Capitol Insurance Companies announced Tuesday that its chairman and chief executive officer, David F. Pauly, intends to retire effective Dec. 31, 2013.
In advance of his retirement, Pauly will step down as chairman and CEO on Aug. 30, 2013 and serve as a senior advisor, assisting in a recently announced strategic initiative. Stephen Sills will step in to the roles of chair and CEO.
In addition, Alan S. Ogilvie, currently executive vice president of Capitol, will be appointed president of Capitol’s property and casualty operations, reporting to Sills.
Rick Allen, currently president of Capitol’s surety and fidelity operations, will continue to serve in that role and also report to Sills.
Late last month, Alleghany Corporation, Capitol’s parent company announced plans to combine the specialty operations of its subsidiaries Capitol and Professional Risk Management Services, Inc. under Sills’ leadership.
Capitol is a national underwriter of specialty insurance products in niche areas of the commercial property and casualty and fidelity and surety markets. PRMS specializes in medical professional liability insurance programs and related risk management services.
Sills, who was executive chairman of PRMS prior to the July announcement, founded Darwin Professional Underwriters, Inc., a former subsidiary of Alleghany, in 2003 and served as its chairman, president and chief executive officer until 2008, when Allied World acquired Darwin.
Prior to Darwin, Sills founded Executive Risk Inc., where he served as chief underwriting officer from 1990 to 1996, and chief executive officer from 1997 to 1999.
Source: Capitol Insurance Companies