John W. Hayden, 53, who has served 13 years as President and CEO of The Midland Company, recently announced plans to retire on Oct. 15 from the company his grandfather co-founded in Cincinnati in 1938 and his father helped transform in 1961 by taking it public.
During Hayden’s nearly 30-year tenure at the Amelia-based company, he helped successfully remake Midland’s American Modern Insurance Group subsidiary from a single-product, limited-distribution company to a multi-product, multi-channel specialty insurance leader, with a consistent track record of growth and profitability and annual revenues in excess of $1 billion.
When Midland and its subsidiaries were acquired in 2008 by Munich Re America to help build a primary specialty insurance platform in the United States, Hayden accepted an expanded role as President of Munich Re America’s Specialty Insurance Division, which includes American Modern and the Specialty Markets division of Munich Re America.
"It's not easy to leave the company of people that I have shared so many wonderful experiences and successes with over the years," Hayden said. "But, I feel my job here is done, and I can confidently leave the future of American Modern in their capable hands. The company is blessed with a leadership team rich in experience, strategic vision and operational excellence. Plus, the folks who really make it all happen will still be here, delivering on the promise our policies represent to our customers."
Hayden said that he is considering what "adventures" he would like to pursue in the future, but isn't quite ready to commit to anything specific at this point.
"I do know, though, that they will be things that I can tackle with the same passion I've brought to my relationship with Midland and the people I've worked with here over the years," he said.
With Hayden's planned retirement, Munich Re will further align its U.S.-based specialty primary insurance operations to create a more robust specialty insurance platform under the leadership of Doug Elliot, President and CEO of Hartford Steam Boiler (HSB), which was purchased by Munich Re in 2009. The management teams of HSB and the Specialty Insurance Division, which includes Todd Gray, President of American Modern, are otherwise unchanged and will report to Doug Elliot under this new structure.
American Modern Insurance Group (American Modern) is a widely recognized, national leader in the specialty insurance business. With more than 45 years of experience in the manufactured housing insurance sector, the company delivers specialized products and services for residential property, like mobile homes and specialty dwellings, as well as consumers in the recreational market, including owners of motor homes, travel trailers, boats, personal watercraft, classic cars, motorcycles and snowmobiles. In addition, the company provides credit life, collateral protection and mortgage fire products to protect financial institutions and their customers. The company, home-based in the suburbs of Cincinnati, is part of the Munich Re global insurance family.