Best’s News & Research Service - September 12, 2014 01:50 PM (EDT)
Nationwide Reorganizes Leadership, Units to Implement Brand Consolidation
COLUMBUS, Ohio //BestWire// - Nationwide Mutual Insurance Co. is reorganizing parts of its leadership and unit structure as it works to implement its brand consolidation strategy, according to a company statement.
The company is focusing its organization around three primary business units: Nationwide Property & Casualty Agency Operations; Nationwide Direct and Member Solutions; and Nationwide Financial. The move will see several of Nationwide's former units fall under the new umbrellas.
Earlier this month, Nationwide said it planned to expand its headline moniker across all its businesses, which included a variety of other names. It also introduced a new logo, which is an updated version of its N and eagle emblem that was originally introduced in 1955 (Best's News Service, Sept. 2, 2014).
Leading the Nationwide Property & Casualty Agency Operations segment is President and Chief Operating Officer Mark Berven, who now oversees the company's exclusive and independent agent force, and commercial and personal lines products and sales. The segment was previously broken up into several units, which included Nationwide Insurance, Allied Insurance, Nationwide Agribusiness, Scottsdale Insurance and others. Berven has been with Nationwide since 1994 and most recently served the company as chief strategy and product management officer.
President and Chief Operating Officer Mark Pizzi will lead the Nationwide Direct and Member Solutions segment. He will focus on accelerating the growth of Nationwide's direct-to-consumer operations, which the company has been using in recent years to expand into areas where it doesn't have a physical presence. The company is using its direct capabilities to return to the New Jersey personal auto market after a 33-year hiatus. Pizzi has been with Nationwide since 1978 and most recently was the president and chief operating officer of Nationwide Insurance. In his new role, Pizzi will also oversee Nationwide Bank, the company's online bank.
Nationwide Financial will continue to be led by Kirt Walker, who has been in that role since 2009 and has served the company since 1986. That unit includes the company's life, annuity, mutual funds and retirement plans product and distribution.
"Every organization requires the right structure and leadership to drive success," said Nationwide Chief Executive Officer Steve Rasmussen in a statement. "We're fortunate to have strong and committed leaders to help us deliver on our priorities and achieve our long-term vision for success as one company serving the needs of our members and business partners."
Nationwide Group companies currently have a Best's Financial Strength Rating of A+ (Superior).
(By Michael Buck, senior associate editor, BestWeek: Michael.Buck@ambest.com)