< PreviousShell Companies 28BEST’S REVIEW • JANUARY 2023 that just want to buy the license or ask if they can sell off one [or more] of the licenses, and that’s not the case,” Prisco said. “You’re really buying/selling a company. You can’t separate the licenses.” It takes some work on the part of the seller to acquire a clean shell, Swigart said. “That’s why there’s a fee on a per-license basis because there is some work and some effort for them to do various reinsurance agreements and so forth. They have to do some work.” “If there’s assets in the shell, you’re basically buying the assets,” Andre said. “For instance, if there’s a shell with $3 million of assets in it. You’re going to pay $3 million for the shell representing the approved assets, plus something for the license(s).” Expansion Opportunities Prisco said the value of shell transactions can vary greatly. “When you consider a shell valuation, it’s usually the adjusted capital and surplus, plus a multiple per state. That multiple range can be wide and is driven by many factors, not just what state licenses the company holds. We have recently seen transactions ranging anywhere from $50,000 to $250,000 per state. Certain domestics sell at a discount and companies with more states traditionally sell for a premium. The more populous states tend to draw a higher premium, while stronger indemnities are certainly worth more.” There also might be some work to do for the company that’s acquiring the shell, even a clean one. Since the shell is an inactive company, the licenses might be dormant, Andre said. “The license might be stale, and there might be a process to reactivate them or maybe some compliance aspect that you have to consider,” Andre said. “That said, from what I have heard, it is still a quicker path to getting started for a company/investor entering a U.S. market.” Pie began by dealing exclusively in workers’ compensation, but had been looking to expand, Swigart said. In Western Select, Pie acquired a company that covered not only workers’ compensation but also commercial auto and some general liability, among other lines. Pie also was able to expand the license count after acquiring Western Select. Pie also recently entered into a joint venture with Ford to provide distribution, underwriting, servicing and claims for new auto insurer Ford Pro Sure. “When we bought it, it had three licenses, in Illinois, New York and California, all very important states for us,” Swigart said. “We have since added licenses to that company. It has about 20 licenses today.” Swigart said he and Craig wrestled with the idea of acquiring a shell as opposed to starting their own full-stack insurer, and it’s one they’ll wrestle with as they continue to acquire shells. Pie is currently working on acquiring a second shell, he noted, and would consider more in the future if they are the right fit. “Once we have a few that we own and we have a broad licensing already, we may be able to invest the time and actually start our own companies from scratch,” Swigart said. “It is a little bit easier and faster to add states to an already licensed company than to get that first license and then add states. Some states will waive their seasoning requirements and some states won’t, so it’s a negotiation with each state. As we go and build that history of writing on our own insurance companies, it will get easier and easier.” Swigart said Pie wants to control its own insurance companies. Its goal is to retain about 20% of the premium on its balance sheet and cede the rest to its reinsurance partners. He made it clear that while Pie chose to go this route, insurtechs can become full-stack carriers without acquiring a shell. “It’s a matter of where do you find your competitive advantage. If it’s purely and primarily in distribution, you may not need to do this path, but for us, the way we want to serve our customers, we feel this is the best path,” Swigart said. “There’s multiple ways to solve this challenge.” While not speaking specifically about Pie, Prisco said that when an MGA starts producing a significant amount of premium, he thinks it only makes sense for most of them to buy a shell instead of paying a fronting fee and controlling their own paper. He pointed to Tesla, which last year acquired inactive California insurance company Balboa Insurance Co. and two subsidiaries in an effort to expand the insurance arm of the automaker’s footprint. It already had a presence in Texas, Illinois, Arizona and Ohio, with plans to expand into Oregon and Virginia, before acquiring Balboa and its 49 state licenses. “They [pilot tested] their product, via the 29BEST’S REVIEW • JANUARY 2023 fronting route,” Prisco said. “At the end of the day, they got their product up and running successfully. They used fronting paper, and then when they had successful scale, they decided to move on to their own full-stack.” Tesla isn’t an insurtech, but this acquisition happened at the same time as the rush of shell acquisitions by insurtechs, particularly those in personal lines insurance. There tends to be an increase in