NU Online News Service, July 15, 12:15 p.m. EDT
Louisiana Insurance Commissioner Jim Donelon's first choice to take over the state's residual market insurer has declined the job, Commissioner Donelon's office said.
Commissioner Donelon looked to have Charles M. Angell appointed as the new head of Louisiana Citizens Property Insurance Corp. later this month, but over the weekend Mr. Angell told the commissioner he would stay in Alabama, where he is the chief actuary and acting deputy commissioner at the Alabama Department of Insurance.
Mr. Angell declined the job for personal, family reasons, said Louisiana Insurance Department spokeswoman Lori Cherry.
Mr. Angell was to succeed John Wortman as CEO of the last-resort insurer. Mr. Wortman recently announced his retirement but said he would remain with Citizens long enough to ensure a smooth transition for his successor.
Mr. Angell was chosen from a pool of five candidates. Two of the original finalists are employed at Citizens.
After some rough years following the 2005 hurricane season, Citizens is considered to be on relatively solid ground. The insurer has refinanced its debt, settled most claims and lowered its policy count to pre-Katrina levels after it had ballooned following the storm.
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