O’Neill To Become New ACIG CEO
Bermuda-domiciled American Contractors Insurance Group [ACIG] today [Nov.29] announced company president, Michael J. O’Neill will become its new chief executive officer, effective January 2012.
Mr. O’Neill has been ACIG’s president since 2009 and will continue in that role as well, the company said in a statement.
He will succeed current CEO William S. McIntyre, who will continue to serve as chairman. Mr. McIntyre helped found ACIG, an insurance company that’s owned by members of the construction industry, in 1981.
Mr. O’Neill has more than 38 years of experience in the construction industry. He joined ACIG in 1984 and has been overseeing overall operations of the insurance group and its subsidiaries. He has expertise in captive management, risk management, retention analysis, contractual risk transfer, development of specialized coverages and risk funding programs.
Headquartered in Dallas, Texas, ACIG offers workers’ compensation, general liability, automobile liability and subcontractor default insurance through ACIG Insurance Co. and American Contractors Insurance Co. Risk Retention Group.
The Bermuda captive’s underwriting and investments have contributed to strong overall earnings, according to BestLink. In 2010, the company had $37.6 million in direct premiums written.
With 38 construction contractor owner members, ACIG only accepts companies that are financially strong, have effective safety programmes and have good loss records. Not only does that contribute to favorable financial results, it encourages its group members to focus on loss control and risk management, according to the firm.
ACIG has a current Best’s Financial Strength Rating of A [Excellent].