transactions involving shells when a new industry is emerging, Andre said. New Trend One recent trend involved fronting groups. Last year, Obsidian Insurance Holdings Inc. acquired Western Home Insurance Co. as part of a push to expand its national footprint, including into California. In August, Mitsui Sumitomo Insurance Co. Ltd. agreed to acquire Transverse Insurance Group LLC to build a U.S. presence. In December 2021, Concert Group Holdings Inc. said it had formed Concert Specialty Insurance Co., an excess and surplus lines carrier domiciled in Montana. “We formed Concert to provide a higher level of client focus and responsiveness to captive and program clients that have been underserved,” Chief Executive Officer Jonathan Reiss said in a statement at the time. “With both an admitted and an E&S carrier, we now have the ability to write business on a broad basis, offering a full range of risk solutions to our clients.” Andre and Prisco said other markets also have been active, including program writers and E&S formations. “When there’s a need for a new company or an opportunity in a new market, anytime there’s a new trend in startups, that probably would drive the desire for shells,” Andre said. “The most recent trend is actually on the life and annuity side, with the desire to write annuities. There seems to be a rush from third- party money thinking they can enter the annuity space and be profitable—in particular from an AUM perspective,” Prisco said. “You see new product trends come to market where they need a shell, but you also have your traditional carriers that have new product development internally. It doesn’t always have to be a rush of something new. It can be a large A-rated carrier that wants to buy a shell.” An example of this is the Nassau Companies of New York. That company’s recent acquisition of shell company Delaware Life Insurance Company of New York is the most recent in a string of acquisitions made by Nassau. It “follows several others made by Nassau over the previous couple of years and is in line with their current growth strategy of acquiring small to midsized life/annuity blocks of business, while continuing to grow annuity sales,” AM Best said in a ratings analysis following the transaction. Prisco said he expects the demand for shell acquisitions to remain high for the foreseeable future. “There’s an employment crunch everywhere, and you see that in the regulatory environment, as well. Simply going to a state with an application and having them grant a certificate of authority quickly is unlikely. In fact, with the lack of resources at the insurance departments, our sense is that the application process is actually slowing down. As such, I think the demand for shells will continue to stay high. It might cost a lot more to buy something, but time to market is still the No. 1 reason to acquire a shell.” Learn More Concert Group Hldgs, Inc (AMB# 044981) Concert Specialty Ins Co (AMB# 021191) Kin Ins Group (AMB# 018977) Kin Interinsurance Nexus (AMB# 021330) Metromile Ins Company (AMB# 022954) Mitsui Sumitomo Ins Co Ltd (AMB# 084422) Transverse Ins Group (AMB# 018931) Nassau Companies of New York (AMB# 050888) Delaware Life Ins Co of New York (AMB# 009513) Obsidian Ins Hldgs, Inc (AMB# 044571) Openly LLC (AMB# 045365) Openly Insurance Co (AMB# 021406) Pie Group (AMB# 045081) Pie Casualty Ins Co (AMB# 012272) Tesla Inc (AMB# 045238) Tesla Ins Co (AMB# 000195) For ratings and other financial strength information visit www.ambest.comInsurance Leaders 30BEST’S REVIEW • JANUARY 2023 In Memoriam: Insurance Industry Leaders of 2022 Best’s Review remembers insurance leaders who died over the last year. Robin Chan Yau-hing Robin Chan Yau-hing, chairman of Asia Financial Holdings Ltd, died in April at age 90. Chan was born in 1932, the eldest son of Chin Sophonpanich, one of the founders of Bangkok Bank, Thailand’s largest financial corporation. He was active in business and politics. Chan was the chairman of Asia Financial and was also the chairman of Asia Insurance as well as holding similar responsibilities in other subsidiaries. In addition to directorships of many other companies, he held the position of adviser to the board of directors of Bangkok Bank, according to his company biography. Chan was very active in community affairs, being elected as a deputy to the Chinese National People’s Congress in 1988, 1993, 1998 and 2003. He was the chairman of the Chinese General Chamber of Commerce from 1998 to 2002 as well as the ex-officio life honorary chairman. He also held the presidency of the Chiu Chow Chamber of Commerce for several years. In addition, he was the founding chairman and current president of the Hong Kong Federation of Overseas Chinese Associations, the bio said. Edward H. Dissinger Edward Harvey Dissinger, a former Aetna and Lockton executive, died in September after a long battle with Alzheimer’s. He was 78. He began his career in insurance sales working with Aetna Inc. in 1969. From there, he joined Lockton as one of the company’s earliest employees and worked in insurance sales. In 