Washington
The American Insurance Association has named Marc Racicot, who headed the Bush-Cheney re-election campaign, as its new president. He succeeds Robert Vagley, who headed the insurer group for 19 years.
AIA represents many of the most highly capitalized property-casualty insurers and reinsurers doing business in the United States. 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 announcement was not a surprise, as National Underwriter reported on May 27 that the AIA was negotiating with Mr. Racicot to be its new president.
"Governor Racicot is an impressive, extremely capable executive," said John J. Amore, CEO of general insurance of Zurich North America and AIA's chairman. "He is intimately familiar with, and has enjoyed many successes in, public policymaking. We are very pleased that he will be joining us at AIA to take over from our esteemed and longtime leader, Bob Vagley."
"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," said Mr. Racicot, citing extension of the Terrorism Risk Insurance Act, ending "lawsuit abuse" and "modernizing" the industry's regulatory system as among his priorities.
Infobox, with mug:
Flag: Meet The President
Head: Who Is Marc Racicot?
o Served two terms as Montana governor.
o Took over as head of the Republican National Committee in 2002.
o Headed the Bush-Cheney re-election campaign last year.
o Most recently was a partner in the Washington law firm of Bracewell & Giuliani.
o Key priorities: Extension of TRIA, lobbying to stop "lawsuit abuse," "modernizing" insurance industry regulation.
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