NU Online News Service, July 9, 3:00 p.m. EDT
Charles M. Angell is set to become the new chief executive officer of Louisiana Citizens Property Insurance Corp., the state's insurance department has confirmed.
Insurance Commissioner Jim Donelon has chosen Mr. Angell, now the chief actuary and acting deputy commissioner at the Alabama Department of Insurance, from a group of five finalists for the job.
John Wortman, current CEO of the state's last-resort insurer, recently announced his retirement. He said he would remain with Citizens long enough to ensure a smooth transition for his successor.
Mr. Angell's compensation is being worked out. The Citizen's board will be asked to approve his hiring next month, the commissioner said.
Citizens, at the start of 2008, was overgrown with more than 170,000 policies. Thanks to a depopulation program in which certain insurers were given the opportunity to take policies from Citizens, the state-run insurer of last resort now has about 127,000 policies. The amount is near pre-Hurricane Katrina levels.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
