PHARMACISTS MUTUAL INSURANCE GROUP ANNOUNCES SENIOR LEADERSHIP SUCCESSION PLAN

Contact:
Lindsay Pilgrim
lindsay.pilgram@phmic.com; 515-395-7277
www.phmic.com

Algona, IA – Pharmacists Mutual Insurance Group announced that its Board of Directors has approved several changes to evolve the company's senior leadership structure. These changes provide the strategic vision and leadership to usher in our company's next phase of growth.

Under the new structure, company veteran Shirley Pierson, succeeds recently retired Jon Grether as Chief Operating Officer. Grether will continue on the Board of Directors. The past year also saw the retirement of Kevin Banwart as Chief Financial Officer, Treasurer, and Senior Vice President (SVP) Finance. William Hedges has successfully stepped into those roles. Alison VanOtterloo and Lindsay Fuerstenau filled the SVP Commercial Underwriting and Vice President Controller roles that became open with the aforementioned promotions.

Additionally, Paul Luckman will be officially retiring as SVP Sales on February 1, 2022. Nick Garrett, current Vice President Sales, will take over the SVP Sales position upon Luckman's retirement. Also, Chief Actuary, Derrick Shannon, will lead the Product Development and Personal Lines teams. Lindsay Pilgrim has also been promoted to Vice President of Human Resources.

"Managing Pharmacists Mutual to ensure our long-term prosperity requires a thoughtful and orderly succession planning process," said Edward Yorty, President and CEO. "We have been focused on talent development, both new and upcoming, throughout my tenure as CEO. The Board of Directors and I are certain that these leadership changes will provide the right vision and strategy for long-term success."

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About Pharmacists Mutual Insurance Group

Pharmacists Mutual Insurance Group is a nationally recognized leader in insurance and risk management with $450 million in assets. Since its founding in 1909, the company has grown to offer professional liability, commercial, and personal insurance products. Financially secure, the company is an AM Best "A" Excellent* rated property and casualty insurance provider. Pharmacists Mutual has also been recognized as an Iowa Top Workplace for five consecutive years. The company employs over 300 professionals through its operations in 50 states, the District of Columbia, and Puerto Rico. Learn more about Pharmacists Mutual and its full product line at phmic.com.

*AM Best Financial strength rating is an independent opinion