After a decade as the leader of Philadelphia Insurance Cos., CEO Jamie Maguire is stepping down.
Macguire was named CEO in 2002. He replaced his father, James J. Maguire Sr., who founded the company in 1962.
According to statement from the company, current President and COO Sean S. Sweeney will take over as CEO starting Jan. 1, 2013.
National Underwriter recently published a feature on Philadelphia Insurance (PHLY):
Meet the New Boss: Benefits of the Tokio Marine Acquisition
Niche Rich: Philadelphia’s Strategy Centers on Discovering, Dominating Specialized Coverages
“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,” says Maguire in a statement. “I am also extremely proud of the employees that have been integral to PHLY’s success.
“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.”
Maquire joined PHLY in 1996 as its vice president of underwriting. Under his leadership PHLY grew revenues grow from $460 million to more than $2 billion.
Sweeney has a PHLY pedigree as well, credited with opening its West Coast operations after starting with the company as an account executive. He was named executive vice president and chief marketing officer in 1998, president and CMO in 2010, and COO in January 2012.
Tokio Marine Holdings Inc. bought Philadelphia Consolidated Holding Corp. for $4.8 billion in July 2008.
