Best’s News & Research Service - September 08, 2014 04:34 PM (EDT)
Penn National's CEO to Retire in December, With Current COO to Take His Place
HARRISBURG, Pa. //BestWire// - Penn National Insurance said its chief executive officer, Kenneth R. Shutts, plans to retire on Dec. 31.
Shutts, who has been with Penn National for 35 years and served as president for the past seven, will continue to serve on the company's board of directors. Christine Sears, the executive vice president and chief operating officer of Penn National Insurance for the past five years, will take his place.
Shutts helped the insurer grow profits in its core business, build a comprehensive product portfolio and expanded the company's footprint geographically, Penn National said in a statement.
"The breadth, experiences and fulfillment of a career are determined not only by the quality of the organization that one works for, but just as importantly by the lifelong friendships" formed and the "quality of character" of colleagues, Shutts said in the statement. "I can say unequivocally that I have enjoyed the best of both during my career of 35 years at Penn National Insurance."
Sears has been with Penn National since 1980 and was chief financial officer for 11 years.
Penn National sells personal and commercial property/casualty insurance in 11 states through more than 750 independent agencies.
Companies of Pennsylvania National Mutual Casualty Insurance Co. have a current Best's Financial Strength Rating of A- (Excellent).
(By Marie Suszynski, Best's News Service correspondent)