Washington--The American Insurance Association formally named Marc Racicot, who headed the Bush-Cheney re-election campaign, as its new president today.
He succeeds Robert Vagley, who headed the trade group for 19 years. The AIA represents many of the most highly capitalized property-casualty insurers and reinsurers doing business in the U.S. The post is one of the top lobbying jobs in Washington, D.C.--paying more than an estimated $1 million a year.
Mr. Racicot, 57, had returned as a partner in his law firm, Bracewell & Patterson, now Bracewell & Giuliani in Washington, D.C., after stepping down from heading the Bush-Cheney re-election campaign in 2004.
He joined the law firm in 2001 after serving two terms as Montana governor, but left a year later to head the Republican National Committee.
The law firm has its roots in Houston. The appointment is not a surprise; National Underwriter reported May 27 that the AIA was negotiating with Mr. Racicot to be its new president.
Representing the consensus industry view of the appointment, the Independent Insurance Agents and Brokers of America issued a statement, saying it was "enthusiastic and very pleased to learn" of Mr. Racicot's appointment.
"Gov. Racicot is an excellent choice," Big "I" CEO Robert A. Rusbuldt said. "As a two-term governor and chairman of the Republican National Committee, his leadership credentials are extensive and beyond question. He proved his mettle by being re-elected governor and by heading his party through a hard-fought election cycle; the results speak for themselves."
The appointment was announced by John J. Amore, CEO, General Insurance of Zurich North America and AIA board chairman. Mr. Amore said, "We looked long and hard to find the perfect fit for this crucial industry leadership position.
"Today, it is gratifying to announce that our exhaustive search has yielded a truly outstanding result," Mr. Amore continued. "Governor Racicot is an impressive, extremely capable executive. In addition, he is intimately familiar with, and has enjoyed many successes in, public policy making. We are very pleased that he will be joining us at AIA to take over from our esteemed and longtime leader, Bob Vagley."
Mr. Racicot said, "The AIA is widely regarded as one of the most effective business advocacy groups in state capitols and in the halls of Congress--and I am looking forward to beginning this next chapter of my career and immersing myself in the industry challenges that must be resolved in the immediate future, such as extension of the national terrorism insurance program, as well as longer-term priorities, such as addressing lawsuit abuse and modernizing the industry's regulatory system."
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