AEGIS has announced that its president and CEO is to retire after a career with the company spanning 20-years.
Alan J. Maguire will step down next month, and will be succeeded by Owen Ryan, who most recently served as CEO of Deloitte Advisory and will also be elected as a director of AEGIS.
Ryan, who spent 30-years at Deloitte, will take up his new role on October 27, with Maguire continuing to offer his services to the company as a consultant.
Ryan brings with him a deep knowledge of the insurance sector, AEGIS said, having run Deloitte’s insurance practice and advised numerous insurance companies. For the past five years, Ryan also served as a strategic advisor to AEGIS and its board of directors.
Maguire, who described his retirement as coming at the right time as AEGIS is “in its strongest place”, added that he was particularly pleased that Ryan had been chosen as his successor, after recommending him to the board as an advisor several years ago.
“Owen comes to AEGIS with a deep understanding of our company, and he has earned the respect of our directors and management team as a key player in the development of our strategy refresh and the company’s enterprise risk management program,” he said.
Speaking of his two decades with the company, Maguire said he was proud of all that the team had achieved.
“We worked through a lot of challenges together. We have transformed AEGIS into a full multi-line insurer uniquely positioned to serve the evolving needs of an ever-changing energy industry,” he said, adding that during that time annual premiums have grown from $240m to almost $1.3bn, and surplus has increased from $575m to almost $1.4bn.
Ryan said he was honoured to be given the opportunity to lead AEGIS, adding: “As an external advisor to management and the board, I have developed a true admiration for the leadership in New Jersey and London, AEGIS’s talented people, and the culture of competency, integrity, and ethics that is ingrained throughout the organization.”
Wes von Schack, AEGIS’s chairman, said that Ryan’s appointment is the result of a thoughtful and carefully managed CEO succession plan and search process that the board began in early 2015.
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