SOURCE: Hastings Mutual Insurance Company

Hastings Mutual Insurance Company

April 24, 2012 15:00 ET

Hastings Mutual Insurance Company CEO Bill Wallace Announces Retirement After 37 Years in the Insurance Industry

HASTINGS, MI--(Marketwire - Apr 24, 2012) - Hastings Mutual Insurance Company, an award winning, regional Property/Casualty insurance carrier in the Midwest today announced the retirement of Chief Executive Officer and President Bill Wallace. Wallace, originally from Boone, Iowa and graduate of the University of Iowa's College of Business Administration, served as CEO of Hastings Mutual for 14 years. He also served as Chairman of the Board of Directors. Wallace will retire after a 37 year career in the insurance industry.

"It has been my honor to serve the policyholders of Hastings Mutual over the past 14 years," said Wallace. "I am privileged to have worked with an outstanding Board of Directors, a talented employee force, and a group of dedicated independent agents. Together, we have met many challenges and have overcome many obstacles while having some fun along the way. Thank you for making my time at Hastings Mutual so meaningful."

During Wallace's time as CEO, Hastings Mutual's surplus grew 180 percent, from $116.8 million to $327.6 million with an annual average growth of 14 percent. The company's total assets have grown more than 100 percent from $339.3 million to $679.2 million and Direct Written Premium has grown 90 percent from $179.7 million to $342 million. In 2010, Wallace led Hastings Mutual into Iowa, the sixth state in the company's Midwest territory.

Wallace was also responsible for establishing the Hastings Mutual Insurance Company Charitable Foundation, a non-profit organization with a mission to provide basic, unmet needs in the communities we serve by partnering with independent agencies through matching grants.

Wallace will be succeeded by Joseph J. Babiak Jr., who is serving as the Chief Operations Officer until Wallace's official retirement on July 27, 2012. During the past three years, Babiak has served as the Senior Vice President of Insurance Operations in preparation for this planned succession. He joined Hastings Mutual as Chief Financial Officer in 2001 and has more than 30 years of industry experience.

"Hastings Mutual is stronger than ever and perfectly positioned for the future," said Wallace. "I am confident that under Joe's strong leadership we will continue to be the consistent, secure company that our agents and policyholders have come to rely upon for more than 125 years."

About Hastings Mutual Insurance Company
Hastings Mutual Insurance Company is an award-winning, A. M. Best: A+ rated, regional Property Casualty insurance company. Hastings Mutual operates in the six Midwestern states of Michigan, Illinois, Indiana, Iowa, Ohio, and Wisconsin. The company, based in Hastings, Michigan, was founded in 1885. Hastings Mutual writes commercial, farm, and personal lines business through a network of independent insurance agents. For more information about Hastings Mutual visit the company website at www.hastingsmutual.com or find them on Facebook and Twitter.

Contact Information

  • Contact:
    Mike Puerner
    Hastings Mutual Insurance Company
    404 E. Woodlawn Ave.
    Hastings MI 49058
    Phone: (269) 948-1532
    Email address: mpuerner@hastingsmutual.com