New York — New York Life International LLC, the international arm of New York Life Insurance Co., announced that Gary Bennett, who was serving as CEO and managing director for Max New York Life, New York Life’s joint venture in India, has been named EVP and Greater China CEO of New York Life International LLC, effective November 1. As was previously announced, Rajesh Sud has been named CEO and managing director of Max New York Life, effective November 1, pending regulatory approval.
“With more than two decades of insurance industry experience and a deep understanding of the Asia Region, Gary is the ideal executive for this new role overseeing our large and attractive Greater China region,” says John Harrison, vice chairman, New York Life International, and CEO – Asia region. “As our affiliates and joint venture operations in Greater China continue to gain momentum and expand their footprint in the region, strong leadership and strategic management will continue to be critical.”
Harrison continues, “Gary added enormous value to our joint venture in India. As head of Max New York Life since 2005, the business has seen exemplary growth. In fact, from 2005-2007, MNYL total insurance sales grew at an annual rate of 81%, and the number of agents grew annually by 58%.”
In this new role, Bennett will be responsible for setting the overall strategic vision for New York Life’s wholly owned affiliates in Hong Kong and Taiwan, and its joint venture with China’s Haier Group, Haier New York Life. Working closely with the senior leadership in each market, he will help the operations capitalize on opportunities in the region, while achieving sustainable, profitable growth. Bennett has already begun to serve, with John Harrison, as an advisor to the Haier New York Life Board and its shareholders. He is relocating to Hong Kong and will report to Harrison.
Bennett joined Max New York Life from New York Life Insurance Worldwide Ltd. in Hong Kong, where he served as president and CEO. A true Asia life insurance veteran, with more than 25 years in the industry, he has held leadership roles of increasing responsibility with a number of companies in Australia and across Asia Pacific, including Prudential Corporation Asia and CMG Asia.
Source: New York Life
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