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Contact: Christopher Goetcheus, 774-279-5923
Agency Markets Names Carol Sipe as President of Summit™
Longtime President Rick Hodges to Retire from Southeast Workers’ Comp. Provider
Boston, Mass.(November 17, 2009) – Liberty Mutual Agency Markets, a strategic business unit of Liberty Mutual Group, today announced that Ms. Carol Sipe has been appointed President and Chief Executive Officer of Summit, which provides monoline workers’ compensation coverage in ten southeastern states. Ms. Sipe succeeds Mr. Rick T. Hodges, who has led Summit since 1999, and is retiring in January.
Prior to this appointment, Ms. Sipe had been the company’s Senior Vice President and General Manager of Operations since 2006. A Lakeland, Florida, native and a graduate of Florida Southern College, Sipe joined Summit in 1989 and has since held several key management positions.
Under Hodges’ leadership, Summit more than doubled its premium under management and expanded operations throughout the Southeast. He was the first chairman of the Workers’ Compensation Advisory Council for the Florida Division of Workers’ Compensation, and is a current member of the board of directors for the Florida Workers’ Compensation Joint Underwriting Association.
“With Rick’s guidance and insight, Summit has prospered and become an industry leader in managing workers’ compensation programs,” said Gary Gregg, Executive Vice President, Liberty Mutual Group, and President, Liberty Mutual Agency Markets. “We thank him for making Summit such a valuable contributor to the Liberty Mutual Group and positioning Summit for future success in an ever-changing workers’ compensation industry. We wish him all the best in his retirement.”
As Summit’s new president, Ms. Sipe will be responsible for the continued growth and development of the company and its subsidiaries.
“Carol’s appointment provides great continuity for Summit. She’s worked closely with Rick and contributed greatly to the company’s success to date. Her deep knowledge of the company’s operations, programs, and personnel will be a major advantage for ensuring Summit’s continued success and profitability,” added Mr. Gregg.
Summit provides workers’ compensation products and services to businesses in Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina and Tennessee. Summit, which includes Summit Consulting Inc. and its subsidiaries, is based in Lakeland, Florida, and has offices in Baton Rouge, Louisiana, and Gainesville, Georgia. Summit’s 2008 premium under management was $689.8 million, with approximately 44,000 policies in force.
About Liberty Mutual Agency Markets
Liberty Mutual Agency Markets, a business unit of Liberty Mutual Group, offers personal and commercial insurance through independent agents throughout the United States. Commercial lines products are offered through eight regional companies and Liberty Agency Underwriters, which provides specialty commercial products, including excess casualty and program business. Personal lines products are offered nationally under the Safeco Insurance brand. Liberty Mutual Surety provides nationwide contract and commercial surety and fidelity bonds, and Summit provides workers’ compensation coverage in the Southeast.
Agency Markets operates under a unique regional/national model that leverages the service-oriented focus of regional operations with the cost efficiencies of a national infrastructure to deliver quality products and services to agents and brokers and the customers they serve.
Commercial Lines:
- America First Insurance™ (Central Region)
- Colorado Casualty™ (Mountain Region)
- Golden Eagle Insurance™ (California)
- Indiana Insurance™ (Midwest Region)
- Liberty Northwest® (Pacific Northwest Region)
- Montgomery Insurance™ (Southeast Region)
- Ohio Casualty™ (Mid-Atlantic Region)
- Peerless Insurance™ (Northeast Region)
Personal Lines:
- Safeco® Insurance (National)
- Liberty Agency Underwriters™ (Specialty Commercial Products)
- Summit™ (monoline Workers’ Compensation)
Liberty Mutual Group ranks 86 on the Fortune 500 list of the largest U.S. corporations based on 2008 revenues. The company has financial strength ratings of A (Excellent) from the A.M. Best Company, A2 (Good) from Moody’s Investors Service, and A- (Strong) from Standard & Poor’s.
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