2001, Dissinger started his own company, Dissinger Insurance Services, to provide for the high school and college athletic insurance market. His company, now called Dissinger Reed, is run by his son-in-law Christian, his obituary said. Dissinger was born in Chanute, Kansas, in 1944. He was the star quarterback of the 1961 Manhattan High football team, which went on to win the state football championship his senior year. His team finished the season with a 9-0 record, according to his obituary. In 1962, Dissinger headed to Kansas State University to pursue a degree and play football. K-State became one of his lifelong passions and joys, which he eventually shared with his son, Grant. Unfortunately, his long football career eventually led to his Alzheimer’s diagnosis at a young age, the obituary said. In July 2015, Dissinger Reed said it was breaking new ground with statewide concussion insurance for high school athletes. In January 2019, Dissinger Reed said it covered more than 650,000 young athletes under its HeadStrong concussion insurance program. K&K Insurance is the managing general underwriters for the Nationwide Insurance coverage. In order to write coverage, Chief Executive Officer Christian Reed said at the time that Nationwide required a minimum of 3,500 participants to spread risk in a program that continued to grow on an annual premium of $1.50 per athlete for up to $25,000 of treatment.31BEST’S REVIEW • JANUARY 2023 Rhonda S. Ferguson Rhonda Smith Ferguson, Allstate’s chief legal officer, general counsel and secretary, died in April after a long battle with cancer. Ferguson battled the disease over the past several years, winning multiple times and living her life to its fullest throughout, according to a post by her family on her LinkedIn profile. She kept her condition largely private and chose to lean on her faith and family to live the way she wanted. Ferguson joined Allstate in August 2020 as executive vice president, chief legal officer, general counsel and secretary. She previously worked at Union Pacific Railroad where she had served as executive vice president, chief legal officer and corporate secretary and was responsible for all legal, regulatory and corporate governance initiatives. Ferguson joined Union Pacific in 2016 after nearly a decade as vice president, corporate secretary and chief ethics officer at FirstEnergy, an electric utility in her home state of Ohio, according to a previously issued press release from the company. “While many of us are grieving the loss of Rhonda, we must not forget all she accomplished in a relatively short period of time. As Martin Luther King Jr. once said, ‘It does not matter how long you live, but how well you do it.’ Rhonda did it well and we are better off because she was on this earth. I am celebrating her life in between the tears,” Michelle Coleman Mayes, general counsel & secretary, The New York Public Library said in a post on Ferguson’s LinkedIn profile. Daniel H. Kugler Daniel H. Kugler, principal of Risk Management & Insurance Consultancy LLC, died unexpectedly in May. He was 68. Prior to joining Risk Management & Insurance Consultancy in October 2020, he was vice president of enterprise risk management for the REV Group and director for the Center for Insurance & Risk Management at the University of Wisconsin Oshkosh College of Business. Kugler taught risk management courses for UW Oshkosh, Concordia University of Wisconsin, Butler University, and the Risk Management Insurance Society. Kugler held numerous insurance designations and credentials and received awards for a number of his programs over the years, according to his obituary. He loved vacationing with his family and his “Dan Stories” were unparalleled and evoked heartfelt laughter, according to his obituary. Bill Lisle Bill Lisle, regional chief executive and group distribution officer at AIA, died in April at the age of 57. Lisle spent more than 30 years in the insurance industry. He joined AIA in January 2011 and his influence on AIA’s development included a range of leadership roles throughout the organization. Most recently, Lisle was regional chief executive and group chief distribution officer, providing leadership to AIA’s businesses in Thailand, Vietnam, India and Sri Lanka, and to the group’s agency and partnership distribution functions, according to a company statement. From December 2012 to May 2015, Lisle took on the role of chief executive officer of AIA’s operations in Malaysia, where he led the large-scale and successful integration of ING Malaysia after its acquisition by the group. In addition, Lisle served as a director of various companies within the group, including AIA Co. Ltd., AIA Vietnam, AIA Australia, and AIA New Zealand. He was also a director of Tata AIA Life Insurance Co. Ltd., according to the company. Prior to taking up the position at AIA, Lisle was the managing director of South Asia at Aviva plc, since May 2009. “Lisle was an extraordinarily capable leader who had an enormous, positive impact on countless people at AIA and in our communities across Asia. Bill was