Best’s News & Research Service - February 05, 2013 04:58 PM (EST)
Philadelphia Insurance Cos. CEO Steps Down After a Month in the Post
BALA CYNWYD, Pa. //BestWire// - Sean S. Sweeney, president and chief executive officer of Philadelphia Insurance Cos. for just over a month, is stepping down for "personal reasons," the insurer said in a statement. Robert (Bob) D. O’Leary Jr., executive vice president and chief marketing officer, has been tapped to succeed Sweeney as president and CEO, effective immediately.
Late last year, Jamie Maguire, CEO of Philadelphia Insurance Cos., was to step down at year-end 2012, but would remain active as chairman of the board, the Bala Cynwyd, Pa.,-based company said at that time (Best's News Service, Nov. 9, 2012). Filling Maguire’s position was Sweeney, then-chief operating officer and president. Sweeney had been with the company for 33 years, and took over Jan. 1 as president and CEO (Best's News Service, Nov. 9, 2012).
In 1993, Sweeney helped take the company public with founder James J. Maguire Sr. and was involved in the successful merger with Tokio Marine in 2008.
"I’ve worked closely with Sean over the past 18 years and I have the highest respect and admiration for him and his contributions...” said Jamie Maguire, chairman of Philadelphia Insurance Cos., in a statement. "I thank Sean for all he’s done and we wish him all the best.”
O’Leary’s insurance career started in 1977 as an industrial sales representative for American Mutual Insurance Co. Five years later, he joined Maguire Insurance Agency, the original marketing name of Philadelphia Insurance, as a regional manager for the New England region. He was named regional vice president of Philadelphia Insurance Cos. in 1986 and managed the Great Lakes area in addition to New England and New York. As the company's business became more concentrated, O'Leary's territory became the Northeast region, which encompassed New England and New York. In April 2006, he was named senior vice president for the Eastern territory, and two years later he was promoted to executive vice president of marketing.
O'Leary assumed the role of executive vice president and chief marketing officer in January 2012.
Philadelphia Indemnity Insurance Co. currently has a Best’s Financial Strength Rating of A++ (Superior).
(By Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com)