Protective Life Corporation CEO Rich Bielen has revealed plans to retire at the end of 2026, with Paul Wells named as his successor.
Wells will take over as president and CEO from 1 January 2027.
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The insurer, a US subsidiary of Daiichi Life Group, also said that Scott Adams, executive vice-president and chief transformation & strategy officer, and Mark Drew, executive vice-president and chief legal officer, plan to leave the business at the end of 2026.
Wells, who has been with Protective for almost 20 years, is currently the company’s president and chief financial officer.
Wells said: “I am incredibly honoured by the board’s confidence and excited to step into this role.
“Protective has a strong foundation, a clear strategy and an exceptional team that is committed to serving our customers and communities. Together, we will continue building on our momentum and positioning the company for long‑term success.”
Bielen has led Protective as president and CEO since 2017. According to the company, its assets increased from $75bn to $142bn during his time in the top role, while revenue increased from $4.5bn to $8bn.
Protective also completed six acquisitions during that period.
The company said Bielen has worked in financial services for more than 40 years, including 35 years at Protective, where he held several senior positions.
It said he was involved in steering the company through the 2008 financial crisis, changes in the sector and the global pandemic.
Bielen also chaired the American Council of Life Insurers in 2025.
Bielen commented: “Serving as CEO of Protective has been an honour. I am incredibly proud of what our team has accomplished together and deeply grateful to work alongside so many talented colleagues.
“Paul has been an integral part of Protective’s growth strategy for many years, and as I look ahead, I have great confidence in him, our leadership team and the strong foundation we have built together to support the company’s continued success.”
Adams has led the group’s transformation and corporate strategy work and has been at Protective for 20 years. Drew joined in 2016 and is responsible for legal matters including compliance and government affairs.
Protective said further details on succession arrangements for Adams and Drew will be provided in the coming months.
Last month, Protective Life agreed to buy Obsidian Insurance Holdings and its affiliates from Genstar Capital, a move that gives the insurer access to the specialty property and casualty market.
That transaction will be completed through Protective Life Insurance Company, the group’s main operating subsidiary, and will add a new business line.
