- March 28, 2024
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G.W. Jacobs, CEO of Sarasota-based FCCI Insurance Group, announced last week he would retire May 31.
“I have no health issues,” Jacobs, 67, said Wednesday, explaining his decision to step down now. “Sometimes you just know it's the right time.”
Jacobs is leaving a big legacy.
After starting in 1986 as a corporate counsel for one of FCCI's affiliates, Jacobs became the company's chief executive in April 1999.
In the dozen years that followed, Jacobs led FCCI beyond its core business of workers' compensation insurance in Florida into also becoming a commercial property insurer with operations in 14 states — virtually all of that out-of-state expansion occurring during Jacobs' tenure.
The company grew bigger and stronger financially as well, even after enduring the disastrous years of hurricanes in 2004 and 2005. Two financial benchmarks that Jacobs watched closely:
• Total assets: They increased 109% from when Jacobs became CEO to $1.8 billion in 2010, roughly growing 9% a year.
• Equity/surplus: It increased 74.4% in that same period to $550 million.
For 2010, the company reported net income of $35 million, up 27% from 2009. Profits rose even though premium revenues declined 2% — to $461 million. FCCI Insurance Group is the largest commercial insurance underwriter based on the Gulf Coast by total annual revenues.
When Jacobs retires, he will have made sure he leaves the company in good hands. Jacobs says the board will select the next CEO from among six internal candidates who have been identified and developed over the past few years. The chosen one will be announced March 18.