N.C. Mutual Life’s CEO Is Retiring

Sept. 28--James H. Speed Jr., the long-time president and CEO of N.C. Mutual Life Insurance, is retiring at the end of the year.

The Durham-based company, the nation's oldest and largest black-owned insurer, announced Speed's pending retirement on Monday and said he would be succeeded by Michael L. Lawrence, who joined the company in 2012 and is senior vice president, chief financial officer and treasurer.

Speed, who has been president and CEO of the 116-year-old company since 2003, will continue to serve as an advisor and a member of the company's board of directors after his retirement, which goes into effect Dec. 31.

Speed couldn't immediately be reached for comment.

In a prepared statement, the company's chairman, Elliott Hall, praised Speed's leadership for enabling the business to survive the recession and for fostering "a customer service culture." Hall added that today N.C. Mutual boasts a "strong" capital position and that A.M. Best upgraded its rating of the company's financial strength in May.

Under Speed's leadership, the company acquired what is now N.C. Mutual Financial, which provides funding for funeral homes, and launched a separate insurance brokerage division, the N.C. Mutual Insurance Agency, that offers life, health, property and casualty line sof insurance to individuals and businesses.

Speed joined N.C. Mutual in 2002 as senior vice president and chief financial officer.

Lawrence joined the company three years ago as a result of the board of directors' corporate succession planning process. He has more than 20 years experience in the financial services industry and was chief financial officer and chief operating officer at NCM Capital Management Group, a Durham investment management firm, prior to joining N.C. Mutual.

Lawrence also serves as a director of M&F Bancorp, the corporate parent of M&F Bank. He has a bachelor's degree in accounting from N.C. State University and is a certified public accountant.

David Ranii: 919-829-4877, @dranii

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