The Republic Group of Insurance Companies (Republic), based in Dallas, announced it appointed former Chubb executive, Parker W. Rush, as the company’s president and chief executive officer.
Rush has been associated with the Chubb Group of Insurance Companies since 1982. Most recently he has been headquartered in Dallas, serving as Chubb’s senior vice president, managing director and manager of Chubb’s business in the southern U.S. In this position, Rush has been responsible for profitability, growth, expense management, and staff development in a region spanning from Texas to the Carolinas with nearly five hundred employees and premium volume of more than $1 billion.
He will join Republic on Dec. 1, when he will succeed Bruce W. Schnitzer, who has served as interim CEO following the unexpected death of the company’s CEO, Bruce Milligan, on Aug. 30. Schnitzer will continue to serve as chairman of Republic.
Rush, a 1982 graduate of the University of Texas at Austin, joined Chubb upon graduation as a Dallas-based personal lines underwriter. He subsequently held a succession of increasingly senior national and regional positions, and assumed his position as manager of Chubb’s business in the southern U. S. in 1998.
As previously announced, Republic was acquired from Winterthur on Aug. 29 by a group of private investors including Banc of America Capital Investors, Greenhill Capital Partners, Brazos Private Equity Partners, 21st Century Group, LLC, and Norwest Equity Partners, in a transaction organized by Wand Partners, a private equity firm that specializes in insurance investments.
Schnitzer, who is also chairman of Wand Partners, said in the announcement: “I am tremendously pleased that our search for a permanent successor to our dear friend and colleague Bruce Milligan has culminated in the appointment of Parker Rush. Parker is a strong, dynamic leader who has matured and flourished in a world-class insurance company that is known for high integrity and quality service. It is important to us that Parker is a Dallas-based executive who is well-known in, and deeply devoted to, the Texas business and insurance community, and who fully shares our vision to build the fine company that Republic is today into a great company within the next two to three years. The investor group and I very much look forward to working with Parker as we continue to execute Republic’s growth and value creation strategy.”
Rush stated: “Leaving Chubb after more than twenty years was an enormously difficult decision. I had no plans to leave, but the opportunity to lead Republic represents a challenge I could not refuse. There is tremendous potential to build on Republic’s hundred-year heritage and its position as the regional company of choice in Texas. As a long-time member of the Dallas business community, I have always had a lot of respect for Republic. I am honored to now have the opportunity to lead this fine company and work with Republic’s agents, customers, employees, reinsurers and investors to build a business that is a true insurance industry leader in our region.”
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