Hospitality Insurance Group is starting the search for a new president and CEO as Richard Welch Jr. prepares to retire this year. Welch has been at the company’s helm since 2018 and is stepping down after leading the insurer through several important changes.
With more than 40 years in the insurance world, Welch brought a wealth of experience to the role. Before joining Hospitality Insurance Group, he worked in top positions at The Concord Group and Travelers. Under his leadership, the company improved its financial health and implemented programs to reduce losses.
Hospitality Insurance Group provides coverage for restaurants, bars, social clubs, and other businesses in the hospitality sector. The company has not announced when it expects to name Welch’s successor.
Board chairman Richard Brewer praised Welch’s contributions, saying that he increased profitability and strengthened loss prevention efforts. Brewer added that the best way to honor Welch’s work would be to find a leader who can continue building on his success.
This leadership change is happening at a time when other insurers focusing on the hospitality market are also making shifts. For example, Hospitality Mutual Insurance Co. in Massachusetts is seeking to reorganize as a stock company controlled by a mutual holding company. As part of that move, Mutual Capital Investment Fund and its affiliates plan to invest $5.5 million in the business.
Meanwhile, the hospitality insurance market overall is expected to soften further in 2026. More insurers are entering the segment, increasing capacity and creating more competition on price. One notable trend is the growing use of subscription policies, where several insurers share the risk on a single policy.
Founded in 1985 as the Liquor Liability Joint Underwriting Association of Massachusetts, Hospitality Insurance Group changed its structure in 2008 to the form it has today.
The search is now on to find the right leader to guide the company through the next chapter amid a shifting business landscape and competitive insurance market.