The ICI Mutual Insurance Company’s (ICIM) Board of Directors announced the election of Lawrence R. Maffia as the Company’s next president, effective July 1, 2006.
He will succeed Natalie Shirley. Maffia is currently executive vice president and chief operating officer of the Investment Company Institute (ICI) and is a member of the Executive Committee of ICIM’s Board of Directors.
ICIM is the captive insurance company of the mutual fund industry that writes fidelity bond and directors and officers/errors and omissions liability insurance for mutual funds representing more than 60% of the industry’s total assets. ICI Mutual Insurance Company is an independent company established in 1987.
“In announcing Larry’s election now, the Board of Directors is acting to ensure a smooth transition in ICIM’s leadership as Natalie Shirley prepares to return to her home state where the business of her husband, Russ Harrison, is located,” said John F. Cogan, Jr. Chairman of ICIM and Chairman of Pioneer Investments. Cogan led the committee of the Board that conducted a national search to find Shirley’s successor.
“Larry is a highly respected executive with twenty years of experience serving mutual funds,” said Cogan. “He is a proven leader with great integrity, who is exceptionally well qualified to lead ICI Mutual in fulfilling its mission of providing risk management services to mutual funds, their directors and advisers. I am confident that the success ICIM has enjoyed since it was founded in 1987 will continue under his leadership.”
Cogan also stated, “We owe an enormous debt of gratitude to Natalie who continues to lead ICIM with distinction and energy. Under her leadership, ICIM has prospered and become the leading provider of fidelity and liability insurance to the mutual fund industry. Her vision and drive have enabled ICIM to create innovative risk management services and build the financial strength necessary to serve its clients. She has graciously agreed to assist the company in any way she can after she returns to Oklahoma, and we look forward to her counsel.”