Texas Mutual CEO to retire in 2023 after 40 years in insurance

Texas Mutual CEO to retire in 2023 after 40 years in insurance | Insurance Business America

Texas Mutual CEO to retire in 2023 after 40 years in insurance

Texas Mutual president and CEO, Richard “Rich” Gergasko, has announced his intention to retire in early 2023, after 40 years in the insurance industry.

Gergasko joined Texas Mutual, the leading state workers’ compensation provider, in 2013. In the following decade, he built up the company’s financial strength, provided stable leadership through the COVID-19 pandemic, and championed various initiatives to keep employees and policyholders safe – including a “no-use-while-driving” cell phone policy for all employees.

“We’re grateful to Rich for his steadfast leadership, especially during the last few years when our employees, agents and policyholders looked to him for stability during the COVID-19 pandemic,” said Ron Simmons, chairman, Texas Mutual Board of Directors. “Rich’s accomplishments during his tenure at Texas Mutual are numerous. I’m particularly proud of the excellent financial foundation he has built that is recognized through an A rating from AM Best. I also appreciate his work to create a stronger, safer Texas and am confident his efforts will have a lasting impact across our state and the industry.”

Upon announcing his retirement, Gergasko said: “When I think about the last 10 years at Texas Mutual, there’s a lot to be proud of. The consistent theme throughout has been our commitment to being a stable force for good across the state of Texas. Texas Mutual’s philanthropic program is second-to-none, making a difference in communities across the state with safety awards, scholarships, philanthropic grants and safety training grants. In 2022 alone, we are investing $12 million in philanthropic funding across Texas.”

While supporting Texas Mutuals’ philanthropic program from the top down, Gergasko has also served in various leadership positions for non-profit and industry organizations. He was chair of the American Heart Association Board of Directors in Austin; chair of the Austin Heart and Stroke Walk; member of United Way for Greater Austin’s Campaign Cabinet, founding organizer of Texas Mutual’s cycling team for the MS 150, Executive Committee member of the Texas Business Leadership Council, member of the Insurance Industry Charitable Foundation, and more.

Texas Mutual will explore external and internal options for its new CEO, with the help of executive search and leadership advisory firm Russell Reynolds Associates.