Philadelphia-based PMA Capital Corporation announced that Peter S. Burgess, Richard Lutenski and Vincent T. Donnelly have been elected as directors of the Company. It also noted that Paul I. Detwiler, Jr. and Louis N. McCarter III have chosen to retire from the Company’s Board of Directors.
Burgess is a CPA with extensive experience in the insurance industry. He retired from Arthur Andersen as a Partner in 1999 after 35 years with that organization. During that time, he represented Arthur Andersen on the AICPA Insurance Companies Committee and served as audit partner for many of its insurance company and financial services clients. He currently serves as an advisor on technical and governance issues to insurance companies or their audit committees, and will serve as Chair of PMA Capital’s Audit Committee.
Lutenski is currently serving as Managing Director and Chief Operating Officer of RISC Ventures LLC, a Boston-based investment and advisory firm that specializes in assessing and developing reinsurance and capital markets solutions to complex risk issues. He has held senior positions in a number of companies in the insurance, reinsurance and financial guaranty business, including Chief Financial Officer of Enhance Financial Services Group until 2001 and Crum & Forster Insurance Group until 1999.
Donnelly was recently elected President and CEO of PMA Capital Corp. (See IJ Website Feb. 12) and will also retain his position of the last seven years as President of the PMA Insurance Group. He is a Fellow of the Casualty Actuarial Society and has served on many insurance industry boards and committees. He has more than 23 years of experience in the insurance industry.
Commenting on Donnelly’s election as President and CEO, Neal Schneider, Chairman of PMA’s Board, noted: “Vince has provided outstanding leadership as President of The PMA Insurance Group and has delivered improving earnings and operating performance during his seven year tenure. Vince is highly respected by our customers, brokers and employees and we believe he has the leadership skills, judgment and determination to successfully lead our organization.”
He added that the company was “very pleased and fortunate to have Pete, Rick and Vince join the Board. Each has proven expertise in the property and casualty industry that will add to the Board’s insurance industry knowledge and experience. The Board of Directors is keenly focused on building shareholder value and we are committed to work diligently on the achievement of our corporate objectives. Paul Detwiler and Lou McCarter have been longstanding members of the Board, and, on behalf of the entire organization, I wish to thank them for their contributions and years of dedicated service to PMA Capital.”
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