|By PR Newswire||
|August 27, 2013 08:15 PM EDT||
MIDDLETON, Wis., Aug. 27, 2013 /PRNewswire/ -- Capitol Insurance Companies ("Capitol") announced today that David F. Pauly, Chairman and Chief Executive Officer of Capitol, has advised the company of his intention to retire effective December 31, 2013. Mr. Pauly will step down as Chairman and Chief Executive Officer on August 30, 2013 and serve as a Senior Advisor to Capitol, assisting in the implementation of Capitol's recently announced strategic initiative.
Weston M. Hicks, President and chief executive officer of Alleghany Corporation, Capitol's parent company, commented, "It has been a pleasure working with Dave Pauly over the past decade. He has made Capitol a better company by building a strong management team and a solid infrastructure. As a result of Dave's efforts, we believe that Capitol is well-positioned for continued success in the future. On behalf of Alleghany, I want to thank Dave for his significant contributions, and we wish Dave well in his retirement."
Mr. Pauly stated, "Over the past eleven years, it has been a privilege to lead Capitol and work with its talented employees and valued distribution partners. I look forward to further assisting Stephen and Capitol over the next few months as the company implements its new strategic initiative and broadens the product portfolio it provides to its agents."
In conjunction with Mr. Pauly's retirement, Stephen Sills will be appointed Chairman and Chief Executive Officer of Capitol effective August 30, 2013. In addition, Alan S. Ogilvie, currently Executive Vice President of Capitol, will be appointed President of Capitol's Property & Casualty operations and report to Mr. Sills. Rick Allen, currently President of Capitol's Surety and Fidelity operations, will continue to serve in that role and report to Mr. Sills.
Mr. Sills commented, "Capitol benefits from a deep bench of talented leaders and dedicated professionals. Alan and Rick lead strong underwriting teams that will continue to provide outstanding products and service to our agents and policyholders. I look forward to working with them to create a strong diversified specialty insurance company."
Capitol is a national underwriter of specialty insurance products in niche areas of the commercial property and casualty and the fidelity and surety markets. Through its operating entities, Capitol Indemnity Corporation, Capitol Specialty Insurance Corporation and Platte River Insurance Company, Capitol offers high quality customer service in programs tailored to the needs of its customers' business and risk management strategies. Capitol has an "A" (Excellent) rating from A.M. Best. Capitol Indemnity Corporation, Capitol Specialty Insurance Corporation and Platte River Insurance Company are subsidiaries of Alleghany Insurance Holding LLC, whose parent company, Alleghany Corporation, is publicly traded on the New York Stock Exchange (ticker symbol "Y").
SOURCE Capitol Insurance Companies