BRIDGETON, NJ: The Board of Directors of The Cumberland Insurance Group announced today that Paul J. Ritter, III, ESQ. has been named the new President and CEO of the Company. The appointment follows the retirement of current President and CEO Robert P. Brady after 33 years of service. Mr. Brady will continue to serve on the Company’s Board of Directors.
“Paul Ritter is ready, willing, and able to assume the leadership of The Cumberland Insurance Group,” said Board Chairman Leo T. Hogan. “He is a consummate professional with a long track record of making sound business decisions and successful team building. He has already demonstrated his grasp of the business challenges and his ability to get things done. As President and CEO, Paul will effectively guide the Company through the ongoing challenges presented by the national economy, ensuring Cumberland Insurance continues to be a well-capitalized company whose surplus exceeds its written premiums and who has the financial strength to aggressively compete for new business.”
“I also want to recognize my good friend Bob Brady for all he has given the Company,” Hogan continued. “His leadership has been a big part of the Company’s growth and operational success over the last 10 years. These skills, the business relationships he has formed over the years, and his deep understanding of the insurance industry helped the Company to grow and expand its regional market position. I am very pleased that he will continue to serve on the Board.”
Paul J. Ritter, III, Esq. graduated from the University of Notre Dame in 1983 with a Bachelor’s Degree in Accounting and received his law degree from Widener University in 1987. In 2009, Mr. Ritter completed the prestigious Insurance Executive Development Program at The Wharton School of the University of Pennsylvania. He joined The Cumberland Insurance Group in 1999 as the Assistant Secretary to the Board of Directors. Prior to joining Cumberland Insurance, Mr. Ritter served as Senior Vice President, CFO, and Corporate Secretary for the Farmers and Merchants National Bank in Bridgeton; and as an attorney for the law firm of Chance and McCann, LLC in Bridgeton.
Mr. Ritter is an Adjunct Professor of Business Law at Cumberland County College, and is also active in the community serving as the Deputy Mayor of Hopewell Township, New Jersey and as a member of the Hopewell Township Planning Board. He is also currently a member of the Cumberland County Historical Society Board of Trustees, the Bridgeton Area Chamber of Commerce, the Cumberland Development Corporation, and the Bridgeton Rotary Club. He is the former Vice Chairman of the Hopewell Township Zoning Board of Adjustment and former Treasurer and member of the Cumberland County Guidance Center Board of Trustees.
“I want to thank the Board for their confidence in me,” Ritter said. “I have big shoes to fill in taking over as President and CEO from such an accomplished professional as Bob Brady, but I look forward to the challenge. As we chart a course through these complex insurance market conditions, our goal remains achieving operational excellence in product innovation, underwriting, claims management, and distribution in order to strengthen our market position and provide the highest level of customer satisfaction.”
“My congratulations and best wishes go out to Paul,” Robert Brady said. “He has been an integral member of our leadership team for several years and has made many significant contributions to our ongoing success. I have enjoyed everyone of my 33 years working with the entire Cumberland family, but it is time for me to step away from the day to day operations. I wish everyone the best and look forward to continuing my service on the Board of Directors.”
The Cumberland Insurance Group currently serves 120,000 policyholders in the states of New Jersey, Pennsylvania, Delaware, and Maryland. In 2009, the Company had Total Admitted Assets of $323,285,582 and a Policyholders’ Surplus of $133,442,366. For more information about The Cumberland Insurance Group or to find an independent agent near you, please visit www.cumberlandgroup.com.