Rich Coffman, a long-standing partner who has served Wellington Management and the insurance asset management sector for almost 30 years, is the recipient of InsuranceERM's lifetime achievement award.
This recognition celebrates Coffman's exceptional contributions to the insurance industry for over three decades and acknowledges his leadership, innovation and unwavering commitment to excellence.
Coffman's successful career at Wellington began in 1996 as one of three professionals who founded the dedicated insurance team, which later evolved into the Financial Reserves Management team.
His leadership and relationship-building skills throughout the years have been instrumental in successfully growing Wellington’s insurance business to $152 billion in assets under management in global insurance general accounts and nearly 170 client relationships as of 31 December 2023.
Coffman's influence extends extends to his early advocacy of asset and liability management (ALM) and enterprise risk management in the insurance asset management sector. He led a team that bridged the gap between actuarial and investment teams, enabling clients to adopt a holistic view of their assets and liabilities. His colleagues regard him as a pioneer in integrating ALM processes into strategic asset management.
Among his many other achievements, Coffman has played a key role in establishing many "firsts" for Wellington, including winning their first mainland China client, and driving the development of a multi-asset strategy for insurers.
Wellington says Coffman's innovative spirit and drive for excellence have left an "everlasting legacy" at Wellington.
Coffman's dedication to diversity, equity, and inclusion within Wellington and the broader insurance asset management industry is also regarded as noteworthy by the judges.
He co-sponsors Wellington’s Pride+ business network and served on the board of the Wellington Management Foundation, established in 1992 and currently supporting over 125 non-profit organisations.
Coffman helped to start Insurance Women’s Investment Network (IWIN), representing more than 800 insurance professionals worldwide. He also created the Rick Beard Friendship Award in honor of his late friend and the co-founder of Cardinal Advisors, Rick Beard; the award is presented annually at the American Property & Casualty Insurance Association (APCIA) Investment Conference to a conference participant who imbodies Rick’s spirit of inclusion.
His legacy as a leader, innovator, and advocate for community and inclusion is firmly established – making him the deserved winner of this year's lifetime achievement award.
