Regions Wealth Management names new leader of insurance business
Regions Wealth Management continues to shake things up among the leaders in its upper ranks.
The wealth manager promoted an executive it hired in 2013 to a position leading Regions Insurance Group as president and CEO. Rick Ulmer, the former regional executive for the bank's insurance business in the Mid-America region, will now oversee insurance operations in 10 states. He will report directly to Bill Ritter, head of Regions Wealth Management.
Ulmer replaces Curren Coco, who left Regions this month to pursue other interests, the bank said.
"Since joining Regions, Rick has played a key role in our efforts to expand Regions Insurance capabilities and provide innovative solutions to help our clients manage risk," Ritter said in a statement. "I am confident that Rick's leadership and experience will strengthen our ability to meet customer needs and help us deepen customer relationships as we grow internal partnerships with Regions bankers."
The appointment follows another significant management change in May when Kate Randall Danella was named head of Regions Private Wealth Management. Danella succeeded Anne Copeland, who left Regions to pursue executive coaching opportunities.
Danella was recruited in 2015 to assume a newly created post as wealth strategy and effectiveness executive. She was responsible for developing and implementing business strategies across the four divisions that make up Regions Wealth Management, namely Regions Private Wealth Management, Regions Institutional Services, Regions Investment Services and Regions Insurance.
In June, the bank promoted a support manager for Regions Private Wealth Management to Danella's former role.
Regions generated $36 million in revenue from its insurance operations in the second quarter, up 9% year-over-year, according the bank's latest earnings release. For the first six months, the bank's insurance operations brought in $76 million, a strong 11.8% jump from $68 million in the same period last year.
The executive will oversee the development and implementation of business strategies across the bank's wealth management units.
Kate Randall Danella is the second executive to be named to the post in less than four years.
The bank projects that fee income from its trust, insurance and brokerage operations will continue to grow in the range of 10% to 12% from 2016 to 2018.