Paul Patsis, chairman and chief executive of Marketing One Inc., has been tapped by his parent company to lead an annuity underwriter.
He was named president and chief executive of United Insurance Cos., Baton Rouge, La., a $1 billion-asset company founded in 1955. United Cos. and Portland, Ore.-based Marketing One are owned by Penncorp Financial, a $10 billion-asset insurance company based in Raleigh, N.C.
Mr. Patsis said he will continue to oversee Marketing One, which distributes annuities to banks, and to live in Portland. The two companies are being combined into a new unit called Financial Services Division.
United Cos. most likely won't sell products to banks, but it will tap Marketing One for technology expertise, Mr. Patsis said. "It seemed to make sense to put these two companies in the same division," he added.
Mr. Patsis said he succeeds Robert Thomas, who left United Cos. recently to pursue other interests.