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.
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