(September 26, 2016) Today, AEGIS announced that Alan J. Maguire has decided to retire as President and Chief Executive Officer after a distinguished, twenty-year career at the Company. He will be succeeded by Owen Ryan, who most recently served as Chief Executive Officer of Deloitte Advisory. Mr. Ryan will also be elected as a Director of the Company. The transition will take place on October 27, 2016, after which Mr. Maguire will be available to the Company as a consultant.
Mr. Ryan joins AEGIS after a 30-year career at Deloitte. He brings deep insurance sector knowledge, having run Deloitte’s insurance practice and advised numerous insurance companies. For the past five years, he has served as a strategic advisor to AEGIS and its Board of Directors.
“With the Company in its strongest position ever, and with a talented, proven leader ready to take the reins, the time is right for me to retire from AEGIS and I am looking forward to life’s next chapter,” said Maguire. “I am particularly pleased that Owen, who I recommended the Board engage as an advisor several years ago, has been chosen as my successor. Owen comes to AEGIS with a deep understanding of our Company, and he has earned the respect of our Directors and management team as a key player in the development of our Strategy Refresh and the Company’s Enterprise Risk Management program. He has extensive experience serving both the energy and insurance industries, good judgement, and solid management abilities. Under his leadership, I am confident that the Company will continue on its path of success.”
“I am proud of all that our team has achieved over the past two decades. We worked through a lot of challenges together. We have transformed AEGIS into a full multi-line insurer uniquely positioned to serve the evolving needs of an ever-changing energy industry. Over the past twenty years, our annual premiums have grown from $240 million to close to $1.3 billion, and our surplus has increased from $575 million to almost $1.4 billion. We have continually added product and service capabilities to meet emerging risks, including most recently, cyber insurance and drone coverage. We have expanded into Canada and are providing important products and services to the growing renewables segment of the industry. We also launched our London operations with a Lloyd’s syndicate that has produced remarkable returns for the members. With the solid foundation we have built, I know that under Owen the Company has a bright future,” Maguire added.
“Lastly, I want to thank all of our members, brokers and reinsurance partners, whom I have come to know and respect through the years, for all of your guidance, encouragement and friendship. Working so closely with you has been a real pleasure. I also want to thank all our staff in the U.S. and London. They are truly AEGIS’ key strength. Working with them has made my career so much more enjoyable and rewarding,” Maguire said.
“It is a great honor to be given the opportunity to lead AEGIS,” Ryan said. “As an external advisor to management and the Board, I have developed a true admiration for the leadership in New Jersey and London, AEGIS’ talented people, and the culture of competency, integrity, and ethics that is ingrained throughout the organization. As a mutual insurer, AEGIS exists to serve its members. The depth and quality of the relationships the Company has forged over time with both members and brokers speaks to its deep commitment to this core mission. AEGIS London is a leading syndicate in the Lloyds market and its record of performance has been outstanding. The Company is on the right course, with a proven strategy. I look forward to working with AEGIS’ best-in-class teams, both in New Jersey and London, to further enhance our products and services to anticipate and meet the evolving needs of our members.”
“On behalf of the entire Board, I want to express our gratitude and heartfelt thanks to Alan for his outstanding leadership and tremendous contributions to AEGIS,” said Wes von Schack, AEGIS’ Chairman. “During his 20-year tenure as CEO, and before that as General Counsel and advisor to the Company, Alan has consistently provided knowledgeable and skillful leadership with a deep and abiding commitment to AEGIS members and its core mission. With the success of AEGIS London, he has built a strong, diversified insurance company that is well-positioned for the future. The Board could not be more pleased with the state of the Company or more confident in its ability to build on all it has achieved under Alan’s leadership with Owen Ryan as President and CEO.”
“This announcement is the result of a thoughtful and carefully managed CEO succession planning and search process that the Board began in earnest in early 2015, recognizing that Alan would turn 65 in 2016, and that he wished to retire when his employment agreement concluded at the end of this year. This effort was led by a succession committee comprised of Charlie Schrock (Chairman), Greg Abel, Jim Jura, and George Mazanec, assisted by a leading executive recruitment firm. After consideration of a number of highly qualified candidates, the Succession Committee and the Board was unanimous in its choice of Owen as our next President and CEO. He is a proven leader who understands and believes in the AEGIS mission, strategy, and culture, and an individual whom the Board knows well. We look forward to working with Owen to ensure that AEGIS continues to fulfill its mission for its members,” von Schack added.