role.
Malloy is currently CEO of NYL Investors, a New York Life subsidiary that manages $225 billion in fixed income and real estate investments. He will continue to fill that role in addition to assuming CIO responsibilities, the insurer said Tuesday.
Kim was elected President of New York Life in May 2015 after spending seven years in the chief investment role.
“The CIO role is especially critical in a mutual insurance company given our long-term financial orientation and singular focus on being there for our policy owners whenever they need us,” Kim said in a statement. “Tony and the investment teams he oversees have performed masterfully in the face of relentlessly low interest rates and volatile equity markets.”
In addition to his appointment, Malloy will join New York Life’s executive management committee, the firm said. He will also report to Kim.
Malloy has spent 18 years with New York Life and previously served as senior managing director, head of fixed income, and head of leveraged finance. Prior to his tenure at the insurer, Malloy spent time as vice president of JP Morgan and director of TD.
He holds a bachelor’s degree from Middlebury College and an MBA from New York University.