Cumberland Insurance Group Executives Complete Wharton Business Program

December 1, 2009


Cumberland Insurance Group
Executive Vice President Richard M. Ritter               


Secretary to the Board of Directors,
and CFO Paul J Ritter, III

 

CUMBERLAND COUNTY, NJ: Cumberland Insurance Group Executive Vice President Richard M. Ritter and Senior Vice President, Secretary to the Board of Directors, and CFO Paul J Ritter, III recently completed the prestigious Insurance Executive Development Program (IED) at The Wharton School of Business at the University of Pennsylvania. The IED program, which was developed in conjunction with the American Institute for Chartered Property Casualty Underwriters (AICPCU), is an intense two-week residency course held at the Wharton School’s Steinberg Conference Center on the University of Pennsylvania campus. The Wharton School is recognized internationally for their leadership and ongoing innovation across every major discipline of business education. With alumni in 140 countries, Wharton is renowned for its preparation of business leaders who will confront the complex challenges of our interconnected world.

“Effective leaders should take advantage of every opportunity to learn,” said Cumberland Insurance Group President and CEO Robert P. Brady. “The AICPCU and the Wharton School have developed an executive education program which offers practical lessons about the skills and behaviors executives need in order to be effective leaders. The knowledge Rick and Paul have gained will strengthen our current corporate management team, ensure we continue to operate with a long-term view, and help us maintain stability and security for our policyholders and agency partners.”

Individuals entering the IED program are selected through a nomination process. Participants receive a solid foundation of core business functions combined with real world knowledge from Wharton's world-class professors, industry experts, and executive level peers. Sessions focus on managerial leadership and professional development in the areas of marketing strategy, strategic finance, shareholder value, managing technology and innovation, implementing strategy, and managing people. In addition, the course features computer-based simulations involving experimentation with the decision-making process, and a full-day strategic visioning workshop that integrates core business learning and professional development.

Richard M. Ritter has 30 years of experience in the insurance industry and previously served for four years as President of The Mutual Fire Insurance Company of Chester County. He oversees underwriting operations at the Bridgeton, New Jersey; Coatesville, Pennsylvania; and Prince Frederick, Maryland offices; and oversees Information Technology operations at the Mansfield, Ohio office. Mr. Ritter also currently serves as Vice Chairman of the Delaware Insurance Guaranty Association. “Even after my many years in the insurance business, the IED Program helped broaden my perspective on

short, medium, and long-range strategic thinking. The practical ideas presented throughout the course provided fresh approaches which will help navigate our Company through the challenging business environment we currently face.”

Paul J. Ritter III, Esq. holds an accounting degree from the University of Notre Dame and a law degree from Widener University. His responsibilities include budgeting and strategic planning, financial reporting, enterprise risk management, and business continuation planning. Mr. Ritter is also an Adjunct Professor of Business Law at Cumberland County College. “The IED program helped clarify for me just how interconnected the business world really is. Of the 29 students in our class, there were insurance executives from Germany, Thailand, and Spain, as well as major U.S. companies like Liberty Mutual and State Farm. The rigorous curriculum was very relevant to today's business issues and will be an invaluable planning tool as we assess strategies and tactics for the future.”

The Cumberland Insurance Group, established in 1844, is celebrating its 165th anniversary and currently serves over 120,000 policyholders in the states of New Jersey, Pennsylvania, Delaware, and Maryland. In 2008, the Company had Total Admitted Assets of $315,595,220 and a Policyholders’ Surplus of $140,166,468. For more information about The Cumberland Insurance Group, or to find an independent agent near you, please visit www.cumberlandgroup.com.

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