Royal USA CEO Broderick Retiring

Royal USA CEO Broderick Retiring

NU Online News Service, May 28, 3:25 p.m. EST?Terry Broderick has decided to retire as president and chief executive officer of Royal & SunAlliance USA in Charlotte, N.C., effective June 30, the company announced today.

Mr. Broderick will be succeeded by Steve Mulready, who currently serves as president and chief operating officer of the company's commercial division.

In a statement, Mr. Broderick, who has been with Royal & SunAlliance for 30 years, said he would pursue community and charitable interests and attend to some health issues he is facing. A spokeswoman said the ailment involved was not fatal.

Mr. Broderick joined Royal & SunAlliance USA in 1973, was elected president of the company in 1997, and was appointed CEO in 2000.

Mr. Mulready was president of Royal & SunAlliance's specialty insurance division before taking his current position as COO of the commercial division. Prior to that, he served as president and CEO of Orion Specialty Insurance Group from 1996 until that company's acquisition by Royal & SunAlliance in 1999.

Before joining Orion, Mr. Mulready spent 25 years with Aetna, most recently as senior vice president and business head of the national commercial accounts department.

"All Royal & SunAlliance employees join me in thanking Terry Broderick for his many contributions to our company," Mr. Mulready said in a statement. "Terry has always exemplified our company's integrity in his dealings with customers, employees and business partners. We will continue to build on the foundation he has put in place and wish him well in the future."

Royal & SunAlliance USA is part of the international Royal & Sun Alliance Insurance Group plc, transacting business in more than 130 countries with more than 20 million customers.