US primary insurer Allstate has announced a shake-up in its leadership.
The firm said that Glenn Shapiro, head of property-liability, is to retire. He will be succeeded by Mario Rizzo, the firm’s CFO. Meanwhile, Jess Merten will succeed Rizzo as CFO.
Tom Wilson, president and CEO of the Allstate Corporation, said: “Allstate’s leadership team is aligned on building a purpose-driven company that serves customers, employees, shareholders and communities, which makes leadership transitions seamless.
“Glenn is an exceptional leader who expanded property-liability distribution, significantly lowered costs to provide greater value to customers and advanced our digital transformation. Mario’s leadership capabilities and breadth of experience during his 33 years at Allstate will ensure that this momentum is maintained.”
He added: “Jess is ideally suited to be the CFO, with success in multiple financial roles and most recently leading Allstate Financial and the divestiture of the life and annuity businesses.”
The firm gave a timeline for when the changes would take place. Shapiro will retire, effective from the end of September, with Rizzo and Merten taking on their roles at the beginning of the month.
This news arrives after the firm posted a $1bn net loss in its Q2 results, down from an income of $1.6bn in the prior year quarter. It was reported that Property-Liability earned premium of $10.9bn increased 8.6% in the second quarter of 2022 compared to the prior year quarter, which was driven primarily by higher average premiums and policies in force growth.