Manny Rios has stepped down as CEO of specialty insurer American Modern, effective immediately.

The company cited "personal reasons" for the departure. Tony Kuczinski, President and CEO of Munich Re America, takes over Rios' duties in the short term.

“I thank Manny for his work over the years and wish him the best in his future endeavors,” said Tony Kuczinski, President and CEO of Munich Reinsurance America, Inc., and Chairman of American Modern.  “Effective immediately, during this initial transition phase, I will assume CEO responsibilities and the American Modern Executive Council will report directly to me.”

Travelers CEO Jay Fishman announced his upcoming retirement yesterday.

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