Board of Directors
AIC Board of Directors has an impressive combined resume of forming and managing companies, legal advising and executing business plans. We invite you to learn more about each of our board members below:
R. Ray Pate, Jr., Chairman
Mr. Pate has over 25 years of insurance experience which includes over ten years experience as a CEO of NCRIC Group Inc., a NASDAQ listed (symbol: NCRI), publicly traded insurance holding company with the focus on enhancing shareholder value. Mr. Pate also brings over ten years experience as a buyer of reinsurance and over five years as a reinsurance intermediary. In that role, he assisted insurance companies, risk retention groups and captives in their reinsurance decisions. Mr. Pate began his insurance career in 1985 as a financial controller and later took senior positions in underwriting and marketing. Mr. Pate serves as the president, chief executive officer, and chair of the board for AHC. Mr. Pate serves as the president, chief executive officer and chair of the board of AIC. Additionally, Mr. Pate serves as chief executive officer and chair of the board of AUA and Assure Re.
J. Paul McNamara, Treasurer
Mr. McNamara is the current Treasurer of the company and has worked in the financial services industry his entire career.
Mr. McNamara began his career in 1973 at Manufacturers Hanover Trust in New York. After three years, he moved to Washington to join National Bank of Washington. After 12 years of various senior management assignments, Mr. McNamara left National Bank of Washington and founded Sequoia Bank, a regional community bank serving Maryland, Virginia and the District of Columbia, and served as President and Chief Operating Officer of the bank. He also served on the board of NCRIC Group, Inc., a publicly traded insurance holding company serving the Mid-Atlantic market. In his time on the board, the company grew from a single state mutually owned insurance company to a multi state and multi lined publicly traded company and was sold to ProAssurance in 2008.
Although United Bankshares acquired Sequoia Bank in 2003, Mr. McNamara continues to serve as the Vice Chairman of United Bank of Virginia and serves as a Member of the Board of its parent, UBSI (a publicly traded company). Mr. McNamara is also the Chairman of Potomac Capital Advisors, a privately held real estate investment company that manages two investment partnerships: the Washington Century Fund and the Washington Capital Fund.
Anne K. Missett, Secretary
Ms. Missett has over 30 years of experience in the insurance industry with primary focus on business operations, product development and sales & marketing. Her career began with Blue Cross and Blue Shield where she worked for various Blue plans for 17 years. Ms. Missett served as senior vice president of marketing and underwriting for NCRIC Inc., where she worked closely with Mr. Pate for years. In May 2012, Ms. Missett was appointed to the position of chief operating officer of AIC. Ms. Missett serves as president and chief operating officer of Assure Underwriting Agency, LLC. Ms. Missett serves as the chief operating officer of AIC and AHC. Additionally, Ms. Missett serves as an executive vice president of Assure Re.
Alexander Blondeau, Audit Committee Chair
Mr. Blondeau is a practicing attorney in Baton Rouge, La. currently specializing in corporate, healthcare and transactional law.
He is a member of the Bar of the state of Louisiana and has been admitted to practice before the Louisiana Supreme Court (the U.S. District Courts for the Eastern, Middle and Western divisions of Louisiana) and the U.S. Supreme Court. Since 1993, a large portion of his practice has been related to healthcare organizations and he is currently a member of several groups of investors who own and/or manage various medically related facilities located primarily in the state of Louisiana.
Mr. Blondeau is also a veteran of the U.S. Army. From 1972 through 1975, he served on active duty and served in the active Army Reserves from 1976 through 1996, at which time he retired with the rank of Lt. Colonel. After his release from active duty in 1975, Mr. Blondeau served for approximately 10 years as an assistant District Attorney for the 26th Judicial District of Bossier Parish, La. During this time, he was primarily responsible for the handling of major felony cases and the representation of various public bodies in that parish.
Mr. Duffy is the President of Rittenhouse Partners, LLC, a Washington, D.C. based real estate investment and development firm.
