Allstate Corp. said Monday that an executive from rival Travelers Cos., Joseph P. Lacher Jr., has been named president of Allstate's property and casualty offerings.
Effective Nov. 30, Lacher will become president of Allstate Protection, the Northbrook, Ill.-based company said. He succeeds George Ruebenson, who is retiring after nearly 40 years with the company.
Lacher, 40, served as chief executive of personal insurance and as an executive vice president at Travelers from 2002 to 2009. In 2006, he also assumed responsibility for small commercial insurance as the executive vice president of personal insurance and select accounts. He held a variety of other positions during his tenure at Travelers, which started in 1991.
Shares of Allstate rose 69 cents, or about 3.4 percent, to $29.60 in afternoon trading.