William "Bill" McDonough of Princeton Insurance Company Named to Succeed David P. Bounk as President and CEO of the MMIC Group

Business Wire,  May 14, 2008  

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MINNEAPOLIS -- The MMIC Group board of directors announced today that William McDonough, president and chief executive officer of Princeton Insurance Company, has been named to succeed David P. Bounk as president and CEO of The MMIC Group, effective June 16, 2008.

McDonough has been with Princeton Insurance Company as president and CEO since 2002. He has worked in the insurance industry for more than 25 years, the last 20 focusing on professional liability insurance. He began his career as an underwriter and later became an independent agent before rejoining the company side of the business. He has experience in the underwriting and marketing areas, as well claims, risk management and finance. McDonough was previously employed at Medical Mutual Insurance Company of Maine as the company's chief operating officer. His prior experience includes working for PHICO Group, Inc., splitting time between the insurer's offices located in Mechanicsburg, PA, and Indianapolis as the company's regional vice president.

McDonough, a veteran of the United States Air Force, graduated from Temple University with bachelors' degrees in marketing and education. He also has earned an MBA from University of Phoenix, and he holds the RLPU designation.

"Bill is a strong supporter of the physician-owned insurance companies' mission to ensure the growth and strengthen of independent physicians," said MMIC President and CEO David Bounk. "He is looking forward to building on MMIC's successful history."

The succession is the result of a nation-wide search by the MMIC board of directors and an executive recruitment firm that began when Bounk announced his retirement last year. Bounk has been with MMIC and has served as president and CEO the past 18 years.

Headquartered in Minneapolis, Minn., the MMIC Group provides medical professional liability, property and casualty insurance, and a range of technology and human resources products and services to physicians, clinics and hospitals in the Upper Midwest. Members of the group include MMIC Technology Solutions, MMIC Agency Inc. and Midwest Medical Insurance Company (MMIC0, one of the premier physician-owned specialty medical professional liability insurers in the country.

Princeton Insurance Company, a MLMIC Group company, is the leading medical professional liability insurer in New Jersey.

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