Hospitality Insurance Group has initiated a search for a new president and chief executive officer following the announcement that Richard Welch Jr. (pictured above) plans to retire this year. Welch has led the carrier since 2018.
Welch has spent more than four decades in the insurance industry. Prior to joining Hospitality Insurance Group, he held executive positions at The Concord Group and Travelers.
The company said Welch led the organization through a period of operational change and improved financial performance. Hospitality Insurance Group provides coverage for restaurants, bars, social clubs, and other businesses in the hospitality sector.
The company did not disclose a timeline for naming Welch's replacement.
Board chairman Richard Brewer said Welch increased profitability while implementing loss prevention programs. "The best way we can honor the work Dick has contributed to our company is to find a successor who will build upon his success," Brewer said.
The leadership transition comes as other hospitality-focused insurers pursue structural changes. Hospitality Mutual Insurance Co. (HMIC), a separate Massachusetts-based carrier specializing in coverage for the restaurant, brewing, and bar industries, is seeking approval to reorganize as a stock company controlled by a mutual insurance holding company.
As part of that reorganization, Mutual Capital Investment Fund and its affiliates will invest $5.5 million in HMIC.
Market conditions for hospitality insurers have also shifted. The hospitality insurance market is expected to soften further in 2026, extending a trend that has defined the past year and a half.
More insurers are moving back into the segment, bringing additional capacity and contributing to competitive pricing. One emerging trend is the growing use of subscription policies, where multiple insurers share the same risk.
Hospitality Insurance Group was established in 1985 as the Liquor Liability Joint Underwriting Association of Massachusetts. The organization converted from an LLJUA structure in 2008.
