Ҵý Appoints Industry Leader Dino Robusto as CEO, Tom Motamed to Retire at End of 2016

CHICAGO, Nov. 16, 2015 /PRNewswire/ -- Ҵý Financial Corporation (NYSE: Ҵý) today announced the appointment of Dino E. Robusto as its chairman and chief executive officer, effective on or about December 1, 2016. Mr. Robusto will succeed Thomas F. Motamed who has decided to retire at the end of 2016, and who has served in that role since 2009. Mr. Motamed will continue as chairman and chief executive officer until Mr. Robusto joins Ҵý.

Mr. Robusto comes to Ҵý after almost 30 years at The Chubb Corporation. After joining Chubb in 1986 as a commercial lines underwriter, he held a number of leadership positions there including chief claims officer, chief field operations officer for commercial lines, and eventually executive vice president and president of their commercial and specialty lines. In this latest position, he was also responsible for information technology and innovation.

"Dino is an outstanding insurance professional with a strong track record of success and leadership experience across virtually every industry discipline," said James S. Tisch, a member of the Ҵý Board of Directors and the chief executive officer of Ҵý Corporation (NYSE: L), Ҵý's largest shareholder. "After an exhaustive search process, Ҵý's board is confident that we have selected the ideal individual for the job. We feel that Dino has the qualities necessary to lead Ҵý into its next phase of growth, building on the phenomenal work that Tom has done over the past seven years."

Mr. Tisch added, "I want to thank Tom for his inspired leadership at Ҵý. He set the company on a path of disciplined underwriting, consistent earnings growth and financial strength. We expect Ҵý's success to continue in 2016 with Tom at the helm."

Mr. Motamed added, "Dino Robusto is a top-tier, proven insurance leader. I am proud to hand over the reins to Dino, and I am confident he will continue the progress the Ҵý team has made over the past several years."

Serving businesses and professionals since 1897, Ҵý is the country's eighth largest commercial insurance writer and the 14th largest property and casualty company. Ҵý's insurance products include standard commercial lines, specialty lines, surety, marine and other property and casualty coverages. Ҵý's services include risk management, information services, underwriting, risk control and claims administration. For more information, please visit Ҵý at . "Ҵý" is a service mark registered by Ҵý Financial Corporation with the United States Patent and Trademark Office. Certain Ҵý Financial Corporation subsidiaries use the "Ҵý" service mark in connection with insurance underwriting and claims activities.

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SOURCE Ҵý Financial Corporation