also an exemplary family man, and our thoughts and deepest condolences go out to his beloved family,” according to a statement from AIA.Insurance Leaders 32BEST’S REVIEW • JANUARY 2023 Donald F. Mango Donald F. Mango, former senior vice president, chief actuary and chief risk officer at Everest Re Group, died in April at the age of 58 at home with his family beside him. Mango was born Oct. 24, 1963, in San Francisco, and raised in Houston, instilling in him his long-time love of grits and rock music, according to his obituary. Mango was the star “calculator” of his high school’s math team. He graduated from Rice University, cum laude, in 1985 with a mechanical engineering degree and stumbled upon an actuarial assistant job listing in 1986 and applied on a whim. Mango became a fellow of the Casualty Actuarial Society, was named CAS vice president of research & development, and served two terms on the CAS board. He was a board member of NLC Insurance Cos., a member of the American Academy of Actuaries, and a Chartered Enterprise Risk Analyst. He traveled the world as a speaker at industry conferences and authored numerous award-winning actuarial papers. Juan C. Andrade, president and chief executive officer of Everest, said the company would honor Mango’s legacy by establishing the Don Mango Scholarship at the Greenberg School of Risk Management, Insurance and Actuarial Study at St. John’s University. In addition, he said the company will also create the Don Mango Award for Innovation to recognize Everest employee excellence. “Don was a legend in our industry and had an immeasurable impact on Everest’s business and culture,”Andrade said in a statement. “Don’s tireless pursuit of innovation in the risk profession is an inspiration.” Mango spent more than 30 years as an actuary and thought leader in insurance, reinsurance, enterprise risk management, innovation and insurtech at companies including Guy Carpenter, GE Insurance Solutions and Munich Re. He joined Everest Reinsurance Co. in September 2018 as global head of actuarial pricing and modeling and was later promoted to group SVP, chief actuary and chief risk officer in March 2020, according to an earlier press release from Everest Re. Michael F. Neidorff Michael F. Neidorff, chairman and chief executive officer of health care company Centene Corp., died in April after a long illness. Neidorff, who was born in Altoona, Pennsylvania, joined Centene as CEO in 1996 and led the company from a $40 million single health plan to a multinational $125 billion health care enterprise serving 25 million members, Centene said. Centene has grown to nearly 76,000 employees in all 50 states and three other countries. “Michael Neidorff was a visionary leader in health care. Today, the company he built provides health care for nearly one in 15 vulnerable individuals, and his life’s work has transformed the delivery of care,” the company said in a statement. Billy Pinson Billy Pinson, president of Tapco Underwriters, a division of CRC Group, died unexpectedly in June. He was 61. Pinson began his career with Tapco and was a leading force in the insurance industry for more than 35 years. His tireless dedication and the outstanding team he built were major factors in the success of Tapco, according to a company statement. Pinson was truly loved by all who knew him, not only within CRC Group but across the entire industry, the company said. When people described him, they couldn’t help but smile when remembering his unfailing kindness and genuinely sweet spirit. He loved to sing and was often known to pair his signature Gucci loafers with a Hawaiian shirt and shorts. His sense of humor was never far from the surface, and his laugh brought joy to any room, the company said.33BEST’S REVIEW • JANUARY 2023 Deborah Senn Former Insurance Commissioner Deborah Senn died in February from complications related to pancreatic cancer. She was 72. In 1992, the Democrat defeated a 16-year incumbent to make history as Washington state’s first female insurance commissioner. She was re-elected in 1996. Senn was a consumer advocate known for becoming personally involved in the cases of individuals being denied potentially lifesaving medical care. She also sponsored legislation ending insurance discrimination against domestic-violence victims and was an advocate for Holocaust victims denied insurance benefits, according to an article in the Seattle Times. Senn’s subsequent bids for elected office were unsuccessful, losing to Maria Cantwell in the 2000 Democratic primary for the U.S. Senate and to Rob McKenna in the 2004 general election for Washington attorney general. Louis A. Simpson The former president and chief executive officer of Geico and the man who, along with Warren Buffett, for years controlled all of Berkshire Hathaway’s investments died in January at the age of 85. Louis A. Simpson had a 50-year financial career. Born in Chicago, he received a bachelor’s degree in economics and accounting in 1958 from Ohio Wesleyan University and a master’s degree from Princeton University, according to his obituary in