After more than 40 years with the company, SFM President and CEO Terry Miller will retire at the beginning of 2027.
Miller, one of SFM’s original employees, has shepherded the company’s growth, helped lead the expansion of SFM’s operations and has long been recognized as a leader in the workers’ compensation insurance industry.
“I’m proud of what we have accomplished during my time at SFM. We’ve grown from an organization of eight employees into a company with more than $1 billion in assets,” Miller said. “Our commitment to service excellence has propelled our success over the years, and I’m grateful to be part of a company that values doing the right thing by all of our stakeholders.”
Miller, who took over as CEO in 2018, was also part of the group that ushered in SFM’s strategic business units — interdisciplinary groups rather than siloed departments, which has helped the company better serve its customers. He has been at the forefront of SFM’s commitment to technological enhancements, and consistently focused on customer retention and providing better care for injured workers.
“I’ve always led with, ‘Do the next right thing and the results will follow.’ I’m a firm believer in that. Every job is important,” he said. “It’s incredible to see how far SFM has come over the years, and I’m thankful for all the people I’ve worked with and the experiences I’ve had here.”
SFM’s next President
As Miller has prepared for retirement, SFM and its Board of Directors engaged in long-range planning to identify his successor. In September 2025, Amanda Aponte (formerly SFM’s Chief Financial Officer) was promoted to Executive Vice President, setting the stage for her to gradually take on Miller’s responsibilities and succeed him as President and CEO.
SFM’s Board of Directors in June named Aponte President-elect, a role she will hold until Miller’s departure in January 2027, when she will formally take over as the company’s President and CEO.
Aponte’s journey with SFM began in 2007 as an actuarial intern. Over the years, she rose through the ranks as Actuary, Director of Analytics, Chief Risk Officer and CFO. Her fingerprints are on nearly every financial milestone the company has achieved — from enterprise risk management and reserving strategy to investment diversification and business intelligence.
“I’m honored to step into this position,” Aponte said. “While my background is in analytics, my passion is leading people with kindness and empathy. I’m excited to help guide our teams through staffing and technological evolution as we strengthen our reputation as The Work Comp Experts.”
She called SFM “mission driven.”
“We have a safety-first mindset and we’re there for employers and their workers when injuries happen,” Aponte said. “We strive to have the right employees that believe in and support that mission, individuals who have the highest service standards and principles. SFM continues to seek policyholders that embrace our expertise, and we will be around to fulfil the long-term promises we make.”
For his part, Miller lauded Aponte’s financial acumen and vision for SFM, and fully expects her to build on the company’s steady growth and success.
“We’re proud of Amanda’s accomplishments, and I have the utmost confidence in her ability to lead our company and take SFM to new heights,” he said.
Miller’s last day with SFM is set for Jan. 8, 2027.
New Chief Financial Officer
As part of Aponte’s transition to President-elect, Ben Sorensen has been promoted to CFO.
Sorensen, who has been with SFM for nearly four years, has spent his entire career in the insurance industry. Previously the company’s Corporate Controller, he oversaw SFM’s Finance team.
“I’m excited for the challenge and to continue engaging with our external partners and teams across the company in support of SFM’s continued success,” said Sorensen, who has a degree in finance and economics from the University of Minnesota’s Carlson School of Management. “I’m looking forward to ensuring that the company’s financial position continues to promote sustainable, profitable growth, which in turn supports SFM’s mission and our ability to take care of all of our stakeholders.”
Aponte said she was excited about Sorensen taking on the CFO position.
“Ben brings deep experience in financial planning and analysis, along with a strong focus on learning and growth,” she said. “His curiosity and collaborative mindset will further strengthen alignment between our Finance and Analytics teams as they partner to deliver data-driven insights and solutions that move the business forward.”
About SFM
SFM, headquartered in Bloomington, Minn., is a customer-owned mutual insurance company providing employers with workers’ compensation coverage across 34 states. SFM offers workers’ compensation insurance solutions for employers of all sizes, including claims and disability management, cost containment, legal assistance and third-party administration.
