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V O L . X X V I N O. X X I V O C T O B E R 5 , 2 0 2 0 6 B U S I N E S S M A I N E Business news from around the state • 1- to 3-bedroom homes, many with dens and private decks • Located across from Lincoln Park along Franklin and Federal Streets • Onsite, indoor parking • Unobstructable views of the city skyline, Lincoln Park, and Casco Bay • Fitness room, guest room, and outdoor deck • Light-fi lled layouts with soaring ceilings and huge windows NewHeight Group's latest exceptional condominium project is rising on the corner of Congress and Franklin streets. 29 condos. 22 plans. Endless possibilities. Call to visit the sales center and learn more 207-536-0821 • VerdanteCondos.com Presque Isle insurer outlines succession plan for leadership B y R e n e e C o r d e s P r e s q u e I s l e — The longtime CEO of MMG Insurance Co. will step down at the end of 2022 under a transition plan announced by the regional property and casualty insurance company. Larry Shaw, who has been with the company since 1982 and served as president and CEO since 1995, will retire on Dec. 31, 2022. At that time, Matt McHatten, the current executive vice president and chief operat- ing officer, will step into the role, the company said. The company, which employs 246 people, also announced that it has hired David McPherson as senior vice president of operations, effective Sept. 1, and that McPherson will work closely with McHatten to transi- tion into his role. "Through our discussions with Dave, it became evi- dent that he is a collaborative leader that will fit in nicely within the MMG culture," Shaw said in a news release. "Dave will make our strong leadership team even stronger as we take on the opportunities that lie ahead. His significant industry experience will also enable us to transition Matt's duties quickly as he prepares to move into the CEO role." McPherson has worked at national carriers since 1993, most recently in senior-level operational man- agement and oversight of commercial middle-market products, with a focus in process enhancement, tech- nology, quality and productivity. Previously at Travelers Insurance in Houston for 14 years, he managed a team of more than 200 account managers, two operations directors and 16 opera- tions managers servicing more than $2 billion in pre- mium for middle-market businesses, according to his LinkedIn profile. He majored in operations management at Harding University in Searcy, Ark. "I am excited to become a part of the leadership team at MMG," McPherson said. "This role will allow me to bring my experience to a carrier that has a strong, deep reputation for excellence and service with their agents, customers, employees, and the community." "My wife and I are thrilled to join the northern Maine community and take advantage of the wonderful oppor- tunities here in raising our two children," he added. MMG Insurance, whose roots go back to 1897, has operations in Maine, New Hampshire, Vermont, Pennsylvania and Virginia. The company had $210.9 million in written premiums in 2019 and $313.5 million in admitted assets, its latest annual report shows. Its income nearly doubled from $5.18 million in 2018 to $10.27 million in 2019. EDITOR'S NOTE: An earlier version of this story that ran online misidentified the executive named to succeed Larry Shaw as president and CEO after he retires on Dec. 31, 2022. B R I E F Larry Shaw, president and CEO, will retire on Dec. 31, 2022. P H O T O / C O U R T E S Y M M G I N S U R A N C E

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