The board of directors of The Savings Bank Life Insurance Company of Massachusetts (SBLI) announced that long time SBLI President and CEO Robert Sheridan will retire effective November 19. Christopher Pinkerton, who joined SBLI in September as president and CEO-elect, will succeed Sheridan upon his retirement.
Pinkerton comes to SBLI from Toronto-based life insurer Foresters, where, as president of Foresters US, he oversaw life insurance sales across the United States. Most recently, he served as president and CEO of First Investors, a diversified U.S. financial services subsidiary of Foresters. He joined Foresters in 2005 following more than 20 years in a variety of executive positions in the life insurance and financial services industries.
Sheridan joined SBLI in 1990 as executive vice president and was named president and CEO in 1992. Prior to joining SBLI, he served as president of the Massachusetts Bankers Association. Following his retirement, Sheridan will continue as a member of SBLI’s board of directors.
During Sheridan’s tenure as its president and CEO, SBLI’s geographic footprint expanded from selling products only in Massachusetts to being licensed in 49 states and the District of Columbia. Assets nearly tripled from $900 million in 1992 to $2.4 billion in 2011, and life insurance in force increased almost tenfold, from $12 billion to $114 billion. The company also recorded a total of $146 million in net income and consistently earned an A+ (Superior) financial strength rating from A.M. Best over the 20-year period.