Global Indemnity begins hunt for new CEO
Insurance and reinsurance holding company Global Indemnity Group has started the search for a new chief executive to replace Cynthia Valko who has announced her intention to retire at the end of the month.
Valko has agreed to continue to serve the company in an advisory capacity.
Additionally, the company has promoted Jonathan Oltman, president of its principal subsidiary Penn-Patriot, with sole responsibility for all of the company’s insurance operations.
Oltman joined Global Indemnity in 2014, serving most recently as executive vice president of the company’s core commercial specialty businesses.
He has 25 years of experience in excess and surplus, small business, and specialty property and casualty insurance lines, including prior tenures with Selective Insurance Group, Harleysville Insurance and Nationwide Insurance.
As the company’s principal executive officer, Oltman will report directly to the company’s board of directors through its chairman.
Saul Fox, chairman of the board, said: “For the past 9 years, Cindy Valko provided Global Indemnity with exemplary leadership. She significantly enhanced the breadth and depth of the Company’s agent and broker relationships, which powered the Company’s profitable growth. Cindy Valko’s commitment to executive development leaves in place a highly talented management team.”
Valko commented: “It has been my great privilege to serve as chief executive of Global Indemnity since 2011. We doubled premiums, expanded into new business lines and delivered $250 million of net income to shareholders while steadfastly protecting our 350,000 insureds. I am so proud of our executive management team and our 400 employees who made our success possible. I have complete confidence that Global Indemnity will continue to grow and thrive.”
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