Philadelphia — Pennsylvania & Indiana Lumbermens Mutual Insurance Companies, a property and casualty insurance provider to the wood industry, announced that the Board of Directors unanimously appointed C. Richard Peterson as Chairman of the Board for both PLM and ILM, effective immediately. Peterson will serve the unexpired term of J. William Lee, PLM’s longtime Chairman who passed away recently. Richard has been a member of the PLM Board for over 15 years and has served on the Executive Compensation Committee as well as the Executive Committee.
“This is an exciting time for all insurance companies and I look forward to working with President & CEO, John Smith, and his PLM/ILM colleagues to meet the challenges all insurance companies face in providing quality and cost effective service to their insureds,” says Peterson.
A graduate of Colby College, Richard completed a Program for Leadership Development at Harvard Business School and received his master’s degree in Organizational Dynamics from The University of Pennsylvania. He is 40-year veteran of the insurance industry and is currently the executive director of Commercial Deposit Insurance Corporation (CDI). Before becoming an insurance entrepreneur (CDI), he was vice chairman of Minet Group, the sixth largest insurance brokerage firm in the world, which was acquired by Aon Group in 2003. Prior to Minet, Richard was EVP of Sedgwick Group, the third largest firm in the world before it was acquired by Marsh & McClennan in 1996. Both Minet and Sedgwick Group specialized in corporate risk management programs and financial services, and were headquartered in London.
On the recent announcement, PLM/ILM President & CEO John Smith said, “Replacing an industry veteran like J. William Lee is not an easy task. His wisdom, guidance, and commitment to PLM is legendary. For many years, Dick has been a valuable resource of knowledge and expertise on the Board. We are truly fortunate to have him take on this new role. Through his commitment and depth of experience, he has served this company and its policyholders as well as provide me with great support and guidance.”