(Bloomberg) -- Allstate Corp., the largest publicly traded U.S.car and home insurer, elected former Fidelity Investments moneymanager Jacques Perold to its board.
|The insurer now has 11 directors, Northbrook, Illinois- basedAllstate said Tuesday in a statement. Perold, 57, was presidentof Fidelity Management & Research Co., overseeing a groupof mutual funds with about $1.8 trillion under management. Heretired from Fidelity in 2014, Allstate said.
|Related: Allstate's quarterly profit slides 45% as autolosses rise
|Allstate joins insurers including Unum Group and MetLife Inc. innaming former asset managers or Wall Street bankers to theirboards. Unum, the provider of disability coverage, said in Februarythat Ronald O’Hanley, one of Perold’s former bosses at FidelityInvestments and now chief executive officer of State Street GlobalAdvisors, joined its board.
|“Jacques is an accomplished leader and executive who furtherstrengthens our board’s diverse capabilities,” Allstate CEO TomWilson said in the statement. “His strategic insights and 30 yearsof operations and investment expertise will be invaluable increating shareholder value.”
|Perold has been president of Geode Capital Management LLC,according to the statement. He is an advisory board member for NewYork Life Insurance Co.’s MainStay mutual funds and chairman ofWorld Music Inc.
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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