Security Benefit Names New CEO

August 10, 2011 ( - Security Benefit Corporation announced that Michael Kiley will become Chief Executive Officer effective September 30, 2011.

Kiley brings more than 25 years of executive experience in the insurance, mutual funds and retirement savings industries and succeeds Howard Fricke, who has been serving as interim President and Chief Executive Officer since February 2010 and previously served as Security Benefit President and Chief Executive Officer from 1988 to 2000 and Chairman from 1996 to 2006.  

Kiley currently serves as a Senior Managing Director for Guggenheim Partners. He originally joined Guggenheim in a consulting capacity to advise management on the acquisition of Security Benefit, which was completed on August 2, 2010. Kiley is currently and will remain on the Board of Directors of Security Benefit Corporation.  

According to the announcement, prior to joining Guggenheim Partners, he served as President and CEO of Van Kampen Investments, a division of Morgan Stanley. During his tenure at Morgan Stanley he also served as President and CEO of Morgan Stanley Funds Distributors, head of the U.S. Intermediary Group and as a principal in the institutional asset management group. Prior to that, Kiley was President of the Travelers Portfolio Group, a division of Citigroup. He also held executive positions at AXA and Guardian Life.  

Security Benefit, a Guggenheim Partners Company, is a provider of retirement plan services throughout the nation, primarily in the education marketplace, and offers a variety of customized fixed and variable annuity products.