CARMEL, Ind., Oct. 19, 2018 (GLOBE NEWSWIRE) — Protective Allowance Corporation (NASDAQ: PTVCA) (NASDAQ: PTVCB) (the “Company”) has accustomed the abandonment of W. Randall Birchfield as the Company’s Chief Executive Officer, President, and Chief Operating Officer. Mr. Birchfield’s abandonment is not accompanying to administration issues or achievement of the Company.
The Aggregation has appointed John “Jay” Nichols as the Company’s Chairman of the Board and Interim Chief Executive Officer, able immediately.
“Jay has a accurate clue almanac in the allowance industry and a ample ambit of abilities that are a absolute bout for our accustomed needs,” said Stuart Bilton, Lead Director. “We are admiring that Jay has accustomed the Interim CEO role and are awful assured that he and our absolute administration aggregation will accommodate constant administration to Protective Allowance affective forward.”
Mr. Nichols is able-bodied accepted in the allowance industry and has served on the Company’s Board of Directors back May 2017, best afresh as Chairman of the Audit Committee. He was Chief Executive Officer of AXIS Re, a arch reinsurer to all-around acreage and blow allowance companies, from April 2012 until February 2017. Prior to his administration at AXIS Re, Mr. Nichols served as President of RenaissanceRe Ventures Ltd., area his role amid business development and administration of collective ventures and adventure basic businesses. Mr. Nichols has additionally captivated assorted administration positions with Hartford Steam Boiler, and Monarch Capital, and ahead formed for the accounting close Matson, Driscoll, and D’Amico. He additionally serves on the Board of Directors for Delaware North Companies, National Accepted Holdings Corp., and Brit Re and serves on the Board of Governors for the Parsons School of Design.
The Board of Directors is administering a chase action to analyze a abiding CEO. Additionally, the Board has absitively to anatomy a sub-committee, consisting of key stakeholders, to analyze opportunities to abide to aerate abiding actor value, including evaluating abeyant cardinal partnerships or transactions. There is no affirmation that the Aggregation will accompany or complete a cardinal affiliation or transaction.
ABOUT PROTECTIVE INSURANCE CORPORATION
Protective Allowance Corporation (formerly Baldwin & Lyons, Inc.), based in Carmel, Indiana, is a property-casualty insurer specializing in business and underwriting property, accountability and workers’ advantage advantage for trucking and accessible busline fleets, as able-bodied as advantage for trucking industry absolute contractors. In addition, the Aggregation offers workers’ advantage advantage for a array of operations alfresco the busline industry.
Forward-looking statements in this absolution including but not bound to statements apropos Mr. Nichols’ administration as Interim CEO and the Company’s chase for a abiding CEO and analysis and appraisal of abeyant cardinal affiliation and transactions, are fabricated pursuant to the safe anchorage accoutrement of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such advanced statements absorb inherent risks and uncertainties. Readers are encouraged to analysis the Company’s anniversary address for its abounding account apropos advanced information.
Matt Thompson(317) 429-2684[email protected]
William Vens(317) 429-2554[email protected]
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