Universal shakes up its management structure

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Universal Insurance Holdings made three changes to its management structure.

The company named Arash Soleimani as chief strategy officer, while promoting Rob Luther and Gary Ropiecki to chief investment officer and new chief accounting officer, respectively.

According to Universal, Soleimani will oversee strategy and investor relations functions, while Luther will oversee the more than $1 billion investment portfolio and support mergers and acquisitions activity, and Ropiecki will oversee accounting and fundraising functions. enterprise-wide reporting.

Steve Donaghy, CEO, said, “I am very pleased to report the continued focus on the key pillars of our organization. The appointment of Arash and the promotions of Rob and Gary strengthen our workforce, which is imperative as we develop and execute our strategic objectives and position the company for long-term sustainable success.

Soleimani was previously executive vice president and director of investor relations at Heritage Insurance Holdings, a property and casualty insurer. Prior to Heritage, he was director of the equity research division of Keefe, Bruyette, & Woods, a financial services investment bank, where he focused on the property and casualty insurance industry.

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Luther served as vice president of corporate development, strategy and investor relations for Universal. Previously, he worked in the Corporate Strategy and M&A group at L3Harris, where he supported transformational acquisitions, developed strategic growth plans, and led inorganic portfolio optimization efforts.

Ropiecki was previously senior vice president and corporate controller at Universal and continues to serve as corporate secretary. He started his career at Deloitte and his experience includes positions at Hannover Re, Torus Insurance, KPMG and E&Y.

This news follows a recent revelation that the company announced a 17.3% increase in 2021 net profit. At the time, Reinsurance News reported that revenue for this year was $28.4 million, down from $24.2 million the year before, while the fourth quarter loss was $64.5 million. dollars, after a loss of $27 million for the same period in 2020.

The company previously warned of an $80.1 million decline in fourth-quarter earnings due to bolstering reserves and development stocks. Thus, Universal’s combined ratio improved by 8.1 percentage points to 105.5% for the full year, but deteriorated by 7.4 points to 131.4% for the trimester.

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