Penn National said Executive Vice President and Chief Operating Officer Christine Sears has been elected president and CEO-elect by the company’s board of directors. Her title will change from president and CEO-elect to president and CEO upon Shutts’ retirement on Dec. 31.
Penn National said Sears’ election as president and CEO-elect by the board of directors was in accordance with the company’s management succession plan, which the board had in place.
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Sears has served as executive vice president and COO of Penn National Insurance since 2010. She began her career at Penn National in 1980. Sears is a Certified Public Accountant and holds the Chartered Property Casualty Underwriter designation.
Founded in 1919, Penn National sells personal and commercial property/casualty insurance in 11 states through a network of more than 750 independent agencies.
The company wrote $645 million in net written premium in 2013 on $550 million in policyholders’ surplus, and total assets exceeded $1.6 billion. The company employs more than 800 people in its 11-state sales and service territory.
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