AMERICAN NATIONAL INSURANCE COMPANY (NASDAQ:ANAT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Effective August21, 2017, John J. Dunn, Jr., Executive Vice President, Chief Financial Officer and Treasurer, is no longer with American National Insurance Company (the “Company”).
On August24, 2017, the Executive Committee of the Company’s Board of Directors appointed Timothy A. Walsh, age 55, as the Company’s Executive Vice President, CFO, Treasurer and ML and P&C Operations. Prior to his appointment earlier this year as the Company’s Executive Vice President, Multiple Line and Property and Casualty Operations, Mr.Walsh served as Senior Vice President, Chief Operating Officer, Multiple Line (2015-2017); President and Chief Executive Officer of American National Property and Casualty Company (2016-present); President and Chief Executive Officer of the Company’s Farm Family insurance company subsidiaries (2003-present); and Executive Vice President, Chief Financial Officer and Treasurer of the Farm Family companies (2000-2003). Prior to joining the Farm Family companies in 1995, Mr.Walsh held chief financial officer and corporate controller positions with two corporations unrelated to the Company, and he was a Senior Manager at KPMG Peat Marwick. Although Mr.Walsh will continue to have overall responsibility for Multiple Line and property and casualty operations, it is expected that other Company officers will assume additional responsibilities to assist him in such operations.
It is the Company’s policy not to enter into employment agreements with its officers, and there are no arrangements or understandings to which Mr.Walsh was appointed as Chief Financial Officer. Mr.Walsh has no related party transactions reportable under Item 404(a) of Regulation S-K and no family relationships with any of the Company’s directors or officers.
Subject to his execution of a general release of claims, it is expected that Mr.Dunn will receive a severance payment consisting of twenty-one weeks of salary, representing three weeks for each of his seven years of service, as well as any accrued paid time off and floating holiday time.
About AMERICAN NATIONAL INSURANCE COMPANY (NASDAQ:ANAT)
American National Insurance Company is engaged in life insurance, annuities, and property and casualty insurance. The Company also offers limited health insurance. Its family of companies includes six life insurance companies, eight property and casualty insurance companies, and various non-insurance subsidiaries. Its business segments include Life, which offers products, such as Whole Life, Term Life, Universal Life, Variable Universal Life and Credit Life Insurance; Annuity, including products, such as Deferred Annuity, Single Premium Immediate Annuity and Variable Annuity; Health, including, such as Medicare Supplement, Supplemental Insurance, Stop-Loss, Credit Disability and Medical Expense; Property and Casualty, which offers products, such as Personal Lines, Commercial Lines and Credit-Related Property Insurance products, and Corporate and Other, which consists of its invested assets that are not used to support insurance activities, and non-insurance subsidiaries.
