The Chubb Corp.’s board of directors announced John D. Finnegan, Chubb’s chairman, president and chief executive officer, will remain in his current roles until the end of 2016, breaking a Chubb policy that senior executives should retire at age 65.
Had the board not exercised its discretion to depart from the usual policy, Finnegan would have had to retire at the end of 2014.
The board announced its decision was based on its high level of satisfaction with Chubb’s overall performance since John Finnegan became CEO in December 2002. With Finnegan remaining as CEO over the next three years, Chubb said its board will continue its review of CEO succession planning as part of its established succession management procedures.
In connection with this review, Chubb announced a realignment of responsibilities among the top members of Chubb’s management team, with Paul J. Krump, 53, who is currently president of commercial and specialty lines, becoming president of personal lines and claims, and Dino E. Robusto, 55, who is currently president of personal lines and claims, becoming president of commercial and specialty lines.
Krump will retain responsibility for the accident and health business and Robusto will retain responsibility for information technology. In addition, Richard G. Spiro, 49, will remain chief financial officer and will assume responsibility for corporate development. The realignment is designed to broaden the experience of the executives and enhance their ability to contribute to the leadership of the company in the future, the announcement said.
Maryland’s Chesapeake Employers’ Insurance Company, formerly IWIF, promoted Joanne Dreher to director of underwriting. In this new position, Dreher is responsible for the operational effectiveness of the underwriting department and ensures the department works toward achieving the organization’s goals and standards.
Since 1999, Dreher has held the position of underwriting supervisor. She has more than 30 years of experience in the property/casualty insurance underwriting field. Prior to joining Chesapeake Employers, Dreher held underwriting and leadership positions with Zurich Insurance and CNA Insurance Companies.
USI Insurance Services appointed Brian Golick as senior vice president in USI’s New York metropolitan office. Formerly a senior vice president at Sterling & Sterling and Willis, Golick will provide employee benefit products and consultative services. USI also hired Rick Renna as vice president in the New York office. Renna formerly served as sales executive at MagnaCare and vice president/financial services at Connelly Campion Wright.
Southport Lane, a New York-based private equity firm, announced that Brandon Young has been appointed chief operating officer of its reinsurance holding company Southport Re and senior vice president of Southport Lane. Previously, Young was vice president of global corporate development at ACE. Prior to ACE, Young was a senior equity research analyst at Bear Stearns & Co.
Vanderbilt Properties Insurance Brokerage and Risk Management, a New York-based specialist in program administration for the real estate industry, promoted Alnoor Ladha to president and chief executive officer. Previously, Ladha was the firm’s executive vice president and chief financial officer.
Hiscox announced that Angela Adams has been appointed as vice president, general liability underwriting leader, for Hiscox USA. Adams is based in Hiscox’s New York office. She joins Hiscox USA after previous senior level roles with Torus, HSBC and AIG.
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