Hastings, Mich.-based property/casualty insurance carrier Hastings Mutual Insurance Co., announced the retirement of Chief Executive Officer and President Bill Wallace.
Wallace has served as CEO of Hastings Mutual for 14 years. He also served as chairman of the board of directors. Wallace will retire after a 37 year career in the insurance industry.
Wallace will be succeeded by Joseph J. Babiak Jr., who is serving as the company’s chief operations officer until Wallace’s official retirement on July 27, 2012.
During Wallace’s time as CEO, Hastings Mutual’s surplus grew 180 percent, from $116.8 million to $327.6 million with an annual average growth of 14 percent. The company’s total assets have grown more than 100 percent from $339.3 million to $679.2 million and direct written premium has grown 90 percent from $179.7 million to $342 million.
In 2010, Wallace led Hastings Mutual into Iowa, the sixth state in the company’s Midwest territory.
Wallace was also responsible for establishing the Hastings Mutual Insurance Co. Charitable Foundation, a non-profit organization with a mission to provide basic, unmet needs in the communities the company serves by partnering with independent agencies through matching grants.
During the past three years, Babiak served as the senior vice president of Insurance Operations in preparation for this planned succession. He joined Hastings Mutual as chief financial officer in 2001 and has more than 30 years of industry experience.
Hastings Mutual operates in the six Midwestern states of Michigan, Illinois, Indiana, Iowa, Ohio and Wisconsin.
Source: Hastings Mutual Insurance Co.
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