Maguire out as Philadelphia Insurance boss

James J. "Jamie" Maguire Jr. will step down as chief executive of Philadelphia Insurance Cos. in favor of his cousin, company president and chief operating officer Sean S. Sweeney, the Japanese-owned company said today.

Maguire will remain as chairman of the board of the company his father founded in 1962 "and continue to support Sean and the company from this position," said spokesman Bill Procopio.

"I can think of no one better than Sean" for the job, said Maguire, in a statement. 

"With support from the Tokio Marine Group," Philadelphia Insurance's owner, the company will continue to add business lines and grow, Sweeney added.