Birmingham, AL – ProAssurance Corporation (NYSE:PRA) recently announced that the Board of Directors has elected Edward L.(Ned) Rand, Jr., the Company’s President and Chief Operating Officer, to succeed W. Stancil (Stan) Starnes as Chief Executive Officer effective July 1, 2019. On that date, Mr. Starnes will have completed his twelfth year as Chief Executive Officer and will transition solely into the role of Executive Chairman of the Board.
The announcement marks the final step in an orderly, deliberate process initiated by Mr. Starnes and the Board over 18 months ago and will complete the transition to the next generation of experienced, successful leaders across the organization.
Mr. Starnes said, “Ned Rand stands out as one of the most talented business executives with whom I have ever worked. He has been instrumental in developing the strategic vision for ProAssurance. His grasp of our business, his engagement with our workforce and distribution partners, and his vision for the Company’s long-term success gives me great confidence in the future of ProAssurance. I look forward to working with him and the Board, and seeing the new heights to which ProAssurance will ascend.”
“I am honored to succeed Stan as CEO,” said Mr. Rand. He added, “With the strong foundation that has been built under Stan’s leadership, ProAssurance is extremely well positioned for success. I look forward to working with Stan and everyone at ProAssurance as we deliver on the promise of Treated Fairly and continue with the legacy that Stan has established.”
Under Mr. Starnes’ leadership ProAssurance has made the successful transition from a regional, monoline insurer into a specialty insurer with business in all 50 states and two international operations. The Company has created unparalleled value for shareholders—returning more than $2 billion in capital to our owners while increasing shareholders’ equity by 24%. ProAssurance has also been named one of the top 50 property casualty insurers in America by the Ward Group in every year of his tenure.
The Company also announced that Thomas A. S. Wilson, M.D. will continue to serve as the independent lead director for the Board, strengthening the Company’s dedication to sound governance.