Nationwide's President Barnes To Retire

Nationwide's President Barnes To Retire

NU Online News Service, June 9 12:43 p.m.EDT? Nationwide Insurance has announced that the company president, Galen R. Barnes, 56, will retire Dec. 31 after 28 years with the firm.

W.G. Jurgensen, chief executive officer of the Columbus, Ohio-based property-casualty insurer said in the announcement that Mr. Barnes was retiring for "personal reasons."

Mr. Barnes said he will miss his coworkers at Nationwide. "But I look forward to the opportunity to spend more time with my grandchildren," he said.

Mr. Jurgensen praised Mr. Barnes tenure with the company saying he has "positioned us for continued success."

Mr. Barnes has served as president and chief operating officer of Nationwide Insurance since April 1999. The company said he had overseen improved underwriting results and a lowered combined ratio 95.9 percent last year.

He recently led the acquisition of Prudential subsidiary THI, a non-standard auto insurer, which is scheduled for final closing in early August.

Mr. Barnes began his Nationwide career in 1975 as an assistant actuary. Over the years, he moved up to serve as chief operating officer at Colonial Insurance Company, which was then headquartered in California, and later, as president and chief operating officer of Wausau Insurance Companies.

Kevin Craiglow, a company spokesman said the company has "started the succession process" to fill the upcoming presidential vacancy, but he noted that "we've got six months."