Associated Electric & Gas Insurance Services Limited (AEGIS), has announced the retirement of William P. Cullen as President and Chief Executive Officer after a 26-year career at the company.
According to the announcement, he will be succeeded by William L. Hillman, currently EVP and Chief Underwriting Officer of AEGIS. The transition is to take place effective January 1, 2024.
Cullen, who is going to remain on the Board while Hillman will be elected as a Director of the Company, commented: “With the Company in its strongest financial position ever and with a talented, tested leader ready to step in, the time is right for me to retire. I am very pleased that Bill Hillman will be my successor.
“I have worked with Bill for 25 years, first as an AEGIS reinsurance broker and for the last 10 years as part of our senior management team. His demonstrated knowledge and experience in the energy and insurance industries will assure continued success for the Company.”
Under Cullen’s leadership, the insurer has continually provided market leadership in meeting its policyholders’ insurance capacity and risk management needs and its London operation is established as a top-quartile Lloyd’s syndicate.
Over the past six years, AEGIS’ annual premium has doubled from $1.3B to $2.6B, surplus has grown from $1.4B to $2.3B and assets have increased from $6.5B to $10B.
Under Hillman’s leadership, Property Underwriting will be led by Tom Cain, who will be promoted to SVP Head of Property, Casualty Underwriting will be led by Martin Gaffney, who will be promoted to SVP Head of Casualty.
Hillman said: “I am honored to have the opportunity to lead AEGIS,” Hillman said. “Throughout my 25 years of involvement with the company, I have always been impressed with this truly unique and high-quality organization.
“Joining AEGIS 10 years ago further increased my appreciation of the company’s member focus and its commitment to its mission of serving the energy industry.”
Alex Powell, CEO of AEGIS London, stated: “When AEGIS London was established in 1999, Bill Cullen was Chief Underwriting Officer at AEGIS, so Bill has always been integral to the development and growth of the syndicate.
“All of us at AEGIS London would like to wish Bill well in his upcoming retirement and express our gratitude for his influence over the years. We look forward to continuing our mutual progress with his successor, William Hillman.”
