Fireman's Fund Insurance Company announced yesterday that its chief executive officer, Joseph J. Beneducci, had resigned after less than six months on the job.
The Novato, Calif.-based carrier--a member of the Allianz Group--had named Mr. Beneducci to the post effective Jan. 1 when Charles "Chuck" Kavitsky was promoted to president of Allianz of America.
Mr. Kavitsky has now been named Fireman's interim CEO, the company said.
"Joe has been a significant part of Fireman's Fund's success, and I want to thank him for his many contributions," said Mr. Kavitsky.
The interim CEO said that in the wake of Mr. Beneducci's departure, "our direction and strategy will continue as planned."
Mr. Kavitsky added that the company is fortunate to have "deep bench strength in its leadership team, in addition to a strong position in the property-casualty insurance market."
Mr. Kavitsky served as Fireman's Fund CEO from 2004 to the end of 2006.
The company said that a successor to Mr. Beneducci "will be named in due course." It did not say if the exited CEO has revealed his own employment plans.
Fireman's Fund listed assets of $11.9 billion and a $3 billion policyholder surplus in the fourth quarter of 2006. Gross written premiums have grown from over $3 billion in 1992 to $5.7 billion in 2006, the company reported.
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