Mr. Duffy has over 30 years of commercial real estate and related experience, one being the former Senior Managing Director at Holliday Fenolgio Fowler L.P. (HFF) in Washington, D.C. He chartered the office of HFF in order to expand the array of services offered to clients through the use of a fully integrated national capital market-based platform in 1999. As the services offered at HFF expanded, he was involved in a successful capitalization of over $5 billion in real estate related transactions.
Mr. Duffy is currently involved with approximately one million square feet of development in the city of Washington, D.C.
John J. Gorman, Compensation Committee Chair
Mr. Gorman is a partner at Luse, Gorman, Pomerenk & Schick P.C., a Washington, D.C. law firm.
Mr. Gorman earned a B.S. degree from Brown University in 1976 and a J.D. from Vanderbilt University School of Law in 1979.
Mr. Gorman specializes in providing both transactional and general corporate and securities law advice to public and private companies. He is also a faculty member of the National Association of Corporate Directors (NACD) and served as a commissioner on the 2004 NACD Blue Ribbon Commission on Board Leadership. Mr. Gorman is a Director of SmartPros Ltd., a NASDAQ traded company providing accredited professional education and corporate training where he serves as the Chairman of the Compensation Committee.
Mr. J.D. Murphy is the founder and Chief Executive Officer of Computech, Inc., an information technology consulting firm in Bethesda, Md.
Mr. Murphy attended the University of Massachusetts where he earned a bachelor of sciences degree in mathematics. He founded Computech, Inc. in 1979 and guided it from a start-up firm to a mature, international firm with clients as diverse as the Federal Communications Commission and the Kingdom of Thailand’s Post and Telegraph Department. Mr. Murphy served as a Director of Sequoia Bank in Bethesda, Md. from 1998 until the bank’s acquisition in 2003.
He actively participates in the Maryland Technology Council where he served on the Board of Directors and the executive committee. He held the position of Vice Chairman for five years and Chairman for three. Mr. Murphy is also a founding member of the Maryland Angels Council and serves on the council’s executive committee. He served as a Director of ATM National, a developer of the Allpoint Network: the largest, surcharge-free, coast-to-coast ATM network in the nation, until Cartronics acquired it in 2005.
Charles W. Smith
Mr. Smith began his career in 1968 as a Senior Bank Examiner and Tax Specialist with Peat, Marwick, Mitchell & Co. He has served on the faculty of the Graduate School of Banking at Fairfield University in Fairfield, Conn. and the FDIC School in Rosslyn, Va.
Mr. Smith was a Commissioned Officer in the United States Army and achieved the rank of Captain. He was awarded the Bronze Star as a Company Commander in Vietnam.
For nine years, Mr. Smith served as the Executive Vice President at Raritan Savings Bank in Raritan, N.J. In 1982, he joined Granite Bank in Keene, N.H. as President and CEO. In this role, he managed all areas of banking operations for 21 years. In 1986, Mr. Smith led a successful mutual to stock conversation and subsequently negotiated and oversaw the acquisition of several banks. Assets grew from $62 million to $1.1 billion with 19 branches, and Granite Bank became the largest independent commercial bank in New Hampshire by the end of 2002 under his leadership. In 2003, he led the successful sale of Granite State Bankshares to Chittendon Corporation in Burlington, Vt. for a purchase price of $247 million. The purchase price equated to approximately 300 percent of book value and 20 times trailing 12-month earnings. At the time of acquisition, Granite Bank had a return on assets of 1.29, a return on average equity of 16.24 percent, an efficiency ratio of 54.67 percent and non performing assets of .13 percent.
Thomas P. Duke, Advisor
Mr. Duke currently serves as an advisor to the Board of Directors. He is also a professor at the University of Virginia’s Darden School of Business.
Mr. Duke has over 30 years of experience in the banking and investment banking industries. His work experience includes a wide range of corporate finance and banking activities including mutual-to-stock conversions, mergers and acquisitions, capital raising and investment management. He also worked as a Managing Director of Adams Cohen Securities, focusing on conversations and financial advisory services, and Trident Financial Corporation. He was the Chief Financial Officer of RMIC Corporation and First American Savings Bank.
In 2009, Mr. Duke retired as a partner in the Investment Banking Group at Sandler O’Neill + Partners, L.P. in New York City, N.Y.