NU Online News Service, May 19, 6:09 p.m. EDT--Texas Insurance Commissioner Jose Montemayor, who is leaving his post when his term expires at month's end, will be joining an insurance investment and advisory firm in Austin, Texas.
The firm, Black Diamond Group, announced that Commissioner Montemayor will join the business as its managing general partner starting in June. Black Diamond Group is described on its Web site as a merchant bank/advisory company specializing in the insurance industry and, in particular, insurer restructurings in both property-casualty and life sectors.
Commissioner Montemayor told Gov. Rick Perry in January that he wouldn't seek reappointment after his current term. Commissioner Montemayor was first appointed to his post by then-governor George W. Bush in 1999 and reappointed by Gov. Rick Perry in 2001, as well as in 2003.
Gov. Rick Perry has not yet appointed a successor to Commissioner Montemayor, according to a spokesperson from the Texas Department of Insurance.
Commissioner Montemayor said, "I look forward to working with some of the most respected leaders and innovators in the industry at a time of great change in the regional and national insurance markets."
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