MONTEREY, Calif., April 1, 2014 /PRNewswire/ -- Capital Insurance Group President and Chief Executive Officer Peter Cazzolla has announced his retirement from Capital Insurance Group to be effective at the end of this year. The successful CEO will leave the company after 21 years of dedicated service. During his tenure and under his leadership, CIG has experienced substantial financial growth and prestige. Mr. Cazzolla will continue in an advisory role to ensure a smooth transition in the company's well-planned succession program.
When Mr. Cazzolla was selected to lead the firm in 1993, Capital Insurance Group was a small, regional insurance company with $103 million in written premium and $60 million in surplus. Today, CIG is one of the premier regional companies in the West with more than $400 million in written premium and $300 million in policyholder surplus. Under Mr. Cazzolla's direction, Capital Insurance Group began its state expansion from California and Nevada to include Arizona, Oregon, Washington, Idaho, and New Mexico. In addition, the company's core product lines are much broader and its market capacity now includes non-admitted and captive alternatives. The Monterey-based CIG employs more than 400 employees and has more than 210,000 policies in force.
The A.M. Best "A" rated Capital Insurance Group has been named to the Ward's 50 Top Performing Insurance Companies for eight of the past 12 years for its financial strength and superior performance. When asked to what he attributed the Company's success, Mr. Cazzolla gave credit to the CIG employees and agency partners, stating, "They are like family to me. We have a passion for our customers and offering them quality products with superior customer service. That, coupled with a disciplined approach to underwriting and managing effective business relationships, is essential. In addition, we have a high level of employee engagement and commitment to our business principles."
The 115-year-old Capital Insurance Group is also 42 percent owned by its employees through an Employee Stock Ownership Plan – which, in part, is attributed to Mr. Cazzolla and his leadership.
CIG is a privately held company providing personal, home, and auto insurance in California, Nevada, Oregon, and Washington, as well as commercial and agricultural insurance to customers in California, Nevada, Oregon, Washington, Arizona, and New Mexico. Surplus lines products are available in Arizona, California, Idaho, Nevada, Oregon, and Washington. Consult your local CIG Insurance advisor for the types of coverage available in your state.
About Capital Insurance Group
Capital Insurance Group® (CIG) is the leading regional property and casualty insurer serving the Western U.S. since 1898. CIG insures Personal Auto, Homeowners, Farmowners, Condo Owners, Vacation Property, Renters, Apartment Building Owners, and many kinds of Commercial and Agricultural Auto and Property. The more-than-115-year-old company is rated "A" (Excellent) by A.M. Best, the independent financial monitor of the insurance industry. CIG manages personal, business, and agriculture risks underwritten by its affiliate companies: California Capital Insurance Company, Eagle West Insurance Company, Nevada Capital Insurance Company, and Monterey Insurance Company. Types of policies may vary from state to state. For more information, please visit www.CIGinsurance.com
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