Fireman’s Fund CEO Beneducci Resigns After 6 Months in Post

June 12, 2007

Less than six months after being promoted to the job, Joseph J. Beneducci has tendered his resignation as CEO of Fireman’s Fund Insurance Co.

Effective immediately, Chuck Kavitsky, president of Allianz of America and the former Fireman’s Fund chief executive whom Beneducci replaced, has been named interim CEO.

Beneducci started his job as CEO on Jan. 1, 2007, and resigned for personal and career reasons, according to Susan Murdy, the company’s director of media relations.

Murdy said the company is searching for a new CEO and a permanent successor to Beneducci will be named in due course.

Beneducci is a long-time Fireman’s Fund executive, having joined the company in 1998 after a 10-year career at Chubb. He previously served as president and chief operating officer before succeeding Kavitsky, who was promoted to a new position as president of Allianz of America.

“Joe has been a significant part of Fireman’s Fund’s success and I want to thank him for his many contributions,” Kavitsky said. “We are fortunate that Fireman’s Fund has deep bench strength in its leadership team in addition to a strong position in the property/casualty insurance market. Our direction and strategy will continue as planned.”

As of Dec. 31, 2006, Fireman’s Fund had assets of $11.9 billion, with $3 billion in policyholder surplus. The company’s gross written premiums have grown from just more than $3 billion in 1992 to $5.7 billion in 2006.

Source: Fireman’s Fund

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