Great Bay Insurance Group Announces Leadership Changes

Great Bay Insurance Group has announced leadership changes with the appointment of Timothy J. Byrne Jr. as president of the group and Ronald R. Lovatt as president of Great Bay Insurance Company. These changes are part of the group's management strategy aimed at enhancing its operations in coastal homeowners’ insurance in New Jersey. Byrne Jr., with nearly 15 years of industry experience, was previously the chief operating officer, while Lovatt comes with 40 years of experience in various leadership positions across the insurance sector.

Timothy J. Byrne Jr. will oversee all corporate support functions and continue reporting to CEO Timothy J. Byrne Sr. Meanwhile, Lavatt, a founding member of the group, will also handle responsibilities as chief underwriting officer and chief claims officer. Both executives bring extensive educational backgrounds, with Byrne Jr. holding degrees in economics, mathematics, and an MBA in risk management, while Lovatt holds an MBA from Wharton and has led efforts in various segments of the insurance industry.

The Great Bay Insurance Group operates since 2019, focusing primarily on coastal insurance markets, demonstrating a commitment to adapting its leadership to strengthen its market position. This announcement arrives amidst a push for legislation aimed at improving insurance provisions for homeowners in vulnerable coastal areas, reflecting the broader context of the insurance industry’s evolving landscape.