AEGIS President & Chief Executive Officer, Bill Cullen, to retire after 26 years

Executive Vice President & Chief Underwriter, Bill Hillman, named as successor

East Rutherford, NJ, September 20, 2023 – Associated Electric & Gas Insurance Services Limited (“AEGIS”), a leading mutual insurer of the energy industry, announced today that William P. Cullen has decided to retire as President and Chief Executive Officer after a distinguished 26-year career at the Company. He will be succeeded by William L. Hillman, currently EVP and Chief Underwriting Officer of AEGIS. The transition will take place effective January 1, 2024. Mr. Cullen will remain on the Board and Mr. Hillman will be elected as a Director of the Company.

"With the Company in its strongest financial position ever and with a talented, tested leader ready to step in, the time is right for me to retire. I am very pleased that Bill Hillman will be my successor,” said Cullen. “I have worked with Bill for 25 years, first as an AEGIS reinsurance broker and for the last ten years as part of our senior management team. His demonstrated knowledge and experience in the energy and insurance industries will assure continued success for the Company."

Under Mr. Cullen’s leadership, AEGIS has continually provided Market leadership in meeting its policyholders’ insurance capacity and risk management needs and its London operation is established as a top-quartile Lloyd’s syndicate, that continues to produce strong returns to member surplus. Over the past six years, AEGIS’ annual premium has doubled from $1.3B to $2.6B, surplus has grown from $1.4B to $2.3B and assets have increased from $6.5B to $10B.

"I am proud of all that we have achieved. Together, we have built our management team and product offerings to meet our members' evolving needs while delivering a consistently strong financial performance,” said Cullen.

"I am honored to have the opportunity to lead AEGIS," Hillman said. "Throughout my 25 years of involvement with the Company, I have always been impressed with this truly unique and high-quality organization. Joining AEGIS ten years ago further increased my appreciation of the Company's member focus and its commitment to its mission of serving the energy industry.”

Under Mr. Hillman’s leadership, Property Underwriting will be led by Tom Cain, who will be promoted to SVP Head of Property, Casualty Underwriting will be led by Martin Gaffney, who will be promoted to SVP Head of Casualty. "Tom and Martin are demonstrated leaders and have strong underwriting teams supporting them. I have confidence in their continued success in their new roles," Hillman added.

"On behalf of the entire Board, I want to express our gratitude and appreciation for Bill Cullen's outstanding leadership and contributions to AEGIS," said Wes von Schack, AEGIS Chairman. "During his 20-year tenure as Chief Underwriting Officer and the past six years as President and Chief Executive Officer, Bill Cullen skillfully guided the Company through incredibly challenging periods in both the energy and insurance industries while delivering outstanding financial results. The Board could not be more pleased with the state of the Company and the smooth leadership transition from Bill Cullen to Bill Hillman. I am confident in the Company's continued success under Bill Hillman's leadership as President and CEO."

About AEGIS

AEGIS is a leading mutual insurance company that provides liability and property coverage, as well as related risk management services, to the energy industry. Our policyholders represent virtually the entire energy infrastructure in North America, including electric and natural gas utilities, related energy companies, oil & gas exploration and production companies, water utilities, and transmission & distribution companies. AEGIS is the parent company of AEGIS London, which operates Syndicate 1225 at Lloyd's of London. The syndicate offers specialist knowledge, expertise and leadership for energy companies as well as a wide range of non-energy classes traditionally written in the Lloyd's market. AEGIS also has licensed operations throughout Canada.

Media Contact

Laura DePaul
Manager – Marketing, Communications & Member Relations
AEGIS Insurance Services, Inc.
LauraDepaul@aegislimited.com
201.508.2819