CNA Financial Corporation announced the appointment of Chubb veteran Dino E. Robusto as its chairman and chief executive officer, effective on or about Dec. 1, 2016.

Robusto is slated to succeed Thomas F. Motamed who has decided to retire at the end of 2016.

Motamed, who has served in his role since 2009, will continue as chairman and chief executive officer until Robusto joins CNA.

Robusto comes to CNA after almost 30 years at The Chubb Corporation.

He joined Chubb in 1986 as a commercial lines underwriter and held a number of leadership positions including chief claims officer, chief field operations officer for commercial lines.

He was elected to his current position as executive vice president of Chubb and president of Commercial and Specialty Lines in January 2014 after serving as president of Personal Lines and Claims from 2011 through 2013. Most recently, he was also responsible for information technology and innovation at Chubb.

With the merger of ACE and Chubb scheduled to close in first-quarter 2016, Robusto was in line to become an executive vice president of the new Chubb Group and co-president of the North America Insurance division next year.

Separately, Chubb announced, however, that Robusto will retire from Chubb effective on Nov. 30, 2015, acknowledging that Robusto has accepted the CNA roles. Chubb said that the timing of Robusto’s assumption of the CNA position next December is in compliance with his compensation agreements with Chubb.

James S. Tisch, a member of the CNA Board of Directors and the chief executive officer of Loews Corporation, praised Robusto’s strong track record of success and leadership experience across virtually every industry discipline. Loews is CNA’s largest shareholder.

“After an exhaustive search process, CNA’s board is confident that we have selected the ideal individual for the job. We feel that Dino has the qualities necessary to lead CNA into its next phase of growth, building on the phenomenal work that Tom has done over the past seven years,” Tisch said

Likewise, Motamed said he was proud to pass the reins to a “top-tier, proven insurance leader” who can continue the progress of the CNA team.

In the media statement, Tisch also thanked Motamed for “his inspired leadership at CNA,” which Tisch said had “set the company on a path of disciplined underwriting, consistent earnings growth and financial strength.”

At Chubb, Paul J. Krump will assume Robusto’s duties until the completion of the proposed deal with ACE. Krump is currently executive vice president of Chubb and president of Personal Lines and Claims.

Source: CNA Corporation