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Westport's Matthew Grove Promoted At New York Life

Photo Credit: File

WESTPORT, Conn. – Westport's Matthew Grove was named chief administrative officer for New York Life’s Insurance and Agency Group while David Cruz was elected senior managing director and head of retail annuities.

Grove will be is responsible for oversight of strategy development for the group, new business operations, and quality assurance, compliance and finance functions for the Service operation.  

Cruz takes over Grove’s former role. He was elected senior managing director in charge of the Retail Annuities business, including product development, product management, marketing, in-force business and annuity service operations.

“Since becoming Head of Retail Annuities in 2012, Matt has led his team in generating robust growth, while also successfully repositioning the annuity product portfolio to respond to consumer and competitive shifts, while reducing risk. As CAO, Matt’s skills and experience will further strengthen our life insurance business growth,” said John Kim. “In assuming responsibility for Retail Annuities, David brings broad balance sheet experience, keen analytical skills, and strong leadership qualities to the position. We look forward to continued strong growth in our annuity business under David’s leadership.”

Grove joined New York Life in 2009 to lead the company’s effort to establish guaranteed lifetime income as an asset class, and he was also responsible for the distribution of mutual funds and annuity products through Registered Investment Advisors (RIAs). 

Prior to joining New York Life, Grove was the chief marketing officer of Jefferson National, an insurance company focused on serving the needs of the RIA market. At Jefferson National, he was responsible for developing and marketing the leading annuity product distributed through the RIA channel. Earlier in his career, Grove ran his own technology consulting firm focused on building enterprise software for financial services firms. Grove has a master's in business administration from Columbia University and a bachelor of science degree in computer science from the University of Pennsylvania, where he graduated summa cum laude.

New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. 

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