Susan Cannilla, CFA
Vice President, Head of PRT In-Force Management
Susan Cannilla is a vice president within Prudential’s Investment & Pension Solutions business, and leads the in-force management for all of Prudential’s Pension Risk Transfer business. As the head of in-force management, Susan ensures that all of Prudential’s centers of excellence have the knowledge and resources needed to honor our promises to our clients.
Susan joined Prudential Retirement in 1984, and since then has incurred a broad array of experience in various departments, including heading retirement and individual annuity contracts; leading product development for institutional investments; and product management for many of Prudential’s high-priority pension risk transfer products. In 2016, she took on in-force management responsibility for Prudential’s entire book of pension risk transfer business.
Susan was a principal member of the core team that executed the two largest pension risk transfer transactions in the U.S. marketplace to date: the $25 billion General Motors buy-out agreement, and the $8 billion Verizon buy-out transaction. She also spearheaded Prudential’s efforts in executing an innovative split transaction with the Kimberly-Clark Corporation that reduces the company’s pension liabilities by $2.5 billion. Under that agreement, Prudential and MassMutual are evenly splitting the financial responsibility for the pension benefits of approximately 21,000 U.S. retirees, with Prudential serving as the lead annuity administrator and making benefit payments directly to the retirees.
In late 2015, Susan led the team that executed another innovative split transaction, this time with Philips, the U.S. subsidiary of Royal Philips. In this agreement, which reduces Philips’ pension liabilities by about $1.1 billion, Prudential and Legal & General are evenly splitting the financial responsibility for the pension benefits of approximately 14,000 U.S. retirees. Prudential again serves as the annuity administrator in this agreement, making benefit payments directly to the retirees.
In addition, Susan was a key member of the team that executed a nearly $28 billion longevity reinsurance transaction with the BT Pension Scheme, the United Kingdom’s largest corporate defined benefit pension scheme. She also has the distinction of leading the development team that completed the first U.S. pension buy-in transaction, a $75 million agreement with Hickory Springs Manufacturing Company.
Susan earned a B.A. degree in economics and political science from Douglass College of Rutgers University, and an M.B.A. in quantitative analysis from Seton Hall University. She is also a CFA® Charterholder and a member of the Phi Beta Kappa Society.