James River CEO departs prompting management reshuffle
Bermuda-based insurance holdings company James River Group has appointed Frank D’Orazio, formerly of Allied World, as new chief executive officer (CEO) replacing Adam Abram.
The company’s founder and current CEO Abram is set to retire on November 1, 2020. He will remain with James River as non-executive chair of the board of directors, with D’Orazio also named to the board.
D’Orazio most recently served as chief operating officer and chief of staff at Allied World Assurance Company. He also had prior responsibilities at the same firm as president of underwriting and global risk and president of international insurance.
He began his career as a casualty underwriter at Chubb and also served in a number of underwriting manager roles at Munich Re America.
“Frank is a highly experienced and successful senior executive and profitable business builder with many years of experience in the areas where James River has concentrated," said Abram. "Throughout his thirty year career in the insurance industry, Frank has proven to be an excellent leader who has developed a deep understanding of underwriting, finance, enterprise risk management and strategic thinking by leading significant initiatives in each of these areas.
"Our Board is pleased and confident that James River will have the benefit of his experience and vision for the future. The Company is in a strong position now, with great momentum, and this is a good moment for me to transition back to retirement.”
D’Orazio commented: “I am excited to join James River. The company has a very strong franchise, great leadership and talented employees in each of its Segments. I am looking forward to working with the Board and with Adam to continue to create value for our shareholders.”
Meanwhile, the company has announced that Robert Myron, president and chief operating officer, will step down from the board of directors, effective November 2, 2020, though he will remain in his role as president and chief operating officer.
Abram said: “Bob is an integral part of our senior management team and has been a very effective member of our Board, having served on it since 2011. His decision to leave the Board was based on his judgement that our Shareholders would be better served if we reduced the number of inside directors on the Board. I speak for our entire Board in thanking Bob for his service on the Board and in saying the Company is fortunate that it will continue to have the benefit of his skillful leadership as a continuing member of the senior leadership team.”
