Pennsylvania Manufacturers Corp. announces John W. Smithson as CEO.PHILADELPHIA--(BUSINESS WIRE)--May 15, 1997--Frederick W. Anton III, chairman of Pennsylvania Manufacturers Corp. ("PMC (1) See Portable Media Center. (2) (PCI Mezzanine Card) A PCI-based mezzanine card that is widely adapted to VMEbus, CompactPCI and PCI cards. "), has announced that John W. Smithson, currently president of PMC, has been appointed as PMC's chief executive officer, succeeding Anton in that position. Anton will continue to serve as PMC's chairman of the board and chairman of Pennsylvania Manufacturers Association. PMC is an insurance holding company with 1996 annual revenues of $567 million and total assets of $3.1 billion at Dec. 31, 1996. PMC's principal subsidiaries, known to the market as The PMA PMA (papillary-marginal-attached), n a system of epidemiologic scoring of periodontal disease devised by Schour and Massler in which the symbols denote the areas involved in gingival inflammation. PMA Progressive muscular atrophy Group and PMA Re, specialize spe·cial·ize v. 1. To limit one's profession to a particular specialty or subject area for study, research, or treatment. 2. To adapt to a particular function or environment. in managed care workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. insurance and property/casualty 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. , respectively. A. M. Best & Co. has rated The PMA Group domestic insurance companies A- (Excellent) and PMA Re A+ (Superior). Anton has been PMC's chief executive officer for the past 25 years, during which time it has expanded its operations beyond its traditional base in Pennsylvania to a number of other selected insurance and reinsurance markets and grown dramatically in premium and asset size. In making the announcement, Anton said, "I am delighted to turn over to John Smithson my responsibility as chief executive officer of PMC. John has been with our company for over 25 years, during which time he has distinguished himself as a true insurance professional and outstanding executive. "Over the past decade, John has built our reinsurance company from its beginnings as a small company into a major U.S. reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. known for excellence." Anton further said, "In 1995, we asked John to take over the direction of The PMA Group. Under his leadership, our managed care workers' compensation business and other commercial lines have been refocused for profitable growth. The board of directors and I know that John has all of the necessary business and personal skills to continue to lead our company on the successful course we have set." Smithson graduated from St. Joseph's University with a B.S. in Mathematics and an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration . He is a chartered property casualty underwriter Chartered Property Casualty Underwriter (CPCU) is considered to be the premier professional designation in property-casualty insurance and risk management. The rigorous curriculum includes eight (8) post-secondary undergraduate, or graduate-level courses covering topics such as and has served on the board of directors of a number of industry organizations, including the Reinsurance Association of America and the Brokers and Reinsurance Markets Association. In accepting his new position, Smithson said, "I am looking forward to working with Fred Anton, our management team, employees, producers and valued customers in continuing to build our franchises in both the primary insurance and reinsurance marketplace. "I believe that we have the necessary financial strength and expertise to be a successful participant in our existing markets and ones we will enter, and I am excited about our future prospects." CONTACT: Pennsylvania Manufacturers Corp. Burt Carver carver /car·ver/ (kahr´ver) a tool for producing anatomic form in artificial teeth and dental restorations. carver (carving instrument), n , 215/665-5046 |
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