Selective Insurance Group chose a new CEO, promoting from within its ranks as part of a long-developed succession plan.
The New Jersey-based insurer announced that President and Chief Operating Officer John Marchioni will become its newest chief executive officer as of Feb. 1, 2020. Marchioni, who has served in his current role since 2013, will succeed Gregory Murphy, who is retiring as CEO after serving in the position since 1999.
Once the transition takes place, Murphy, who has also served as board chairman since 2000, will take on the newly created role of executive chairman of the Selective Board.
Marchioni, in prepared remarks, said he looked forward to working with Murphy on the transition and in the future “to build on Selective’s strong financial and strategic position for the long term.”
Murphy, in prepared remarks acknowledging the change, credited Selective for preparing over several years for the succession process now underway.
“I firmly believe that now is the right time to initiate this leadership transition,” Murphy said. “With our continued outperformance, we are confident that with [Marchioni] as CEO, the Selective team will rise to meet the innovation demands of our times and champion outstanding customer experiences, which are keys to our growth and future success.”
Selective noted that Murphy has helped build “significant financial and business success” at the company, including the tripling of net premiums written, from $750 million to $2.5 billion. The insurer has also seen growth including the expansion of commercial lines operations from 16 to 27 states, and it entered the excess and surplus lines marketplace.
Under Murphy’s tenure, Selective has also built up its customer experience, adding self-service and digital policy offerings and other innovative technologies, the company said.
Selective is a holding company for 10 property/casualty insurance companies rated a “A” (Excellent) by A.M. Best.
Source: A.M. Best