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Thomas Mulligan will retire as president and CEO of Western World Insurance Group Inc. effective Jan. 1, 2015, following the completion of the firm’s acquisition by Validus Holdings Ltd., on Oct. 2, Western World said in a statement Tuesday.
Mr. Mulligan, who will continue to serve on the Franklin Lakes, New Jersey-based Western World board, will be succeeded by Robert Livingston, the company’s current chief operating officer and chief financial officer.
Western World was acquired by Validus in a $690 million all-cash deal that was announced in late June and closed on Oct. 2.
Western World will continue to operate as a standalone business.
Validus Holdings Ltd.’s net income for the fourth quarter of 2013 registered $95.3 million compared with a loss of $117.9 million during the same quarter a year ago, the Pembroke, Bermuda-based insurer and reinsurer reported Thursday.