ProAssurance Corp. announced that it has promoted Edward L. “Ned” Rand, Jr., to chief operating officer. In this newly created position Rand will be responsible for the day-to-day operations of ProAssurance, reporting directly to Stan Starnes, chairman and chief executive officer. Rand has served for 13 years as the chief financial officer for ProAssurance and he will continue in that role for the near future.
“We are excited that Ned will be moving in to this new position, allowing me to focus my time and energy on the company’s strategic priorities and long-term business development,” Starnes said. “I have great confidence in Ned, who has been instrumental to the success of ProAssurance during his 13 year tenure. He is a skilled executive, a trusted adviser and someone who exemplifies the ‘ProAssurance Way.’ Ned and I will work closely together as we continue creating value for our employees, customers and shareholders.”
According to ProAssurance, its line of business leaders will report directly to Rand and through him to Starnes, and each line of business leader will continue to exercise broad responsibilities for the success of their respective line of business.
“As ProAssurance continues to evolve as a healthcare-centric specialty insurer, our management structure must also evolve,” Starnes said, addressing any concerns over his future with the medical liability insurance company. “I am committed to maintaining my current position for the foreseeable future, which is why I signed an extension of my five-year employment contract in June 2017. In my discussions with the Board on this matter, we agreed this was a means of extending, not limiting, my career at ProAssurance.”