January 19, 2010 (FinancialWire) — SeaBright Insurance Holdings, Inc. (NYSE: SBX ) said that Peter Y. Chung will retire from the company’s board of directors and will not stand for re-election. Chung will continue to serve as a director until the company’s 2010 annual meeting of Stockholders.

According to SeaBright, Chung said his decision will allow him to focus more time on his responsibilities as a managing director of Summit Partners, L.P.

Chung has been a member of the SeaBright board since July 2003. His current role includes serving as chair of the compensation committee, as well as a member of the nominating and corporate governance committee. He is a managing director of Summit Partners, L.P., a private equity and venture capital firm, where he has been employed since August 1994.

Seattle-based SeaBright Insurance Holdings is an insurance holding company whose wholly owned subsidiary, SeaBright Insurance Co., operates as a specialty underwriter of multi-jurisdictional workers’ compensation insurance.

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