Presque Isle-based MMG Insurance sets plan in motion for CEO transition
Courtesy / MMG Insurance
Larry Shaw, president and CEO of MMG Insurance, retired after almost three decades at the helm.
The longtime CEO of MMG Insurance Co. will step down at the end of 2022 under a transition plan announced this week by the regional property and casualty insurance company headquartered in Presque Isle.
Larry Shaw, who has been with the company since 1982 and served as president and CEO since 1995, will retire on Dec. 31, 2022. At that time, Matt McHatten, the current executive vice president and chief operating officer, will step into the role, the company said.
The company, which employs 246 people, also announced that it has hired David McPherson as senior vice president of operations, effective Sept. 1, and that McPherson will work closely with McHatten to transition into his role.
“Through our discussions with Dave, it became evident that he is a collaborative leader that will fit in nicely within the MMG culture,” Shaw said in a news release. “Dave will make our strong leadership team even stronger as we take on the opportunities that lie ahead. His significant industry experience will also enable us to transition Matt’s duties quickly as he prepares to move into the CEO role.”
McPherson has worked at national carriers since 1993, most recently in senior-level operational management and oversight of commercial middle-market products, with a focus in process enhancement, technology, quality and productivity.
Previously at Travelers Insurance in Houston for 14 years, he managed a team of more than 200 account managers, two operations directors and 16 operations managers servicing more than $2 billion in premium for middle-market businesses, according to his LinkedIn profile. He majored in operations management at Harding University in Searcy, Ark.
"I am excited to become a part of the leadership team at MMG," McPherson said. "This role will allow me to bring my experience to a carrier that has a strong, deep reputation for excellence and service with their agents, customers, employees, and the community."
“My wife and I are thrilled to join the northern Maine community and take advantage of the wonderful opportunities here in raising our two children," he added.
MMG Insurance, whose roots go back to 1897, has operations in Maine, New Hampshire, Vermont, Pennsylvania and Virginia. The company had $210.9 million in written premiums in 2019 and $313.5 million in admitted assets, its latest annual report shows. Its income nearly doubled from $5.18 million in 2018 to $10.27 million in 2019.
Editor's Note: This article has been corrected to reflect that Matt McHatten will succeed Larry Shaw as president and CEO after he retires on Dec. 31, 2022.
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