WORCESTER, Mass., Aug. 19 /PRNewswire-FirstCall/ -- Allmerica Financial
Corporation (NYSE: AFC) today announced that it has named Frederick Eppinger
President, Chief Executive Officer and Director, effective September 8. At
the time of his appointment, Eppinger, 44, was Executive Vice President of
property and casualty field and service operations for The Hartford, with
responsibility for approximately 6,000 employees. He joined The Hartford in
2001, as Senior Vice President for Strategic Marketing, and has more than 20
years experience in the insurance and financial services businesses.
Eppinger provided consulting services to insurance and financial services
companies for more than 15 years before joining The Hartford. He was a
partner in the financial institutions group at McKinsey & Company, an
international management consulting firm, which he joined in 1985. While with
McKinsey, Eppinger worked closely with leading insurance companies focusing on
critical strategy, operational and organizational issues in both the property
and casualty and financial services businesses. From 2000 to 2001, he was
Executive Vice President of Marketing and Service Operations for ChannelPoint,
Inc., which specialized in business-to-business technology for insurance and
financial services companies. Eppinger began his career as a certified public
accountant with Coopers & Lybrand.
A 1981 graduate of the College of the Holy Cross, Eppinger received a
master's degree in business administration from the Tuck School of Business at
Dartmouth College in 1985, where he was an Edward Tuck Scholar.
"We are extremely pleased to welcome Fred to Allmerica," said Michael P.
Angelini, Chairman of Allmerica's Board of Directors. "He brings versatility
of knowledge and experience in both the financial services and property and
casualty insurance businesses. Fred will be an effective leader for Allmerica
as we strengthen our regional franchises with The Hanover and Citizens
insurance companies and maximize the value of our life insurance, investment
management and broker-dealer businesses. He adds another dimension to our
company."
"I am pleased to have this opportunity to lead Allmerica to a successful
future, and I appreciate the confidence the company's Board of Directors has
in me," said Eppinger. "My focus will be to position Allmerica for increased
profitability and growth, so we can continue to serve the interests of all of
our stakeholders."
Eppinger succeeds John F. O'Brien, who resigned as president and chief
executive officer last fall.
Since O'Brien's departure, the company's operations have been managed by
Allmerica's Office of the Chairman, comprised of Angelini, J. Kendall Huber,
Senior Vice President and General Counsel, Edward J. Parry, III, President of
Allmerica Asset Accumulation and Allmerica Financial Corporation's Chief
Financial Officer, and Robert P. Restrepo, Jr., President of Allmerica
Property and Casualty.
"Jay Huber, Ed Parry and Bob Restrepo have done an outstanding job of
seeing Allmerica through a very difficult period, directing a successful
restructuring effort and positioning us for a great future," said Angelini.
"They have played a key role in strengthening our focus on the company's
property and casualty operations, converting its agent distribution network
into an independent broker-dealer and undertaking a number of capital
improvement efforts."
Earlier this year, Allmerica completed a series of transactions that
significantly improved the capital and surplus positions of its life insurance
companies.
"We've accomplished a great deal over the last nine months," said
Angelini. "I'm confident of our success under Fred's leadership and with the
continuing support of our many dedicated and talented employees."
Angelini will continue as Chairman of the Board.
Allmerica Financial Corporation is the holding company for a diversified
group of insurance and financial services companies headquartered in
Worcester, Massachusetts.
Photograph Available: For a photograph of Frederick Eppinger, please
contact Mike Buckley at the following e-mail address or telephone number.
CONTACTS:
Media: Investors:
Michael F. Buckley Henry P. St. Cyr
(508) 855-3099 (508) 855-2959
mibuckley@allmerica.comhstcyr@allmerica.com
SOURCE Allmerica Financial Corporation
-0- 08/19/2003
/CONTACT: Media, Michael F. Buckley, +1-508-855-3099,
mibuckley@allmerica.com, Investors, Henry P. St. Cyr, +1-508-855-2959,
hstcyr@allmerica.com, both of Allmerica Financial Corporation/
(AFC)
CO: Allmerica Financial Corporation
ST: Massachusetts
IN: FIN INS
SU: PER
AL-CP
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