Dennis R. Kosovac, the architect of Chase Manhattan Corp.'s insurance effort, has resigned to take a job at International Business Machines Corp.
Mr. Kosovac, chief executive officer of Chase Insurance Agency, said he is joining IBM later this month as general manager for the global insurance industry, based in White Plains, N.Y.
"It's an opportunity which reflects some of my career aspirations," Mr. Kosovac said, adding that he was attracted by the technological and global aspects of IBM's insurance business.
Under Mr. Kosovac, Chase rolled out a wide insurance product menu, using a sales force that included telemarketers, branch employees, and professional life insurance agents.
Chase is recognized as a leading proponent of so-called bancassurance, or the integration of insurance with other bank product offerings. Chase's program is considered a test of the applicability of the European bancassurance model in the U.S. market.
Mr. Kosovac's insurance roots go back to 1993, when Chemical Banking Corp. plucked him from its retail banking ranks to lead its fledgling insurance effort. After Chemical and Chase merged in 1996, he became head of Chase's effort.
Peter Aharonyan, chief operating officer, will be interim head at the Chase unit.