Alumni/ae Achievement Award in Business – Reunion 2007
Joe Beneducci has achieved major success in the insurance business, but his greatest priority is the same as his greatest pride—his family.
After growing up in Staten Island and attending North Hunterdon Regional High School in Annandale, New Jersey, Joe was being recruited for soccer by Division I schools. He just happened to stop by Drew, and it was a natural: strong academics, a beautiful campus, and a good soccer program. Joe majored in political science, minored in business management, and played soccer and basketball. Seeking business experience, he applied for an internship with Chubb and Son, Inc., then stayed on in commercial underwriting and marketing for eight years after graduation.
In 1998, Joe began a nine-year association with the Fireman’s Fund Insurance Company in California. Beginning as senior vice president, he became executive vice president in 2002 (with a title change to president in 2006), serving also as chief administrative officer and then as chief operating officer. By 2004 he was responsible for the strategic direction, business strategies, and most operations of all the company’s business units (personal, commercial, and specialty insurance), with a total of $6 billion in premiums written and over one million customers nationwide. By 2007 he was president and chief executive officer, responsible for all aspects of the company’s performance and success. His efforts to modernize the insurance industry have included testimony before the United States Senate.
Working with the Fireman’s Fund was a special opportunity for Joe, the son of a New York City firefighter. It also gave him a unique way to put his strong feelings about corporate philanthropy into practice—the Fireman’s Fund had been known in the past for its social mission to disabled firefighters and their families. Today’s firefighters’ families are better provided for, but the firefighter’s greatest need now is professional support. Joe is proud that he revived the Fireman’s Fund’s commitment to philanthropy and oversaw donations of more than $12 million to local fire departments for equipment, tools, and training.
As the next step in his career, Joe hopes to fulfill his dream of founding his own company. In the meantime he is, and always has been, adamant about putting family first. He and his wife, Bonnie (Ethridge) C’88, live in Santa Rosa, California, with their children, Joseph (11), Jason (10), Jared (8), and Jessica (6). The whole family enjoys a variety of sports, especially skiing from their second home in Lake Tahoe.