21st Century Insurance Expands Board
NU Online News Service, Dec. 31, 10:25 a.m. EST?The 21st Century Insurance Group announced it has expanded the size of its board of directors from nine to 11 and named three new directors: Keith Renken, Fred Martin and Jeff Hayman.
The move is designed to enhance the Woodland Hills, Calif.-based 21st Century Insurance's corporate governance and broaden the overall expertise of its board, the company said.
21st Century Insurance is a direct-to-consumer provider of auto, homeowners and personal umbrella insurance and is majority-owned by New York-based American International Group Inc.
Mr. Renken and Mr. Martin will join current director, John De Nault III, as the company's audit committee. Mr. De Nault will continue as chairman of that committee, the company said. Mr. Hayman replaces William Dooley, senior vice president, AIG Financial Services, who announced his resignation from the board.
"The addition of Keith Renken and Fred Martin provides us two additional independent directors with proven financial and business expertise," said Bruce Marlow, 21st Century president and chief executive officer.
"Keith's 33-year career in public accounting speaks for itself. Fred's experience in the regulatory and political arenas will help the audit committee and the board assess the company's risks and develop its positions in these areas," Mr. Marlow said.
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