A spokesman for John Hancock declined to specify what types of businesses the firm is targeting, but CEO David DAlessandro said the growth through acquisition drive comes at a "critical" time for the firm. "We will continue to grow our existing distribution channels, but we must look outside that current business mix for growth opportunities, both domestic and international," he said in a statement.
Leading those efforts will be Kathleen Graveline. Graveline, an executive VP who is head of Hancocks retail life and long-term care insurance and annuity businesses, will "aggressively explore new books of business and outside business opportunities," said DAlessandro.
Graveline will report to Thomas Maloney, Hancocks CFO. Michael Bell, a senior executive VP with the firm, will replace Graveline in that role. Last year, Hancocks retail insurance and annuity businesses made up 46% of its operating income.
