Insurance broker AssuredPartners announced that Tom Riley has resigned as chief executive officer of the company to “pursue other investment opportunities and devote more time to his family and charitable interests.”
The company said the board of directors has accepted Riley’s resignation and asked Jim Henderson, former CEO and current executive chairman, to serve as CEO moving forward. Riley will be available to assist in the transition.
“This was a very difficult decision as I have great affection for the amazing team of people at AssuredPartners, and I have enjoyed every minute of the last ten years building this company,” Riley said in a prepared statement issued by the company. “However, I am excited for this next chapter and know that AssuredPartners is in great hands to continue executing on its growth strategy.”
He said he will remain a significant shareholder of AssuredPartners.
Last October, AssuredPartners announced that Riley would become CEO effective January 1, 2021.
Henderson, who was then CEO, was to assume the role of executive chairman.
Riley joined AssuredPartners as president and chief operating officer at its inception nine years ago, partnering with Henderson and Chicago-based private equity firm GTCR. Under Henderson and Riley’s leadership, the company has grown to more than $1.6 billion in revenue.
Headquartered in Lake Mary, Florida, AssuredPartners acquires and invests i n insurance brokerage businesses in the property and casualty, employee benefits, surety and managing general underwriter space across the U.S. and in England.
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