Property and casualty insurance company ProSight Specialty Insurance is shifting its leadership, as the company’s founders transition into new roles.
On Thursday, Morristown-based ProSight announced current Chief Executive Officer Joe Beneducci will take over the role of executive chairman while current Chief Operating Officer Larry Hannon will succeed him as CEO.
The moves are effective immediately. Beneducci will serve in his new role until 2020, ProSight said.
Hannon and Beneducci formed ProSight a decade ago with Bob Bailey, the company’s chief underwriting officer. According to the company, prior to joining ProSight Hannon held senior underwriting, marketing and operations roles at Chubb Ltd. and the Fireman’s Fund Insurance Co.; he has more than 28 years’ experience in the insurance industry.
In a prepared statement, Hannon praised Beneducci for his role in facilitating growth at the company, which celebrated its most profitable year since founding in 2018.
“I have decided that this is the right time for a new leader to step in as the Company enters the next phase of its journey,” Beneducci said in a prepared statement. “While I look forward to exploring new professional opportunities and pursuing other personal interests, I have full confidence in Larry taking over as CEO.
“I have known Larry for over 30 years and could not think of a better person to lead the Company. I look forward to working with Larry and the rest of the management team to ensure a seamless transition,” he added.
ProSight also has regional offices in Los Angeles and Petaluma, Calif.; Alpharetta, Ga.; and New York.