ProSight Specialty Insurance, a specialty insurance provider, announced Joe Beneducci has been name its executive chairman.
Larry Hannon, who’s been serving as ProSight’s chief operating officer, will succeed Beneducci as CEO, effective immediately.
Beneducci will remain as chairman until May 2020, the Morristown-based firm said.
“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 and 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. 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, who is a founding member of ProSight, has more than 28 years of experience in the insurance industry, most recently serving in senior underwriting, marketing and operational roles at Cubb and Fireman’s Fund.
“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. 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,” Hannon said.