NU Online News Service, July 6, 3:30 p.m. EDT
The task of John Wortman, who has announced his retirement, was not an easy one when he was hired as the new chief executive of Louisiana's homeowners insurer of last resort.
Upon Mr. Wortman's arrival in April 2007, Louisiana Citizens Property Insurance Corp. was in "great turmoil," said Louisiana Insurance Commissioner Jim Donelon. The insurer was plagued by news of misappropriations, mismanagement, a failing policy and claims system, and thousands of claims left from hurricanes Katrina and Rita.
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