He will be succeeded by former GenRe CEO Joseph Brandon, who takes on the top job at year-end.
Hicks – a former Chubb CFO – will step down as Alleghany president at the carrier’s annual shareholder meeting on April 23, 2021, and be replaced in the role by current executive vice president Brandon.
Brandon will then take over as CEO on January 1, 2022, after Hicks retires as chief executive and company director at the end of the year.
Since Hicks became CEO of the P&C insurer in 2004, Alleghany’s share price has risen by 157%, compared with a 99% rise in an S&P index of US insurers over the same period.
On Wednesday, the carrier also announced that incumbent chief financial officer Kerry Jacobs has been promoted to executive vice president.
She took up the position on March 1 and will assume the new responsibilities in addition to her current role.
According to the carrier, the terms of compensation for Brandon and Jacobs have yet to be determined.
Commenting on his departure, Hicks said: “Since becoming part of Alleghany, Joe and I have worked closely as partners overseeing Alleghany’s insurance and reinsurance operations, as well as on corporate strategy matters,” describing his successor’s knowledge of the (re)insurance industry as “unparalleled”.
“His strategic, operating and financial insights have been invaluable to me and the company,” Hicks noted.
“The Alleghany board of directors and I are confident that Joe will bring his expertise and insights to all of Alleghany’s businesses and is the right person to lead Alleghany in the coming years,” he added.