Less than one month after United America Indemnity completed its merger with Penn-America Group Inc. and Penn Independent Corporation on Jan. 25, 2005, Jon S. Saltzman, president of the company, announced plans to resign effective Sept. 1, 2005.
Saltzman, former president and chief executive officer of Penn-America Group, became president of United America Indemnity as a result of the acquisition of Penn-America Group by United National Group, the predecessor company of United America Indemnity. Saltzman plans to pursue other business interests, but will continue to work closely with Edward J. Noonan, United America Indemnity’s acting chief executive officer, and other members of the senior management team to ensure a smooth transition.
Acting chief executive officer Ed Noonan will assume the duties of United America Indemnity’s president, formerly held by Saltzman.
Penn-America Group’s operations will continue to be led by Joe Morris, who was appointed CEO on Jan. 25, 2005. Morris joined Penn-America Group in 2000.
Commenting on the announcement, Noonan said, “On behalf of the Board and employees, I want to thank Jon Saltzman for his strong leadership and valuable contributions in building Penn-America Group over the past 19 years, and most recently in helping with the merger with United America Indemnity, which has helped position the combined company for future growth and success.”
Saltzman said, “I am proud to have been a part of Penn-America Group’s growth over the past 19 years and proud that Penn-America Group is now an important part of United America Indemnity. Given its smooth transition, stronger capital base and a larger group of experienced and knowledgeable employees, United America Indemnity has already begun to obtain financial and operational levels higher than either company would be able to achieve on a stand-alone basis. I wish the combined company and all my colleagues much success going forward.”
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