ProAssurance Announces Election of Richard J. Bielen, C.P.A., and Staci M. Pierce, J.D., to Board
ProAssurance announced the election of Richard J. Bielen, CPA, and Staci M. Pierce, JD, to its Board of Directors at the Annual Meeting of Shareholders on May 22. Additionally, Bruce D. Angiolillo, JD, and Samuel A. Di Piazza, Jr., CPA, were re-elected for three-year terms. The board now has 10 members, down from 12.
Shareholders also approved the 2024 Equity Incentive Plan and ratified Ernst & Young, LLP as the independent auditor for fiscal year 2024. Compensation for named executive officers was approved on an advisory basis. All proposals received substantial support.
Bielen, CEO of Protective Life , brings over 35 years of financial services experience, while Pierce, CEO of Action Resources, has eight years in executive roles in transportation and environmental services industries and five years as an attorney.
- Election of experienced executives to the Board may enhance strategic decision-making.
- Approval of the 2024 Equity Incentive Plan could incentivize performance.
- Ratification of Ernst & Young, LLP as auditors ensures continuity in financial oversight.
- Re-election of existing directors provides stability and continuity in leadership.
- Substantial supermajority approval of all proposals indicates strong shareholder support.
- Reduction in board size from 12 to 10 members might limit diversity of perspectives.
- Potential for increased executive compensation could be seen as a negative by some shareholders.
Richard J. Bielen, CPA (Photo: Business Wire)
In addition, shareholders approved the ProAssurance Corporation 2024 Equity Incentive Plan and ratified the selection of Ernst & Young, LLP as the independent auditing firm for the fiscal year ending December 31, 2024. Acting on matters related to compensation, shareholders approved, on an advisory basis, the compensation of our named executive officers. All proposals on the ballot were approved by a substantial supermajority of votes cast.
Bielen is the President and Chief Executive Officer of Protective Life Corporation. He brings more than 35 years of experience in various executive roles in the financial services industry.
Pierce is the Chief Executive Officer at Action Resources, a transportation and environmental services company headquartered in
"ProAssurance looks to its board of directors for a diversity of viewpoints, backgrounds, and experience, among other skills," said Ned Rand, President and Chief Executive Officer. "With the addition of Rich and Staci, our board is even better positioned as a resource as we work to achieve our objectives in our core lines of insurance - medical professional liability and workers’ compensation.”
About ProAssurance
ProAssurance Corporation is an industry-leading specialty insurer with extensive expertise in medical professional liability, products liability for medical technology and life sciences, legal professional liability, and workers’ compensation insurance.
ProAssurance Group is rated “A” (Excellent) by AM Best. ProAssurance and its operating subsidiaries (excluding NORCAL Group) are rated “A-” (Strong) by Fitch Ratings. For the latest on ProAssurance and its industry-leading suite of products and services, cutting-edge risk management and practice enhancement programs, follow @ProAssurance on X (formerly Twitter) or LinkedIn. ProAssurance’s YouTube channel regularly presents thought-provoking, insightful videos that communicate effective practice management, patient safety and risk management strategies.
Caution Regarding Forward-Looking Statements
Any statements in this news release that are not historical facts or explicitly stated as an opinion are specifically identified as forward-looking statements. These statements are based upon our estimates and anticipation of future events and are subject to significant risks, assumptions and uncertainties that could cause actual results to differ materially from the expected results described in the forward-looking statements. Forward-looking statements are identified by words such as, but not limited to, “anticipate,” “believe,” “estimate,” “expect,” “hope,” “hopeful,” “intend,” “likely,” “may,” “optimistic,” “possible,” “potential,” “preliminary,” “project,” “should,” “will,” and other analogous expressions.
Although it is not possible to identify all of these risks and factors, they include, among others, the following: inadequate loss reserves to cover the Company's actual losses; inherent uncertainty of models resulting in actual losses that are materially different than the Company's estimates; adverse economic factors; a decline in the Company's financial strength rating; loss of one or more key executives; loss of a group of agents or brokers that generate significant portions of the Company's business; failure of any of the loss limitations or exclusions the Company employs, or change in other claims or coverage issues; adverse performance of the Company's investment portfolio; adverse market conditions that affect its excess and surplus lines insurance operations; and other risks described in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and the Company does not undertake and specifically declines any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240523556135/en/
Heather J. Wietzel
SVP, Investor Relations
800-282-6242 • 205-776-3028 • InvestorRelations@ProAssurance.com
Source: ProAssurance Corporation
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