George R. Trumbull has been elected Chairman of the Board and CEO of NYMAGIC and its subsidiary insurance companies, effective June 30. He succeeds Robert W. Bailey who is retiring.
Trumbull served as CEO of AMP of AMP, Ltd., the largest insurance and asset management company in Australia, from 1994-1999. Prior to that, he spent 24 years with CIGNA, where he held a number of senior management positions.
The announcement noted that Bailey is retiring after a career of 45 years in the insurance industry. “I am looking forward to retirement,” he remarked. “I am pleased that the prospects for the Company going forward are the best that I have seen in many years.” At yesterday’s Board of Directors’ meeting, the Board thanked Mr. Bailey for his contributions to the Company and offered him best wishes on his retirement.
The Board also elected William D. Shaw, Jr.,.a partner with Mariner Partners, Inc. Vice Chairman. He is a former Chairman of the Board, President and CEO of Aubrey G. Lanston & Co., and a former senior managing director at Bear, Stearns & Co.
Mr. Trumbull commented, “I look forward to taking advantage of the improved underwriting climate in the insurance industry and to building upon NYMAGIC’s expertise in marine and specialty lines.”
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