American Re Corporation Announces John P. Phelan Will Succeed Edward J. Noonan as President & CEO, Effective March 31, 2002.Business Editors/Insurance Writers PRINCETON, N.J.--(BUSINESS WIRE)--Jan. 10, 2002 American Re Corporation announced that Edward J. Noonan has resigned as President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , effective March 31, 2002, after 18 years with the Company, the last five as President & CEO. He will be succeeded by John P. Phelan, currently President of Munich Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Company of Canada (MROC MROC - Miniature Ruggedized Optical Correlator ), which, like American Re, is a member of the Munich Re Munich Re AG, in German Münchener Rück AG (ISIN: DE0008430026), is the world's second largest reinsurance company with over 5,000 customers in 160 countries and has its headquarters in Munich, Germany. Group. Mr. Noonan said, "It has been a wonderful privilege to lead American Re. The company has many talented people who are strongly committed to our clients, and this will serve American Re well in the improving marketplace. I have come to know John Phelan, having worked closely with him on a number of the Group's strategic initatives, and I have the highest regard for him. I believe his vision and experience will provide great leadership for American Re in the future." In addition to his role as President and Director of MROC, Mr. Phelan, 54, is currently the Munich Re Group's non-life Chief Agent in Canada and is a director and officer of several other Group companies. He is a member, and past Chairman, of the Munich Re Group's International Advisory Group and its International Steering Committee steer·ing committee n. A committee that sets agendas and schedules of business, as for a legislative body or other assemblage. steering committee Noun for Information Systems and is co-leader of its information systems' Centre of Competence in Toronto. Born and raised in Kilkenny, Ireland, Mr. Phelan completed the Fellowship program of the Insurance Institute of Canada and the Associate in Risk Management program of the Insurance Institute of America, obtaining the Fellow Chartered Insurance Professional (FCIP (Fibre Channel over IP) A protocol for tunneling Fibre Channel data across an IP network. Fibre Channel was designed for local storage area networks (SANs), but FCIP extends the distance to remote locations via any IP network. See Fibre Channel, iFCP and IP storage. ) and Associate in Risk Management (ARM) designations from those organizations. He joined MROC in 1973, following a number of years with Guardian Insurance and Lukis Stewart Price Forbes in Montreal. American Re, a member of the Munich Re Group, is one of the leading writers of reinsurance in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Through its subsidiaries, it provides treaty and facultative facultative /fac·ul·ta·tive/ (fak´ul-ta?tiv) not obligatory; pertaining to the ability to adjust to particular circumstances or to assume a particular role. fac·ul·ta·tive adj. 1. reinsurance, insurance, and related services to insurance companies, other large businesses, government agencies, pools and other self-insurers, in the United States and abroad. It has received the highest insurance ratings from A.M. Best, Moody's and Standard & Poor's. The Munich Re Group, whose business also includes primary insurance and asset management, has a preeminent position in the global reinsurance industry. It is headed by Munich Reinsurance Company of Munich, Germany, and includes reinsurance subsidiaries, branches, service companies and liaison offices in more than 60 locations worldwide, serving insurers in more than 150 countries. |
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