the Chicago Tribune.The following years had him working at a Chicago investment firm as partner then leaving for Los Angeles, where he joined an asset management company in 1970, according to his obit. In 1979, Jack Byrne, the CEO of Geico, was looking for a new chief investment officer to run Geico’s investment portfolio. He identified four candidates and sent them to Omaha, Nebraska, to meet Buffett, who was a shareholder. “And after a four-hour interview with Lou, he called me and said: ‘Stop the search. That’s the fella.’” Simpson was elected president and CEO, capital operations, of Geico in May 1993. Three years later, Geico became a wholly owned subsidiary of Berkshire Hathaway, which paid $2.3 billion to buy the half of the company that it didn’t already own, his obit said. Larry Willeford Larry Willeford, president and chief executive officer of First Acceptance Corp., died unexpectedly in October. He was 65. Willeford was appointed president and CEO of Acceptance Insurance in November 2021 to succeed Ken Russell, who had remained closely involved in the company as a strategic adviser and board member. Russell will lead Acceptance in an interim capacity to ensure the continuity of its operations, according to a company statement. Willeford attended Texas State University before beginning an insurance career spanning 42 years. He joined the team at Acceptance Insurance as its chief claims officer in October 2016 before serving as president and chief operating officer starting in 2019, the company said. Under Willeford’s leadership, the company in 2022 was named to Forbes’ annual list of America’s Best Midsize Employers, Best Employers for New Graduates, and Best Employers for Diversity, according to the company. “Larry Willeford was a visionary leader who exemplified our service vision of taking care of each other,” the company’s board of directors said in a statement. “Larry always put people first, and he was dedicated to the success of everyone at Acceptance Insurance.” –Staff Reports BR34BEST’S REVIEW • JANUARY 2023 Insurance Leaders Michel Blanc, Scor Scor said Michel Blanc will retire as chief executive officer of reinsurance in January 2023 after 31 years with the company. Pat Blandford, Tokio Marine Highland Pat Blandford stepped down as chief executive officer of Tokio Marine Highland, a property/casualty insurance underwriting agency, after serving nearly 20 years in multiple leadership roles, including CEO since 2018, the company said. New Year Brings New Look to Industry Leadership Some of the insurance leaders who announced retirement plans in 2022 included Robert A. DiMuccio, chairman and CEO of Amica Mutual; Daniel S. Glaser, president and CEO of Marsh McLennan; David H. Long, CEO of Liberty Mutual; and Teresa L. White, president, Aflac U.S. Barbara Edwards, Timothy Darragh and Renée Kiriluk-Hill contributed to this report.35BEST’S REVIEW • JANUARY 2023 Wyatt Blackburn, Everspan Group Wyatt Blackburn has retired as president of Everspan Group, a specialty property/casualty insurance platform owned by Ambac Financial Group. Blackburn will assume the role of vice chairman of Everspan Holdings and become a member of the Everspan Holdings board of directors. Blackburn joined Everspan in July 2020, bringing nearly 40 years of experience to the role, including 35 as executive vice president and chief operating officer of State National, according to a company statement. Philip Bradley, Axa Insurance DAC Philip Bradley planned to retire on Dec. 31, 2022, as chief executive officer of Axa Insurance DAC’s operations in the Republic of Ireland and Northern Ireland, after a 44-year career. He joined Axa in 1978 and has held various roles in the United Kingdom, France and Ireland. J. Richard Braun, Choice Financial J. Richard Braun, founder, president and chief executive officer of Choice Financial Group, has retired from the company but will remain on the board, the company said. Steve Coates, Pool Re Steve Coates will retire in early 2023 as chief underwriting officer after 10 years with the company. Charles Cooper, Axa XL Charles Cooper has decided to step down as chief executive of reinsurance after more than 20 years as a senior executive in the company’s reinsurance business. Jeff Dailey, Farmers Group Jeff Dailey will be retiring as president and chief executive officer of Farmers Group Inc., a wholly owned subsidiary of Zurich Insurance Group, and was retiring as a member of the Zurich Group executive committee. Dailey was appointed to the role of president and CEO in January 2012. He joined the company in 2007. He will continue as chairman of the Farmers Group. Patrick L. Dees, WoodmenLife Patrick L. Dees will be retiring as president and chief executive officer of WoodmenLife. The timeline for his retirement from his roles, as well as chairman of the WoodmenLife national board of directors, will be established in the coming months, according to a company statement. Robert A. DiMuccio, Amica Mutual Insurance Co. Robert A. DiMuccio planned to retire as chairman and chief executive officer of Amica Mutual