Bala Cynwyd - PA, November 9, 2012 -
Philadelphia Insurance Companies (PHLY), a leading property/casualty and professional liability insurance company for niche markets, announced today that Chairman and CEO Jamie Maguire will be stepping aside as CEO at the end of this year, and will remain Chairman of the Board. Sean S. Sweeney, currently the Company’s President & COO, will assume the title of President &a CEO effective January 1st, 2013.
"I am extremely proud to have been CEO of PHLY for the past decade, accomplishing many milestones and achieving incredible growth and profitability during that time. I am also extremely proud of the employees that have been integral to PHLY’s success," said Mr. Maguire. "While leaving PHLY’s day-to-day operations is bittersweet for me, I remain dedicated to PHLY and its success. I can think of no one better than Sean to continue PHLY's work and chart PHLY's course for the future."
"I am excited for the opportunity to lead this next chapter in PHLY’s remarkable story of success," shared Mr. Sweeney. "With the exceptional leadership and talent we have across our Company, and with support from the Tokio Marine Group, I know we will continue to flourish and elevate PHLY into one of the premiere companies in America."
Mr. Maguire joined PHLY in 1996 as a Vice President of Underwriting. He was named CEO in 2002, replacing his father, James J. Maguire, Sr., who founded the Company 50 years ago in 1962. Under the younger Maguire’s leadership, PHLY received multiple 'Best Places to Work' awards and saw revenues grow from $460 million to over $2 billion, propelling its stock to a high of $61.50 before being acquired by the Tokio Marine Group. Mr. Maguire will continue to serve as PHLY’s Chairman and as a member of its Board of Directors.
Mr. Sweeney started out as an account executive and has dedicated most of his career to PHLY’s success. He opened the Company’s west coast operations and was named Executive Vice President & Chief Marketing Officer in 1998. Mr. Sweeney was named President & Chief Marketing Officer in 2010 before being promoted to Chief Operating Officer in January of 2012.
About Philadelphia Insurance
Philadelphia Insurance Companies designs, markets, and underwrites commercial property/casualty and professional liability insurance products incorporating value added coverages and services for select industries. Celebrating its 50th anniversary in 2012, the Company, whose commercial lines insurance subsidiaries are rated "A++" (Superior) by A.M. Best Company and "A+" for counterparty credit and financial strength by Standard & Poor’s, is nationally recognized as a member of Ward's Top 50 and National Underwriter’s Top 100. The organization has 45 offices strategically located across the United States to provide superior service. For more information, please visit www.PHLY.com