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Related Electrical & Gasoline Insurance coverage Providers Restricted (AEGIS), a mutual insurer of the power business, has introduced the retirement of William P. Cullen as president and chief govt officer. He will likely be succeeded by William L. Hillman, the present govt vice chairman and chief underwriting officer of AEGIS, efficient January 1, 2024.

As a part of the transition, Cullen will stay on the board as Hillman is elected as a director of the corporate.

“With the corporate in its strongest monetary place ever and with a gifted, examined chief able to step in, the time is correct for me to retire. I’m very happy that Invoice Hillman will likely be my successor,” mentioned Cullen. “I’ve labored with Invoice for 25 years, first as an AEGIS reinsurance dealer and for the final 10 years as a part of our senior administration staff. His demonstrated data and expertise within the power and insurance coverage industries will guarantee continued success for the corporate.”

“I’m honoured to have the chance to guide AEGIS,” Hillman mentioned. “All through my 25 years of involvement with the corporate, I’ve all the time been impressed with this actually distinctive and high-quality organisation. Becoming a member of AEGIS 10 years in the past additional elevated my appreciation of the corporate’s member focus and its dedication to its mission of serving the power business.”

AEGIS through the years

Over the previous six years, AEGIS’ annual premium has doubled from $1.3 billion to $2.6 billion, surplus has grown from $1.4 billion to $2.3 billion, and belongings have expanded from $6.5 billion to $10 billion.

“I’m happy with all that now we have achieved. Collectively, now we have constructed our administration staff and product choices to fulfill our members’ evolving wants whereas delivering a persistently robust monetary efficiency,” mentioned Cullen.

Alex Powell, CEO of AEGIS London, and Wes von Schack, chairman of AEGIS, applauded the achievements of AEGIS underneath Cullen’s management and welcomed the appointment of Hillman because the incoming CEO.

“When AEGIS London was established in 1999, Invoice Cullen was chief underwriting officer at AEGIS, so Invoice has all the time been integral to the event and progress of the syndicate. All of us at AEGIS London wish to want Invoice nicely in his upcoming retirement and specific our gratitude for his affect through the years. We stay up for persevering with our mutual progress along with his successor, William Hillman,” Powell mentioned.

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