After 43 Years, Penn National Insurance CEO Steps Down

Copyright 2010 ProQuest Information and LearningAll Rights ReservedCopyright 2010 Journal Publications Inc. Central Penn Business Journal

August 27, 2010 Friday

SECTION: Pg. 8 Vol. 26 No. 36 ISSN: 1058-3599

ACC-NO: 12806

LENGTH: 612 words

HEADLINE: After 43 years, Penn National Insurance CEO steps down

BYLINE: Milewski, Victoria.

BY VICTORIA MILEWSKI

Contributing Writer

This spring, DennisC.Rowestepped down as CEO of Penn National Insurance, the company he joined in 1967 as a management trainee.

"After 43 years of service, I felt it was time to turn over the responsibility to other experienced employees who also have extended careers with the company," he said. "I will definitely miss the people interaction, both internally and externally."

In 1998, 31 years after starting with Penn National Insurance, he was named president and CEO. In 2007, he became chairman of the board. At that time, Penn National named Kenneth R. Shutts president and announced he would succeed Rowe in three years.

In April, Rowe handed Shutts the CEO reins. Rowe will retire as a fulltime employee Oct. 1, but will remain chairman. As such, he will offer his expertise on business issues, strategy development and related matters, he said.

"My primary role will be to act as liaison between the outside board members and our full-time management team," Rowe said. "I will work on a part-time basis for Penn National Insurance, pursuing merger and acquisition opportunities."

His retirement will allow him to spend more time with his family and indulge in hobbies such as golf, reading and gardening. He also plans to spend time at his houses in Hershey and in southern Florida.

Looking at business changes between 1967 and 2010 "is like comparing cell phones of today to the land lines of the '60s," Rowe said. "There simply is no comparison."

Today, policy issuance and paying claims are cost-efficient and automated, and predictive analytics have revolutionized areas of pricing and risk selection, he said. Information becomes available much more rapidly today.

Rowe said his time at Penn National Insurance was a rewarding experience, teaching him to "know your strengths, strengthen your weaknesses and let people do their jobs."

When he started his career, the company was called Pennsylvania National Mutual Casualty Insurance Co. It was founded in 1919 as the Pennsylvania Threshermen's and Farmers' Mutual Casualty Insurance Co.

"It was my first full-time job and I was fortunate enough to begin my career when the company was growing, and expanded responsibilities and career-enhancing opportunities were plentiful," he said.

He was promoted to underwriting services manager in 1969 and transferred to the Pittsburgh regional office.

"I enjoyed interacting with our independent agents and transferred to our marketing department in 1972 as a special agent. Sounds mysterious, but the SA was our field marketing arm, and we visited agents' offices to promote our products and the various programs of the company," he said.

In 1974, he returned to the home office's marketing department, and in 1983 became a full-time member of a team set up for a strategic planning initiative. In 1984, he became a division vice president in personal lines of insurance. In 1988, he accepted the lead position in commercial lines. He became president and CEO in 1998.

Meanwhile, he served in the Pennsylvania Army National Guard from 1965 to 1986, retiring as a major and transportation officer.

Rowe's counsel to today's employees: "Neverstoplearningand dedicate yourself to fulfilling the primary mission of your employer."

"Be an enabler and not a disabler," he added. "Realize time passes very quickly and make every minute count."

And, Rowe said, have fun.

"I have a lifetime investment in Perm National Insurance," he said, "and I am hoping to contribute in any way possible in the years ahead."

-Tim Stuhldreher contributed to this report. SIDEBAR

"Never stop learning and dedicate yourself to fulfilling the primary mission of your employer."

Dennis C. Rowe, Penn National Insurance

LOAD-DATE: September 7, 2010