Amity Insurance is a leading provider of Public Entity coverage through its fast-growing Public Entity Division. Within this area of specialization, Amity insures trustees and staff members who oversee retirement systems and public employee pension funds against violations of their fiduciary responsibilities.
In fact, Amity is the insurance provider for 99 of the 103 public pension funds within the region.
Clients include many municipalities (for example, employees of the City of Boston, and the individual towns within the Commonwealth), firefighters, 89 Retirement Systems covered under the Massachusetts Association of Contributory Retirement Systems (MACRS) Fiduciary Program, the Massachusetts Building Authority, the MBTA Retirement Board, and individual retirement boards which include the State, Teachers, Boston, Cambridge, Middlesex County, Brockton, Chelsea, Maynard, Hull and Swampscott.
The trustees of these retirement boards are insured against potential fiduciary violations through Amity’s Public Entity coverage.
Writing this coverage competitively requires an understanding of the different levels of protection and different premiums, for fiduciary insurance and fidelity bonding. The effort is led by Paul Shanley, who has helped Amity become the bridge between the insured and the insurance underwriters.
Paul has more than thirty years experience in all phases of public pension plans. He is the former Deputy State Treasurer/General Counsel for Massachusetts, and in that capacity represented the State Retirement Board in hundreds of administrative appeals, and numerous Superior Court cases including two where he presented to the Massachusetts Supreme Judicial Court. He also served as the State Treasurer’s designee as Chairman of the State Retirement Board and served on the transition team that implemented the prudent man rule for the investment program of the State and Teachers Retirement Systems – now known as the Pension Reserve Investment Management Board (PRIM).
He received both his Bachelor of Science and Master’s degrees from Boston State College and his juris doctor from Suffolk Law School.
Paul is a Trustee of the Pension Reserve Investment Management Board and volunteers with his church. He has twice traveled to Haiti to perform volunteer efforts with the St. Boniface Foundation.
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