Pennsylvania & Indiana Lumbermens Mutual Insurance Companies has appointed a new chairman of the board.
The board of directors for the companies, which are leading providers of p&c insurance to the wood industry, unanimously voted to elect C. Richard Peterson as the chairman of the board for both entities.
“This is an exciting time for all insurance companies and I look forward to working with president and CEO, John Smith, and his PLM/ILM colleagues to meet the challenges all insurance companies face in providing quality and cost effective service to their insureds,” Peterson said in a statement.
Peterson, who has been a member of the PLM Board for over 15 years and has served on the executive compensation committee as well as the executive committee, will serve the remaining term of J. William Lee – PLM’s long-time chairman who passed away recently, the company said in a release.
Speaking of the move, CEO Smith said: “Replacing an industry veteran like J. William Lee is not an easy task. His wisdom, guidance, and commitment to PLM is legendary.
“For many years, Dick has been a valuable resource of knowledge and expertise on the Board. We are truly fortunate to have him take on this new role. Through his commitment and depth of experience, he has served this company and its policyholders as well as provide me with great support and guidance.”
A 40-year veteran of the insurance industry, Peterson is the current executive director of Commercial Deposit Insurance Corporation (CDI).
Before becoming an insurance entrepreneur (CDI), he was vice chairman of Minet Group, the sixth largest insurance brokerage firm in the world, which was acquired by
Aon Group in 2003. Prior to that, Peterson served as EVP of
Sedgwick Group.
Peterson will take up his new role immediately.
Related stories:
Lockton names industry veterans to leadership roles
Hub acquires Riveria Insurance services
