Monday, July 22, 2024

Zenith Insurance to get new CEO

Zenith Insurance to get new CEO




Zenith Insurance to get new CEO | Insurance Business America















“Strong and impactful partner” taking the helm

Zenith Insurance to get new CEO

Workers Comp

By
Terry Gangcuangco

Zenith Insurance has announced changes to its leadership team effective in the New Year.

Current president Davidson Pattiz, who has also served as chief operating officer, will become president and chief executive on January 1, 2025. He will succeed CEO Kari Van Gundy, who will transition to the role of executive chairman.

“Davidson is an outstanding executive and has been a strong and impactful partner over my tenure as CEO,” Van Gundy said. “There is no-one more qualified and prepared for this role, and I am confident that our business will only get stronger under his leadership. I look forward to continuing to work closely with Davidson and our senior team to support Zenith.”

Primarily engaged in the workers’ compensation insurance business in the US, Zenith also has a property and casualty insurance operation focused on the agriculture sector in California. Additionally, the Fairfax-owned company has a workers’ compensation claims servicing business.

In May, Zenith’s parent firm reported $776.5 million in net earnings for the first quarter of 2024.

At the time, Fairfax chair and CEO Prem Watsa noted: “In the first quarter of 2024, our property and casualty insurance and reinsurance operations produced adjusted operating income of $977.1 million up from $843.0 million in the first quarter of 2023 (or operating income of $1,415.5 million (2023 – $1,309.3 million) including the benefit of discounting, net of a risk adjustment on claims), primarily reflecting increased interest and dividends and strong core underwriting performance.

“All of our insurance and reinsurance reporting segments continued to achieve undiscounted combined ratios below 100% for a consolidated combined ratio of 93.6% and consolidated underwriting profit of $373.0 million, both on an undiscounted basis. Gross premiums written grew by 12.8% and net premiums written grew by 11.2%, reflecting the acquisition of Gulf Insurance, which added $649.5 million in gross premiums written and $334.0 million in net premiums written.”

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