FOR IMMEDIATE RELEASE
Contact: Michelle Karn
At its Annual Meeting held on Wednesday, June 21, 2017, the Board of Directors of The Beacon Mutual Insurance Company elected Brian J. Spero of Portsmouth, Rhode Island as President & CEO of Beacon effective July 1, 2017. Spero will succeed James V. Rosati who is retiring after serving as President for more than 10 years at Rhode Island’s largest workers’ compensation insurer.
Spero has been with Beacon for nine years both in the roles of Chief Operating Officer and General Counsel. Prior to Beacon, Spero was a founding partner at Partridge Snow & Hahn LLP and had practiced law in Providence, Rhode Island since 1979. Spero, a lifelong resident of Portsmouth and a 1973 graduate of Portsmouth High School, graduated magna cum laude from Colgate University in 1976 and cum laude from Boston College Law School in 1979. Spero is active in numerous business and civic organizations. Rajani Mahadevan, Beacon’s Vice President of Information Systems, will succeed Spero as COO.
Beacon provides workers’ compensation insurance to over 12,000 Rhode Island businesses and had written premium of $134 million dollars in 2016.
Beacon Board Chairman Raymond C. Coia said, “We look forward to continued success with our new executive management. Brian and Rajani have played an important role in Beacon’s achievements. They are longtime Rhode Islanders and are outstanding leaders. The Board is proud to have superior executive talent within the organization familiar with Beacon’s operations, the Rhode Island business community, and the workers’ compensation market.”
Spero thanked the Board for its confidence and support and said, “I look forward to leading Beacon to continued success as the workers’ compensation insurer of choice in Rhode Island. As a Rhode Island mutual workers’ compensation insurer, we are here for our policyholders and will always be here to support Rhode Island businesses.”
Beacon’s Board of Directors worked with a national consulting firm, The Hay Group, to establish a comprehensive and objective succession plan. Through that process, Beacon’s Board chose Spero to succeed Rosati as President and CEO and Mahadevan to succeed Spero as COO.
The Board also announced Bradford A. Dean and Steven J. Issa, both of Cumberland, Rhode Island, as new Board members.