Insurance Co. at the end of 2022 after 31 years of service, including the past 17 years as CEO. DiMuccio joined Amica in 1991 as vice president in accounting, was promoted to senior vice president, and, in 1996, was awarded the additional title of treasurer. DiMuccio was then named chief financial officer in 2001 and executive vice president in 2003, before being named president and CEO in 2005. The title of chairman was added in 2008, according to a company statement. During the COVID-19 pandemic, DiMuccio and his staff developed, implemented and managed a successful work-from-home staffing plan that enabled the company to maintain its customer service standards, it said. Mark Drummond-Brady, Marsh Mark Drummond-Brady retired in March 2022 as vice chairman of Marsh. Drummond-Brady joined Marsh in 2019 following Marsh McLennan’s acquisition of Jardine Lloyd Thompson Group plc. Drummond- Brady spent 32 years at JLT, prior to the merger with Marsh in April 2019. He held a number of roles during that time. He started his career as an officer in the British Army before entering the insurance industry, according to a company statement. Mike Duffy, Canopius Group Mike Duffy, group chief underwriting officer, will retire in May after more than 16 years with Canopius Group. Duffy joined the company in January 2006 as head of direct and facultative property, progressing throughout his tenure to serve as chief executive officer of Canopius managing agents, before he became group CUO. He will remain at Canopius until May to oversee an orderly transition to his successor. Duffy has been in the insurance industry for more than 40 years and has held many roles in the London market and also worked abroad, most notably in New York. He joined Canopius from Ace INA, where he was an underwriter and previously was a managing director at Guy Carpenter, according to his LinkedIn profile.Insurance Leaders 36BEST’S REVIEW • JANUARY 2023 James Eaton, Beazley Beazley announced in February 2022 the retirement of James Eaton, head of specialty lines. Beazley said Eaton would remain in charge throughout 2022 and a succession plan would be announced later. Eaton’s career spanned almost 40 years in the insurance market, the past 16 years at Beazley. Eaton joined Beazley in 2006 as a program and treaty underwriter in specialty lines, having previously been a broker. Doug Elliot, Hartford Financial Services Hartford Financial Services said Doug Elliot would retire as the company’s president effective Dec. 31, 2022, after more than 11 years with the company. Elliot oversaw the integration of the Navigators Group Inc., a global specialty underwriter, after Hartford acquired it in 2019. Prior to joining Hartford in 2011, Elliot served as chief executive officer of Hartford Steam Boiler after a long career in the insurance industry. He started his career in public accounting, the company said. Ray Farmer, South Carolina Department of Insurance Ray Farmer, director of the South Carolina Department of Insurance, stepped down from his post in April 2022, ending a career of more than 50 years in insurance. Farmer said he spent most of his career at the former American Insurance Association, where he reached the position of vice president. Former South Carolina Gov. Nikki Haley asked Farmer to take the director’s position in 2012. Six years later, Gov. Henry McMaster asked that he remain in office. In 2020, Farmer served as president of the National Association of Insurance Commissioners. Haley awarded him the Order of the Palmetto, the state’s highest civilian honor, for extraordinary lifetime service and achievements of national or statewide significance. The NAIC also renamed its distinguished leadership award the Raymond G. Farmer Award for Exceptional Leadership. Neal Fuller, Amerisafe Amerisafe Inc. said Neal Fuller planned to retire as chief financial officer in 2022. Fuller, who has more than three decades of insurance leadership experience, joined Amerisafe in 2015 as executive vice president and CFO. Fuller planned to remain with the company for a period of time to assist in the transition, the company said. Guido Fürer, Swiss Re Swiss Re said that Guido Fürer, the company’s group chief investment officer and country president Switzerland, has decided to retire, effective March 31, 2023, after 25 years with the company, the past 10 years as group CIO. Fürer said he is retiring to spend more time with his family and dedicate himself to his pro bono activities on various foundation boards. He joined Swiss Re in 1997 as managing director at Swiss Re new markets, and from 2001 to 2004, he worked for Swiss Re’s private equity unit. Daniel S. Glaser, Marsh McLennan Marsh McLennan said Daniel S. Glaser planned to retire as president and chief executive officer at the end of 2022, following a decade of leading the company through what it called a period of extraordinary growth and change. Glaser served as president and CEO since 2013. Prior to 2013, he served as group president and chief operating officer of the company. He rejoined Marsh McLennan in December 2007 as