PROVIDENCE, RI (Jan. 11, 2011) Executives from two well-known Rhode Island companies are helping to boost the state’s prominence in the business world as leaders of the nation’s largest trade associations for home, auto and business insurance companies.
Sandra Parrillo, president and CEO of Providence Mutual Fire Insurance Company in Providence, was sworn in as the newest chair of the board of directors of the National Association of Mutual Insurers (NAMIC) at their Annual Convention in San Diego, CA. Robert A. DiMuccio, chairman, president and chief executive officer of Amica Mutual Insurance Company in Lincoln, was elected as the new chair of the Property Casualty Insurers Association of America (PCI) during their Annual Meeting in Colorado Springs, CO.
In these roles, DiMuccio and Parrillo will serve as their industry’s top authorities for the U.S. property casualty insurance sector, advocating for balanced state, federal and international public policy solutions for the benefit of the close to 270 million home, auto and business insurance consumers across the nation.
“That both Bob and I should take leadership roles in our trade associations during the same year speaks to the nature of the insurance industry,” Parrillo said. “Our companies were founded to serve our communities here in Rhode Island. Both companies have grown significantly in the more than three hundred years combined that we’ve been in business, but that focus on serving our policyholders continues to guide us, as it does for other insurers in communities across the country.”
Property casualty insurance also lays the foundation for our nation’s economy. Home, auto and business insurance companies provide more than 480,000 jobs across the country. In 2009, the insurance sector paid $14.7 billion in state premium taxes and was the largest investor in municipal bonds.
“The insurance industry is an important part of the nation’s economy,” said DiMuccio. “Virtually every part of our economy, and our daily lives, benefits from the security afforded by this industry. The homes we live in, the cars we drive, the businesses we work at are protected by insurance. Our industry is also one of the most significant capital providers to the economy. Our members invest in a wide range of American companies that provide jobs and fuel economic growth. Part of my mission in the next year is to communicate the important role the insurance industry plays in the U.S. economy.”
DiMuccio and Parrillo are leading their industry at historic times. Home, auto and business insurers have remained strong and stable throughout the economic crisis. The property casualty industry’s proven track record is a testament to the sector’s disciplined risk management, conservative investments and focus on customer service.
“I believe the insurance industry can lend a helping hand and be a knowledgeable voice in the process of rebuilding our battered economy,” said DiMuccio. “Our trade association is looking forward to constructive dialogue with government, that will allow our industry to continue to be an economic driver in a dynamic U.S. and world economy.”
"As leaders of our industry, we recognize the important function of insurance not just for our policyholders, but for the nation as a whole,” Parrillo said. “Insurance helps to speed recovery from losses while fostering economic growth. As the debate over financial reform continues, our industry is ready to work with lawmakers in Washington and across the country to help the economy rebound.”
Sandra Parrillo – president and CEO, Providence Mutual Fire Insurance Company in Providence, R.I.
As president and CEO of the nation’s fifth oldest property casualty insurance company, Providence Mutual Fire Insurance Company, Parrillo brings a unique understanding of the financial stability and support that insurance can provide as the industry navigates a changing political and regulatory landscape. In meetings with lawmakers as part of NAMIC’s Congressional Contact Program or through her work with the association’s Financial Services Task Force, Parrillo has provided policymakers with a real world example of how the current regulatory environment has helped to foster competition and provide consumers with security.
Parrillo has also played a vital role in NAMIC’s Governance Committee, Nominating Committee, Convention Planning Committee, Compensation Committee, Property Casualty Conference Board of Directors, NAMICO Corporate Governance Committee, Audit/Finance Committee and the NAMIC PAC Board of Trustees.
Parrillo holds the Chartered Property Casualty Underwriter designation and was a former director of the Rhode Island chapter of the American Society of Chartered Property and Casualty Underwriters. She is a member of the Board of Trustees of the American Institute for CPCU. She served as chair of the governing committee of the Rhode Island Joint Reinsurance Association, and is affiliated with several other industry-related associations, including the Mutual Fire Insurance Association of New England, the Rhode Island Governor’s Insurance Council and the Insurance Commission of the Diocese of Providence. NAMIC’s first female chair, Parrillo also received the Woman in Insurance Leadership Award from Insurance Networking News magazine this year.
Parrillo joined The Providence in 1977 as an underwriter. She served in several underwriting and management positions with The Providence and was named vice president and secretary in 1995. In 1999, she was elected senior vice president of underwriting and marketing. In 2000, Parrillo was elected to the position of president and chief executive officer of The Providence.
Parrillo was awarded a bachelor of science degree and a bachelor of arts degree from Rhode Island College, magna cum laude, in 1978, and a master's degree in business administration, high honors, from the University of Rhode Island in 1992.
Robert DiMuccio, chairman, president and CEO, AMICA Mutual Insurance Company in Lincoln, R.I.
During these challenging economic times, DiMuccio knows the importance of customer service. In 2010, Amica was ranked highest in customer satisfaction among national home insurers for the ninth straight year and highest in customer satisfaction among auto insurers for the 11th straight year by J.D. Power and Associates.
Over the past eighteen months, DiMuccio has led PCI’s advocacy efforts during the financial reform debate on Capitol Hill. As Chair of the PCI Board Committee on Financial Services Regulatory Reform, DiMuccio served as a trusted industry resource for Congress as lawmakers deliberated over the Dodd-Frank Act. DiMuccio testified before the U.S. House of Representatives to demonstrate that property casualty insurers are effectively regulated at the state level for solvency and that the state-based system provides the strongest consumer protections of the financial sectors.
DiMuccio became chairman of Amica Mutual Insurance Company in 2008 and was named president and CEO of in 2005. He began his career with the accounting firm KPMG Peat Marwick, where he worked for 12 years and earned the position of partner. He joined Amica in 1991 as a vice president in the accounting department, was promoted to senior vice president, and in 1996 he was awarded the additional title of treasurer. In 2001, DiMuccio attained another title, chief financial officer and was named executive vice president in 2003.
He has earned the insurance industry’s prestigious Chartered Property Casualty Underwriter (CPCU) educational designation and is a member of both the American Institute of Certified Public Accountants and the Rhode Island Society of Certified Public Accountants. He is president of the Board of Directors of the Rhode Island Public Expenditure Council, a member of the Institute for Business and Home Safety, the Property Loss Research Bureau and the Greater Providence Chamber of Commerce. DiMuccio is also a board member or trustee of several charitable and educational institutions.
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