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Wednesday, January 25, 2006

ICIM Names New President

by: Armie Margaret Lee

After a four-month search, the ICI Mutual Insurance Company has named Lawrence Maffia as its next president.

Maffia, executive vice president and chief operating officer of the Investment Company Institute, will succeed Natalie Shirley in July.

Shirley, who has served as president since 2001, announced last September that she plans to step down to return to her home state of Oklahoma, where the business of her husband is located.

Maffia joined ICI as senior vice president – management in 1996 and was appointed executive vice president and chief operating officer in 2003. He was previously COO of Sangamon Trading Inc.

"He is a proven leader with great integrity, who is exceptionally well qualified to lead ICI Mutual in fulfilling its mission of providing risk management services to mutual funds, their directors and advisers," said John Cogan Jr., chairman of ICIM and Pioneer Investments, in a statement.

Washington, D.C.-based ICIM is the captive issuance company of the mutual fund industry. It currently provides insurance to over 60 percent of the industry’s total assets. 

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