chairman and CEO of Marsh, returning to the firm where he began his career in 1982, the company said. Upon his retirement as president and CEO, Glaser also planned to retire from the company’s board of directors. Dennis R. Glass, Lincoln Financial Group Dennis R. Glass retired as chief executive officer of Lincoln Financial Group in 2022 after a 15-year tenure. Glass is chairman of the board of directors for Lincoln National. Prior to his role as CEO, Glass was president and chief operating officer of Lincoln Financial Group from April 2006 until July 2007, according to the company. He served as president and chief executive officer of Jefferson Pilot Corp., which merged with Lincoln Financial in 2006. Philipp Gmür, Helvetia Insurance Group Helvetia Insurance said Philipp Gmür will step down as group chief executive officer in mid-2023. He has held the position since 2016. Gregory J. Gutting, Erie Indemnity Co. Erie Indemnity Co. Executive Vice President and Chief Financial Officer Gregory J. Gutting plans to retire 37BEST’S REVIEW • JANUARY 2023 on April 30, 2023, according to a filing with the U.S. Securities and Exchange Commission. Gutting joined Erie in 1985 as a corporate accountant. Gutting served as interim CFO from October 2015 to August 2016, when he was appointed to the position, according to his company bio. Mitsuo Kurashige, Prudential Financial Prudential Financial said Mitsuo Kurashige will retire as chief executive officer of Japanese insurance operations on Dec. 31, 2022. He was head of the Japan business for 11 years and will stay on part time as a director. He joined Prudential Life Insurance Cos. Ltd. in 1991, according to a company statement. David H. Long, Liberty Mutual Liberty Mutual said David H. Long would retire as chief executive officer at the end of 2022 and serve as the company’s executive chairman of the board of directors. Long has been at Liberty Mutual for 37 years, becoming president in 2010, CEO in 2011 and chairman in 2013. Under his leadership as CEO, Liberty Mutual has grown to the sixth-largest global property/casualty insurer and has been recognized with numerous awards for its philanthropic, workplace culture, and diversity, equity and inclusion efforts, Liberty Mutual said in a statement. Price Lowenstein, Chubb Chubb said Price Lowenstein was planning to retire as division president of Sovereign Risk Insurance Ltd., an underwriter of political risk insurance and reinsurance. Lowenstein has led Sovereign since he helped create the company in 1997 and was planning to assist with the transition in an advisory capacity through the end of 2022. Gilles Meyer, Echo Re Echo Re said Gilles Meyer retired in May 2022 as chief executive officer after five years with the company. Andy Moss, Phoenix Group Phoenix Group said in September that Andy Moss was retiring as Life Companies CEO and Heritage Group director after 18 years at the company. Paul O’Shea, Enstar Group Ltd. Enstar said Paul O’Shea will retire as president of Enstar Group Ltd. in March 2023 after 28 years serving the company and its predecessor, Castlewood Ltd. O’Shea will remain as a member of the board of directors of Enstar. O’Shea has been a director since the company’s formation in 2001 and is a company co-founder. O’Shea was named president of Enstar Group in December 2016. John Polak, Texas Windstorm Insurance Association The Texas Windstorm Insurance Association said John Polak was retiring as general manager, effective year-end 2022. Polak joined TWIA in 2011. Working with state legislators, the Texas Department of Insurance, and other stakeholders, Polak put TWIA on a more solid financial footing and improved the association’s accountability and transparency. He steered the response to Hurricane Harvey, which put more than $1.3 billion into the recovery of the state, according to an association statement. Prior to joining TWIA, Polak held the positions of chief executive officer, chief operating officer, chief information officer, and chief underwriting officer in insurance companies ranging from large national and international carriers to midsize regional carriers. David Provost, Vermont Department of Financial Regulation David Provost retired as deputy commissioner of the Captive Insurance Division at the Vermont Department of Financial Regulation at the end of the summer of 2022. Provost has more than 30 years of experience in captive insurance in both the private and government sectors. In 2001, he joined Vermont’s then-Department of Banking, Insurance, Securities and Health Care Administration and was appointed to the role of deputy commissioner of the captive insurance division in 2008 by then-Gov. James Douglas. Provost was the third to lead the division in 40 years, according to the Captive Insurance Division. Randy Ramlo, United Fire Group Inc. United Fire Group announced the retirement of Randy Ramlo as chief executive officer after 38 years with the company, the past 15 as CEO. Ramlo stepped down in August 2022. Jim Ridling, Alabama Department of Insurance Jim Ridling stepped down from his position as Next >