ProSight Specialty Insurance has announced that Larry Hannon will take over as its Chief Executive Officer (CEO), succeeding Joe Benducci, who will be moving into the role of Executive Chairman.
Beneducci, who founded ProSight in 2009, will remain as Chairman until May 2020.
He has previous experience as President & CEO of Fireman’s Fund Insurance Company, and as a Senior Executive at Chubb.
Hannon is also a founding member of ProSight and has since served as the company’s Chief Operating Officer.
In this role, Hannon has had broad responsibility for underwriting, brokerage, business development, marketing, IT, and customer experience.
Before joining ProSight, he also held senior underwriting, marketing and operational roles at Chubb and Fireman’s Fund and has over 28 years of experience in the insurance industry.
“Ten years ago, Larry Hannon, Bob Bailey and I formed ProSight,” Beneducci said. “As a result of determination, hard work, and commitment to our customers, we have built ProSight into a leading and innovative specialty property & casualty franchise. We could not have achieved what we have thus far without the great talent we have across all of our employees in the organization.”
“I have decided that this is the right time for a new leader to step in as the Company enters the next phase of its journey,” he explained. “While I look forward to exploring new professional opportunities and pursuing other personal interests, I have full confidence in Larry taking over as CEO.
“I have known Larry for over 30 years and could not think of a better person to lead the Company. I look forward to working with Larry and the rest of the management team to ensure a seamless transition.”
Hannon also commented: “I am grateful to have spent the last ten years with Joe at ProSight and want to thank him for his leadership and vision in developing the Company into what it is today.
“He has been instrumental in building an impressive franchise from the ground up and has overseen a period of strong growth, culminating in 2018 being the most profitable year since our founding,” Hannon continued.
“I am excited to take over an outstanding specialty insurance franchise and work with our employees as we continue to build a truly unique experience for our customers.”