Protective Insurance Corporation Announces Jeremy Johnson as Chief Executive Officer
May 21 2019 - 4:38PM
Protective Insurance Corporation (NASDAQ: PTVCA) (NASDAQ: PTVCB)
today announced that its Board of Directors has appointed Jeremy D.
Johnson as Chief Executive Officer, effective tomorrow; Mr. Johnson
will also serve as a member of the Company’s Board of
Directors.
Mr. Johnson most recently served as President, US Commercial for
American International Group, Inc. (AIG) from February 2016 to
December 2017, with responsibility for underwriting, operations,
claims and distribution in the US, Canada, Brazil, Mexico and
Puerto Rico. He served as Chief Executive Officer and President of
Lexington Insurance Company, AIG’s excess and surplus lines unit,
from February 2013 to December 2017. Mr. Johnson served in various
executive leadership roles at AIG between 2000 and 2013, including
Specialty Product Line Executive, U.S. & Canada; President of
Cat Excess Liability; U.S. Executive for Energy Excess
Casualty; and Regional Vice President for the
Mid-Atlantic territory. Prior to joining AIG, Mr. Johnson was
a broker for Sedgwick, Inc. and Marsh, Inc. Mr. Johnson holds a
Masters of Arts degree in law from the University of Oxford,
UK.
“I’m excited to be joining Protective and looking forward to
continuing improvements in our operational and financial
performance,” said Johnson. “This is a challenging time for the
commercial auto insurance sector, and it’s during challenging times
that Protective, with our long history of providing commercial
automobile insurance, can distinguish ourselves. By building on our
successful heritage, I’m confident we will deliver positive
outcomes for our insureds, our distribution partners and our
investors.”
“We’re delighted that Jeremy will be joining our team to serve
as our CEO,” said Protective’s Chairman of the Board Jay Nichols.
“Jeremy’s more than 25 years of insurance industry experience,
leading large teams and managing complex books of business, makes
him an ideal leader for the team at Protective. His extensive
background with commercial insurance risks, including commercial
automobile coverages, will be invaluable for both our insureds and
our broker partners. We look forward to benefiting from Jeremy’s
leadership and expertise as Protective continues enabling commerce,
providing recovery from unfortunate events, and saving lives by
serving as a strong partner to our stakeholders in the
transportation safety ecosystem.”
Mr. Nichols, who has served as Protective’s Interim CEO since
October 2018, will continue serving as Chairman of the Board, and
will support Mr. Johnson by providing continuity during the
leadership transition and partnering on strategic initiatives
related to innovation for commercial auto risk management.
In addition to Mr. Johnson’s appointment, the Company has also
appointed Stephen J. Gray to the Board of Directors effective
immediately. Mr. Gray will be a member of the Company’s Investment
Committee.
Mr. Gray brings more than 35 years of advisory experience within
the investment banking and consulting industries in executive
leadership roles. He has served as a consultant to, and Board
Member for, SRC Holdings Corporation, a remanufacturer to original
equipment manufacturers in North America, since 2008. Mr. Gray
served in several executive roles with divisions of BMO Harris
Bank, N.A., including Vice President of Commercial Banking, Senior
Vice President of Commercial Mid-Market & Institutional
Markets, and serving as President and CEO of Harris Bank, Glencoe
from 1999 until 2003. Through his consulting work, Mr. Gray has
served as an advisor to the Shapiro family for many years and is a
trustee for various Shapiro family entities.
“Stephen will make a valuable contribution to our Board at this
exciting time”, said Mr. Nichols. “Stephen has a unique
understanding of the perspective of Protective’s many long-term
shareholders, including members of the Shapiro family, and will
ensure continuity of the stewardship that Nate, Bob, and the late
Norton Shapiro have provided to Protective over the past 40
years.”
Lead Director, Stuart Bilton said, “I join Jay in welcoming
Jeremy and Stephen to Protective. The Board is delighted to have
such experienced executives strengthening our Board and leading
Protective into the future. The Board also thanks Jay for his
service as Interim CEO. During his seven months as Interim CEO, Jay
made a number of very meaningful contributions to Protective,
including providing us the time to perform a thoughtful CEO search
process, leading to Jeremy’s appointment as CEO. With Jay’s
continuing guidance as Chairman of the Board, the support of the
full Board of Directors, and Jeremy’s leadership as CEO, Protective
has the talent we need to effectively serve all of our
stakeholders.”
About Protective Insurance Corporation
Protective Insurance Corporation (the “Company”), based in
Carmel, Indiana, is a property-casualty insurer specializing in
marketing and underwriting property, liability and workers’
compensation coverage for trucking and commercial automobile
fleets, as well as coverage for trucking industry independent
contractors. In addition, the Company offers workers’ compensation
coverage for a variety of operations outside the transportation
industry.
Forward-looking statements in this release, including but not
limited to statements regarding: Mr. Johnson’s leadership as CEO
and Mr. Nichols’ continuing service as Chairman of the Board of
Directors, are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Investors are
cautioned that such forward-looking statements involve inherent
risks and uncertainties. Investors are encouraged to review the
Company's annual report for its full statement regarding
forward-looking information.
Media Contact:Matt Thompson (317) 429-2684
mthompson@protectiveinsurance.comInvestor Contact:
William Vens(317) 429-2554investors@protectiveinsurance.com
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