Entrepreneur Of The Year 2010
Road to Palm Springs
James J. Maguire, Jr.
Philadelphia Insurance Companies
Bala Cynwyd, Pennsylvania
James Maguire loves to run – so much so, in fact, that he has competed in several Ironman competitions and numerous marathons and triathlons. He is just as competitive and runs just as hard in his work life.
In 1993, as Philadelphia Insurance Companies was raising $41 million in a public offering, Maguire was busy establishing his insurance industry career outside of the family business.
His desire was to bring broad experience and relationships with him when he eventually joined the company started by his father, James J. Maguire, Sr., in 1962. He gained that experience at industry icons AIG and CNA, where he wisely focused on lines of business that were not the strengths of Philadelphia Insurance.
When he joined Philadelphia Insurance Companies as vice president in 1996, his impact was felt immediately. He took a small line of business – Directors & Officers and Errors and Omissions insurance – and quickly grew it from $2 million in premiums to $400 million.
Appointed COO in 1998, Maguire turned his attention to organizing new key departments and creating improved oversight over underwriting. He was named CEO in 2002, and continued to bring innovations to the company’s infrastructure. He expanded the business into 100 industry classes and 26 field offices across the country.
Under his leadership, over the past decade Philadelphia Insurance Companies has grown by nearly 20% per year. This pattern of success caught the eye of Tokio Marine Group, one of the world’s largest insurers, which acquired Philadelphia Insurance in 2008.
Equipped with the operational synergies and access to capital that Tokio Marine provides, Maguire is dedicated to keep Philadelphia Insurance racing to the top.