It may not be a trend, but it is nonetheless interesting that several insurance companies in recent months have announced the appointments of interim CEOs. Just when you think there is nothing newsworthy to report, another press release flies into the editor’s email inbox with an additional announcement.
Executive SummaryDoes a recent flurry of appointments of interim executives at property/casualty insurers represent a trend? Maybe not. But the announcements prompted Carrier Management to examine the conditions that might be fueling more executive departures, some of which have been unanticipated, and dos and don'ts of interim executive hiring practices.
Recent C-level insurance carrier appointments suggest that the industry is transitioning for the future, according to consultants interviewed by Insurance Journalist Russ Banham.
In many but not all cases, an interim CEO is a temporary job, the case at SiriusPoint Ltd., where interim CEO Daniel Malloy stepped aside in September for new CEO Scott Egan. In others, the title is just a placeholder for the real thing. This appears to be the situation at QBE North America, where interim CEO Julie Wood, appointed in August 2023, was named the permanent CEO a month later.
(Editor’s Note: Malloy had been CEO of ThirdPoint Reinsurance until it merged with Sirius International Insurance Group to form SiriusPoint. After leaving the company post-merger, he rejoined to take the interim CEO position when SiriusPoint’s first CEO Sid Sankaran resigned.)