NU Online News Service, April 14, 11:50 a.m. EST
The Texas Windstorm Insurance Association (TWIA) Board of Directors emerged from executive session today and chose John Polak, a resident of Naperville, Ill., as its interim general manager.
Polak is vice president of specialty and affinity markets for National Interstate Insurance in Richmond, Ohio. He was senior vice president and underwriting officer with Republic Indemnity in Dallas for about a year in the early 1990s.
"From an industry perspective, Mr. Polak appears to have excellent credentials and is well-qualified to lead TWIA into the future," says Jerry Johns, presient of the Southwestern Insurance Information Service. "Insurers are confident he will provide stability, leadership and a sense of mission to TWIA."
Polak has been president and chief executive in the Argonaut Group, executive vice president at CNA, and assistant vice president with The Hartford.
According to a resolution read and accepted unanimously at the board meeting, Polak will be paid $295,000 per year, pro-rated for the rest of 2011. He will also receive $5,000 in monthly living expenses for dual residence and travel expenses, which ends upon his relocation. There will be no bonuses or severances paid to Polak.
The Texas Department of Insurance needs to approve the appointment. Earlier in March TWIA was placed under "administrative oversight" by the Texas Department of Insurance. A representive of TDI at the meeting says it has no objections to Polak.
Polak replaces Jim Oliver, who was relieved of his duty as general manager late last month. Another TWIA board resolution passed today places Oliver on an upaid administrative leave of absence, with any severance to be determined at a subsequent board meeting.
The list of candidates for the general manager job included Polak, Jack Heller, Edmund Kelly, and John Wortman, according to SIIS.
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