Associated Electric & Gas Insurance Services Limited (AEGIS), a mutual insurer of the energy industry, has announced the retirement of William P. Cullen as president and chief executive officer. He will be succeeded by William L. Hillman, the current executive vice president and chief underwriting officer of AEGIS, effective January 1, 2024.
As part of the transition, Cullen will remain on the board as Hillman is elected as a director of the company.
“With the company in its strongest financial position ever and with a talented, tested leader ready to step in, the time is right for me to retire. I am very pleased that Bill Hillman will be my successor,” said Cullen. “I have worked with Bill for 25 years, first as an AEGIS reinsurance broker and for the last 10 years as part of our senior management team. His demonstrated knowledge and experience in the energy and insurance industries will assure continued success for the company.”
“I am honoured to have the opportunity to lead AEGIS,” Hillman said. “Throughout my 25 years of involvement with the company, I have always been impressed with this truly unique and high-quality organisation. Joining AEGIS 10 years ago further increased my appreciation of the company’s member focus and its commitment to its mission of serving the energy industry.”
Over the past six years, AEGIS’ annual premium has doubled from $1.3 billion to $2.6 billion, surplus has grown from $1.4 billion to $2.3 billion, and assets have expanded from $6.5 billion to $10 billion.
“I am proud of all that we have achieved. Together, we have built our management team and product offerings to meet our members’ evolving needs while delivering a consistently strong financial performance,” said Cullen.
Alex Powell, CEO of AEGIS London, and Wes von Schack, chairman of AEGIS, applauded the achievements of AEGIS under Cullen’s leadership and welcomed the appointment of Hillman as the incoming CEO.
“When AEGIS London was established in 1999, Bill Cullen was chief underwriting officer at AEGIS, so Bill has always been integral to the development and growth of the syndicate. All of us at AEGIS London would like to wish Bill well in his upcoming retirement and express our gratitude for his influence over the years. We look forward to continuing our mutual progress with his successor, William Hillman,” Powell said.
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