Washington, D.C.-based National League of Cities' Mutual Insurance Corp. announced that William B. Heberton Jr. will head the Vermont-domiciled captive.
Mr. Heberton will serve as president and chief executive officer of NLC Mutual, a member-owned reinsurance company supporting 25 individual state risk insurance pools for municipal governments, the firm said.
In announcing the appointment, William Fulginiti, executive director of the New Mexico Municipal League and NLC Mutual board chairman, said: “We are truly fortunate to have identified and recruited Bill Heberton to be our president. He has a unique background and the right mix of experience, strategic perspective and creativity to lead the company.”
Mr. Heberton, the company said, has nearly 27 years of experience in the insurance industry. He served in numerous capacities with CNA Reinsurance Group, most recently as senior vice president for specialty lines with profit and loss responsibilities for professional liability, financial reinsurance and surety business.
He previously served as a Division Controller for Allstate Insurance Company's commercial insurance operations.
Mr. Heberton said he has seen risk pooling “work extremely effectively with attorneys and physicians, bringing security and value to their lives. I see numerous opportunities through NLC Mutual to support our member pools and enable them to hold down insurance costs for this nation's municipalities, which, in turn, means good value to their taxpayers.
With more than $50 million in capital, NLC Mutual acts as a “pool of pools,” bringing together the risk insurance pools of 25 state municipal leagues, which, in turn, provide pooled insurance for thousands of cities, towns and villages in the United States.
It provides insurance for general and automobile liability, workers' compensation and property losses.
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