Universal appoints Donaghy as new CEO, Downes to become executive chair

Florida-based Universal Insurance Holdings has appointed current chief operating officer Stephen Donaghy as its new chief executive officer (CEO).

The current chair and CEO Sean Downes will take on a new role as executive chairman, effective July 15. Universal said the move fits with Downes family and personal goals after 20 years as an executive of the company.

Donaghy has been the company's COO since March 2016. He served as the company's chief marketing officer from January 2015 to March 2016, as chief administrative officer from February 2013 to June 2015, as chief information officer from 2009 to February 2015 and as executive vice president since 2006.

Downes said, "I look forward to continuing my involvement with strategic decision making in my capacity as the Executive Chairman. Steve has been a key member of our management team for the past 13 years, and I look forward to continuing to work closely with him, Jon Springer, President, Frank Wilcox, CFO and Kimberly Campos, CAO/CIO, who will all remain in their current roles. With our strong leadership, execution of our strategic priorities, and a solid second quarter of 2019, I believe our Company's future is brighter than ever."

Michael Pietrangelo, lead director of the board, said: "We look forward to Sean's continued leadership as Executive Chairman. Steve is a strong leader with deep knowledge of our business. The Board looks forward to working with Steve in his new capacity as CEO, and with the outstanding Universal team."

Donaghy commented: "It is a privilege to take on this new role and to continue to work with our tremendous team and partners. We will continue to execute on the Company's strategic initiatives, further strengthen our foundation, and I will work closely with Sean, our executive leadership team, and the rest of our Board to continue creating value for our shareholders."

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