NU Online News Service, Dec. 28, 12:39 p.m. EST
Bala Cynwyd, Pa.–based Philadelphia Insurance Companies said its founder, James J. Maguire, will retire as chairman of the board effective Jan. 1.
He will be succeeded by president and chief executive officer Jamie Maguire who will assume all three positions.
"My father has been a true pioneer and entrepreneur in the insurance industry. I am very fortunate and proud to have worked by his side and I will continue to seek his counsel on complex business matters," said Jamie Maguire. "He will continue to serve on [the company's] board of directors and will devote more time to his philanthropic endeavors through his charitable organization, The Maguire Foundation."
Four years after graduating Saint Joseph's University in 1958, Mr. Maguire founded Maguire Insurance Agency.
His first big success was his connection with the Pennsylvania School for the Deaf, a niche market and organization which he remains committed to.
In 1987, he formed Philadelphia Consolidated Holding Corp., which owns Maguire Insurance Agency, Inc., Philadelphia Insurance Company and Philadelphia Indemnity Insurance Company, its flagship company operating in all 50 states & the District of Columbia.
After 41 years at the helm, Mr. Maguire named his son, Jamie Maguire as president and CEO in 2002.
Late last year, Philadelphia Insurance Companies was acquired by Tokio Marine
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