Zenith Insurance coverage to get new CEO

Zenith Insurance coverage has introduced modifications to its management workforce efficient within the New Yr.

Present president Davidson Pattiz, who has additionally served as chief working officer, will change into president and chief govt on January 1, 2025. He’ll succeed CEO Kari Van Gundy, who will transition to the function of govt chairman.

“Davidson is an excellent govt and has been a powerful and impactful accomplice over my tenure as CEO,” Van Gundy stated. “There isn’t any-one extra certified and ready for this function, and I’m assured that our enterprise will solely get stronger below his management. I look ahead to persevering with to work intently with Davidson and our senior workforce to help Zenith.”

Primarily engaged within the employees’ compensation insurance coverage enterprise within the US, Zenith additionally has a property and casualty insurance coverage operation centered on the agriculture sector in California. Moreover, the Fairfax-owned firm has a employees’ compensation claims servicing enterprise.

In Might, Zenith’s father or mother agency reported $776.5 million in internet earnings for the primary quarter of 2024.

On the time, Fairfax chair and CEO Prem Watsa famous: “Within the first quarter of 2024, our property and casualty insurance coverage and reinsurance operations produced adjusted working earnings of $977.1 million up from $843.0 million within the first quarter of 2023 (or working earnings of $1,415.5 million (2023 – $1,309.3 million) together with the good thing about discounting, internet of a danger adjustment on claims), primarily reflecting elevated curiosity and dividends and powerful core underwriting efficiency.

“All of our insurance coverage and reinsurance reporting segments continued to attain undiscounted mixed ratios under 100% for a consolidated mixed ratio of 93.6% and consolidated underwriting revenue of $373.0 million, each on an undiscounted foundation. Gross premiums written grew by 12.8% and internet premiums written grew by 11.2%, reflecting the acquisition of Gulf Insurance coverage, which added $649.5 million in gross premiums written and $334.0 million in internet premiums written.”

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