Missoula, Montana- On May 23, 2013, A.M. Best affirmed the financial strength rating of A- (Excellent) and revised the outlook to Stable of ALPS Property & Casualty Insurance Company (dba Attorneys Liability Protection Society, A Risk Retention Group). The A- (Excellent) with Stable Outlook designation comes on the heels of a record-breaking year for ALPS, with 2012 recording the highest policyholder surplus in company history.
At the May 23rd Board of Directors Meeting in Missoula, ALPS also welcomed two new Board members. Bruce L. Crockett and Jack L. Sennott both bring a depth of knowledge and experience in the insurance industry to their new roles on the ALPS Board.
Bruce Crockett currently serves as the Chairman of Crockett Technologies Associates, a technology consulting firm. Mr. Crockett is also the Chairman of the Invesco Mutual Funds Group, which has roughly a quarter of a trillion dollars of assets under management. He is also a director of the Investment Company Institute (ICI) in Washington, DC. Mr. Crockett has served on the boards of a long list of companies, both public and private. He spent nearly 20 years on the board of ACE Limited (NYSE: ACE) headquartered in Zurich, Switzerland, retiring from his position in May of last year. Crockett spent over 16 years at COMSAT Corporation (NYSE: CQ) filling numerous financial and management positions including President and CEO.
Jack Sennott is the Senior Vice President and Chief Financial Officer of Alleghany Corporation (NYSE: Y) a holding company of numerous insurance and reinsurance companies as well as other assets. Previously, Mr. Sennott served as Executive Vice President and Chief Corporate Strategy Officer of Allied World Holdings, AG. Prior to his tenure at Allied World, Sennott was the Executive Vice President, Chief Financial Officer and Director at Darwin Professional Underwriters, Inc.
After 25 years at the helm, ALPS Chief Executive Officer, Robert W. Minto, Jr. stepped down from his role as CEO and will now serve as Executive Chair of the Board. ALPS President and Chief Operating Officer, David Bell, will assume the role of President and CEO of ALPS Corporation.
"We welcome the recognition from A.M. Best as we further differentiate ALPS from the standard commercial carriers as the predominant direct insurer of the professional lines marketplace," said Mr. Bell. "The addition of Bruce and Jack will provide critical financial, investment and insurance industry experience on our Board."
"Finally, it has been a pleasure to work with Bob Minto through this transition period and I look forward to continuing to work with him on the Board. Bob built ALPS from scratch into a national direct insurer of lawyers' professional liability, offering a unique 'by lawyers, for lawyers' value proposition and partnership," Bell continued. "ALPS has truly distinguished itself from the traditional commercial insurance marketplace. I look forward to working as part of the ALPS team as we take the organization to the next level of size, security and product offerings."
This news release can also be found on the ALPS main corporate site here.
ALPS writes professional liability insurance policies for more the 13,000 attorneys across the country. ALPS is endorsed by or affiliated with more state bar associations than any other insurance company. Since 1988, ALPS has been the preeminent provider of lawyers' professional liability insurance, with an emphasis on protection, stability, and commitment to the legal community.