Paula Cole Named VP of Nationwide’s Pension Risk Transfer Business
Based on the tremendous growth of Nationwide’s Pension Risk Transfer (PRT) Business, Paula Cole has been promoted to Vice President. Cole will continue to lead one of the fastest growing business units at Nationwide, with double digit 2022 sales goals.
With a distinguished career spanning more than 20 years, Cole’s leadership over the past two years at Nationwide has been instrumental to the company’s success re-entering the PRT market. She helped develop the strategic direction for Nationwide’s PRT business, which achieved more than double its annual sales goal for 2021. Her team’s size has doubled in the past year based on the rapid sales growth.
“Since re-entering the PRT market, we have elevated and accelerated our people, processes and tools. As we strive to become an industry leader, supporting plan sponsors and members, Paula’s promotion is indicative of our commitment to our strategy and aggressive plans for growth,” said J.J. Perez, President of Nationwide Corporate Solutions. “PRT is a business we’re committed to for the long term. Under Paula’s leadership, our team takes advantage of Nationwide’s core competencies with some of the top talent in the industry, delivering on our promises with extraordinary care.”
Nationwide’s PRT business leverages nearly 100 years of annuity, defined benefits and risk management experience, as well as the company’s outstanding financial strength, to serve a legacy book with more than 500 contracts and 20,0000 annuitants, as well as 10,000 annuitants added since Nationwide’s 2020 PRT market re-entry, with a focus on personalized service and transition simplicity. In 2022, the business will expand capabilities to customize for plan needs, including asset-in-kind, cash balance and separate account transactions.
In addition to her professional accomplishments, Cole serves as Vice President for Nationwide’s African American Women Associate Resource Group (AWARE). She is also an active leader in supporting colleagues through performance management, mentorship and diversity and inclusion efforts. She serves her local community as a member of the Board of Directors for Thurber House and as a District Activist leader for the National MS Society.