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Specialty insurer ProAssurance Corp. said Wednesday it has promoted Edward L. “Ned” Rand Jr. to chief operating officer.
In this newly created position, Mr. Rand will be responsible for the day-to-day operations of Birmingham, Alabama-based ProAssurance, reporting directly to chairman and chief executive officer Stan Starnes, the company said in its statement.
Mr. Rand, who has served for 13 years as ProAssurance’s chief financial officer, will continue in that role for the near future, the company said.
ProAssurance has expertise in healthcare professional liability, products liability for medical technology and life sciences liability, legal professional liability and workers compensation insurance, the company said.
Washington-based NCRIC Group Inc., a medical malpractice insurer that covers physicians in several Mid-Atlantic states, announced Monday that it plans to merge into Birmingham, Ala.-based ProAssurance Corp. in an all-stock transaction worth $69.6 million. NCRIC was the parent of the first captive insurance company licensed in the District of Columbia....Ian Martin has retired as executive chairman of London-based broker Heath Lambert Group Ltd. Adrian Colosso, formerly group managing director, has taken over as chief executive of the company, while Mike Bruce, formerly group commercial director, has become group managing director. Mr. Martin took on the role of executive chairman of the company in 2003 when David Margrett, then CEO, resigned....Brit Insurance Holdings P.L.C. announced pretax profits of £102 million ($195.4 million) for 2004, a 32.1% increase over 2003. In addition, the London-based company announced that Dane Douetil, currently deputy CEO of the group, will become CEO in April. He will succeed Neil Eckert, who will remain at the company as an executive director until the end of 2005 and as a nonexecutive director thereafter.