COO Joseph Murphy Takes Helm Effective April 1, 2021 to Drive Forward Long-Term Strategic Plan
Boston-based Coverys, a leading provider of medical professional liability (MPL) insurance, announced today that Gregg L. Hanson, Chief Executive Officer (CEO) and President, will retire effective March 31, 2021. As part of this planned transition, the Board of Directors is pleased to announce Joseph G. Murphy, Chief Operating Officer (COO), will succeed Hanson as CEO and President effective April 1, 2021.
After 25 years in the industry, Hanson began his career with Coverys in 2000 as Chief Underwriting Officer, bringing underwriting expertise and discipline to the MPL carrier. He was promoted to CEO and President in 2012. During his nearly 10-year term as CEO and President, Hanson led Coverys in a transformation from a regional MPL carrier to a global MPL writer with innovative products and services to protect and safeguard healthcare providers.
“It has been a pleasure, both personally and professionally, to have worked beside Gregg over the course of my time with Coverys,” said Dr. Brenda E. Richardson, Chair of the Board. “The Board and I recognize that, under Gregg’s leadership, Coverys has grown into the successful international medical professional liability company that it is today. We wish Gregg and his wife, Deb, much happiness in this next phase of their lives.”
Murphy joined Coverys as COO in 2015 and has since played a pivotal role in the execution of Coverys’ long-term strategic plan. Concurrently, he has overseen underwriting, business development and distribution, business analytics and risk management, claims, and Coverys Insurance Services. Prior to joining Coverys, Murphy served as the Commissioner of Insurance for the Commonwealth of Massachusetts from 2009 to 2014. Additionally, he was an active member of the National Association of Insurance Commissioners (NAIC) and served as chair of the Interstate Insurance Product Regulation Commission, and as a member of the Executive Committee, Property and Casualty Insurance Committee, Reinsurance Task Force, Surplus Lines Task Force and Workers’ Compensation Task Force as well as a number of other committees and task forces.
“Joe came to Coverys with a wealth of knowledge and experience. He has proven to be a great asset as COO, so this was a natural transition and a long standing part of Coverys’ succession planning process. The Board is confident of our continued success with Joe leading Coverys into the next chapter,” said Dr. Richardson.
More about Coverys
With over $3.5 billion in assets, Coverys is a leading provider of medical professional liability insurance for medical practitioners and health systems. Coverys provides a full range of healthcare liability insurance options, advanced risk analytics, and best-in-class risk mitigation and education resources to help clients anticipate, identify, and manage risk to reduce errors and improve outcomes.