Nymagic has appointed George Trumbull, current director, as president and CEO of the company, effective from April 2, 2010. He succeeds George Kallop, who intends to retire on April 2, 2010.
Mr Kallop, said: “I will be 65 years of age this coming June and had been planning to retire sometime in the near future. My plans, however, were accelerated after a family member became severely ill several weeks ago. George Trumbull, a good friend and loyal business associate was gracious to step in on short notice to assume my duties and facilitate this transition.
Nymagic has just completed the most profitable year in its history, achieving Net Income of $45.5m for 2009, and during the fourth quarter of 2009 gross premiums written and net premiums written increased by 8% and 17%, respectively over the prior year.
Robert Simses, chairman of Nymagic, said: “Over his almost five years as chief executive officer, George Kallop diversified our product line, successfully navigated the company through a period of global economic dislocation and served during a period of unprecedented earnings for the company in 2009. We are sorry to see George leave, but we certainly understand that his family is his first priority.”
Nymagic is an insurance holding company whose property and casualty insurance subsidiaries specialize in writing ocean marine, inland marine and non-marine liability insurance, and whose agency subsidiaries specialize in establishing markets for such business.