Protective Insurance Corporation accepted the resignation of W. Randall Birchfield as the company's Chief Executive Officer, President, and Chief Operating Officer. Mr. Birchfield's resignation is not related to management issues or performance of the company. The company has appointed John “Jay” Nichols as the company's Chairman of the Board and Interim Chief Executive Officer, effective immediately.

Mr. Nichols is well known in the insurance industry and has served on the company's Board of Directors since May 2017, most recently as Chairman of the Audit Committee. He was Chief Executive Officer of AXIS Re from April 2012 until February 2017. The Board of Directors is conducting a search process to identify a permanent CEO.

Additionally, the Board has decided to form a sub-committee, consisting of key stakeholders, to explore opportunities to continue to maximize long-term shareholder value, including evaluating potential strategic partnerships or transactions.