Universal Insurance Holdings, the Florida headquartered and expansive primary insurance carrier, has announced that Matthew J. Palmieri will take become President of its Universal Property and Casualty Insurance Company (UPCIC) subsidiary, as Jon W. Springer is set to retire.
Springer will continue to serve as Chief Risk Officer of the insurer until his retirement at the end of January 2021, after which he will remain on the Board of Directors.
Palmieri will take over the role of President of UPCIC as from January 1st.
“We thank Jon for his tremendous contributions over the years and look forward to working with Jon and Matt on a seamless transition. In addition, I look forward to continuing to work with Jon as a key member of our board,” explained Steve Donaghy, Chief Executive Officer.
Palmieri added, “I am excited to be appointed President of Universal Property and I look forward to carrying on the key risk management and reinsurance program strategies that Jon and I have worked closely building together for the last 15 years at UVE with our great team.”
Palmieri was previously President of Blue Atlantic Reinsurance Corporation, Universal’s wholly-owned reinsurance intermediary subsidiary.
He joined Universal in 2006, working alongside Springer, and across around 15 years Palmiere has been a key player in the placing of Universal’s reinsurance programs each year.
Palmieri has been involved in Universal’s risk management, data analytics, reinsurance renewal negotiations, and setting of reinsurance contracts terms and conditions and compliance in that time.
Prior to joining Universal Palmieri had been employed in reinsurance related positions at Chubb Tempest Re and Willis Re.