The chief executive officer of Merchants Group, Inc., the Buffalo, N.Y-based holding company, has resigned, the company revealed in a filing with the Securities and Exchange Commission.
Stephen C. June resigned Nov. 30 from Merchants Group, Inc. (MGI), a non-insurance holding company, as well as from positions as chief operating officer and executive vice president at Merchants Insurance Co. of New Hampshire (MINH). MINH is the operating subsidiary which together with MGI makes up the Merchants Group.
The resignation of June has no effect on day-to-day operations of the insurance companies, according to Robert Zak, who is chief executive officer and president of Merchants Insurance Group, which includes Merchants Insurance Company of New Hampshire and Merchants Mutual Insurance Company.
Zak said there is no immediate plan to replace June at the holding company. No reasons were cited for the voluntary resignation.
June, from Brighton, Michigan, was named president of the holding company, Merchants Group Inc., in May 2003.
The SEC filing details the terms of June’s separation agreement. He will continue to receive his $20,000 monthly salary for another year and will relinquish a company apartment and car. He will still be eligible for any bonus based on 2004 performance.
The companies of the Merchants Insurance Group — Merchants Mutual Insurance Company and Merchants Insurance Company of New Hampshire, Inc.— have $154 million of direct written premiums and $349 million of combined assets. Both companies have been assigned A- (Secure, Excellent) ratings by the A.M. Best Company.
Merchants Insurance Group sells property and casualty insurance in the northeastern, mid-Atlantic, and midwestern states. Approximately 670 independent insurance agents represent Merchants.