NJM Insurance Company Announces Key Change in Executive Leadership

Veteran CFO Charles Prall to retire at year-end; seasoned finance expert Alastair Shore named as successor effective January 1, 2017

December 14, 2016

NJM Insurance Company Announces Key Change in Executive Leadership

WEST TRENTON, NJ — NJM Insurance Company, one of New Jersey’s leading property-casualty insurers, today announced the retirement of senior vice president & chief financial officer Charles A. Prall, effective December 31, 2016, after a distinguished career at NJM that spans more than three decades.

“NJM has benefited tremendously from Charlie Prall’s expertise, guidance and commitment to our policyholders both as a member of our Executive Leadership Team and the Board of Directors, and he will surely be missed,” said Bernie Flynn, NJM President & CEO.

“For more than 30 years, I have had the privilege of calling NJM home,” said Prall. “During that time, the company has grown significantly, without ever having lost the focus on policyholders that keeps it from becoming ‘just another insurance company."

Prall will be succeeded by accomplished finance leader Alastair C. Shore, who joins NJM with more than 25 years of property-casualty insurance experience. Most recently he was executive vice president & chief financial officer for CUNA Mutual Insurance Group of Madison, Wisconsin, where he led the company’s core financial services, including capital planning, treasury and expense management. A native of Scotland, he earned a Master of Arts in mathematics from the University of Cambridge, and is a Fellow of the Casualty Actuarial Society and the Institute of Actuaries.

“We are excited that Alastair will be joining our team,” said Flynn. “His background and expertise position him to begin making immediate contributions in support of our mission to provide value-based insurance solutions with the highest levels of service, integrity and financial stewardship. Alastair brings a wealth of experience into the role, including an understanding of the policyholder focus of the mutual model — an understanding that is essential to success with NJM."

In addition to his responsibilities as CFO, Shore will be a member of NJM’s Executive Leadership Team, reporting directly to Flynn.

“It’s an exciting time to be joining NJM as it evolves to meet the changing needs of its policyholders. I look forward to playing an active role in helping to shape the next chapter of the company’s developing story,” said Shore.

According to Flynn, Prall and Shore will work closely together throughout the month of December to ensure a smooth, effective transition and transfer of knowledge, assuring continuity of the organization’s stewardship of policyholder resources.

About NJM Insurance Company

NJM is the Garden State’s leading workers’ compensation carrier and among the leaders in personal and commercial auto and homeowners insurance. Founded in 1913, NJM has earned a reputation for service, integrity and financial stewardship. NJM operates in a mutual fashion for the exclusive benefit of its policyholders, to whom it has returned nearly $6.0 billion in dividends. Headquartered in West Trenton, NJ, with offices in Parsippany and Hammonton, the company employs nearly 2,500 workers.