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NU Online News Service, Nov. 20, 12:24 p.m. EST
Tower Group said William E. Hitselberger of PMA Capital Corp. will replace Francis M. Colalucci, who is retiring, as the company’s chief financial officer.
The insurer said Mr. Hitselberger will join Tower on Dec.8 first as senior vice president, and take the CFO title March. 15, 2010, when Mr. Colalucci’s planned retirement goes into effect.
Mr. Colalucci will retire from Tower’s board of directors when his term there expires on May 12, 2010.
Michael Lee, president and chief executive officer of Tower, praised Mr. Colalucci as “a tremendous asset to Tower since 2002,” mentioning his work on the group’s initial public offering in 2004.
He also welcomed Mr. Hitselberger, praising him for experience and leadership skills. In addition to serving as PMA Capital’s CFO since June 2002, Mr. Hitselberger was vice president and CFO of the PMA Insurance Group from 1998 to 2002, and as vice president of the PMA Insurance Group from 1996 to 1998.
He also served in various positions at the Continental Corporation from 1986 to 1996, after beginning his career at KPMG Peat Marwick in 1980, the Tower announcement said.
Tower Group, Inc. offers diversified property and casualty insurance products and services through its operating subsidiaries. Its insurance company subsidiaries offer insurance products to individuals and small to medium-sized businesses through its network of retail and wholesale agents and specialty business through program underwriting agents.