(Updates shares in the last paragraph.)
Aug. 7 (Bloomberg) -- Reinsurance Group of America Inc., the reinsurer formerly owned by MetLife Inc., named Tim Matson as chief investment officer to oversee a $35 billion portfolio.
Matson starts Aug. 18, the Chesterfield, Missouri-based company said today in a statement. He was most recently chief investment officer of a venture between Cathay Life Insurance Co. and Conning Asset Management in Hong Kong, according to the statement.
“Matson’s extensive global experience in investment management, both domestically and abroad within the insurance industry, will be highly advantageous,” Chief Executive Officer Greig Woodring said in the statement. “We look forward to gaining his perspective.”
Insurers have been counting on new chief investment officers to manage their portfolios as low interest rates pressure income from assets held to back policyholder obligations. Assurant Inc. promoted Eric Greenman to CIO this week and Hartford Financial Services Group Inc. in May appointed Brion Johnson to oversee its investments.
Reinsurance Group’s portfolio included $24.5 billion in fixed-maturity securities as of June 30, led by corporate debt, according to its most recent quarterly filing. The company also had about $3.75 billion of bonds tied to Canada or its provinces.
Matson has been an executive at Aetna Inc. and ING Groep NV, according to the statement. He has a bachelor’s degree and an MBA from Cornell University, the company said.
David Fischer, previously chief investment officer at Reinsurance Group, worked at the company until September and is now an investment adviser and financial consultant, according to his LinkedIn page. Sally Smith, a spokeswoman for the reinsurer, didn’t immediately return a call seeking comment. A spokeswoman for Conning had no immediate comment.
The reinsurer slipped 0.3 percent to $80.03 at 4:01 p.m. in New York. Reinsurance Group has gained 3.4 percent this year, matching the performance of the Russell 1000 Index.