Protective Insurance Corporation Announces Appointment of Jay Nichols as Interim Chief Executive Officer
October 19 2018 - 8:50AM
Protective Insurance Corporation (NASDAQ: PTVCA) (NASDAQ: PTVCB)
(the “Company”) has accepted the resignation of W. Randall
Birchfield as the Company’s Chief Executive Officer, President, and
Chief Operating Officer. Mr. Birchfield’s resignation is not
related to management issues or performance of the Company.
The Company has appointed John “Jay” Nichols as the Company’s
Chairman of the Board and Interim Chief Executive Officer,
effective immediately.
“Jay has a proven track record in the insurance industry and a
broad range of skills that are a perfect match for our current
needs,” said Stuart Bilton, Lead Director. “We are pleased that Jay
has accepted the Interim CEO role and are highly confident that he
and our existing management team will provide consistent leadership
to Protective Insurance moving forward.”
Mr. Nichols is well known in the insurance industry and has
served on the Company’s Board of Directors since May 2017, most
recently as Chairman of the Audit Committee. He was Chief Executive
Officer of AXIS Re, a leading reinsurer to global property and
casualty insurance companies, from April 2012 until February 2017.
Prior to his tenure at AXIS Re, Mr. Nichols served as President of
RenaissanceRe Ventures Ltd., where his role encompassed business
development and management of joint ventures and venture capital
businesses. Mr. Nichols has also held various leadership positions
with Hartford Steam Boiler, and Monarch Capital, and previously
worked for the accounting firm Matson, Driscoll, and D’Amico.
He also serves on the Board of Directors for Delaware North
Companies, National General Holdings Corp., and Brit Re and serves
on the Board of Governors for the Parsons School of Design.
The Board of Directors is conducting a search process to
identify a permanent CEO. Additionally, the Board has decided
to form a sub-committee, consisting of key stakeholders, to explore
opportunities to continue to maximize long-term shareholder value,
including evaluating potential strategic partnerships or
transactions. There is no assurance that the Company will
pursue or complete a strategic partnership or transaction.
ABOUT PROTECTIVE INSURANCE CORPORATION
Protective Insurance Corporation (formerly Baldwin & Lyons,
Inc.), based in Carmel, Indiana, is a property-casualty insurer
specializing in marketing and underwriting property, liability and
workers’ compensation coverage for trucking and public
transportation fleets, as well as coverage for trucking industry
independent contractors. In addition, the Company offers
workers’ compensation coverage for a variety of operations outside
the transportation industry.
Forward-looking statements in this release including but not
limited to statements regarding Mr. Nichols’ leadership as Interim
CEO and the Company’s search for a permanent CEO and exploration
and evaluation of potential strategic partnership and transactions,
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned
that such forward-looking statements involve inherent risks and
uncertainties. Readers are encouraged to review the Company's
annual report for its full statement regarding forward-looking
information.
Media Contact:
Matt Thompson(317)
429-2684mthompson@protectiveinsurance.com
Investor Contact:
William Vens (317) 429-2554
investors@protectiveinsurance.com
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