After an exhaustive search, State Compensation Insurance Fund has chosen a new president to take the reins at the carrier. Tom Rowe of the consulting firm T. Rowe Strategies, a property/casualty insurance consulting firm, will take over August 2. He replaces interim president and Chief Risk Officer Doug Stewart, who has been in charge since Janet Frank left in October 2009. Stewart will stay on as chief risk officer.

Rowe brings a wealth of experience to the table having worked for Fireman's Fund Insurance Company for 25 years where he was the President of the Commercial Insurance Division. He also held senior roles at Arthur J. Gallagher & Co. and Trilogy Insurance Services. He is also served on the Board of Directors for the American Insurance Association and the National Council on Compensation Insurance.

“Tom has a rich background in property casualty as well as leadership,” Spokeswoman Jennifer Vargen tells Workers’ Comp Executive, adding that his background also contains expertise in technology. “All those things benefit our customers tremendously.”

Vargen could provide no other details on the selection process.

According to a State Fund news release, Rowe's contract includes a three-year term, an annual salary of $450,000, annual bonus eligibility equivalent to 30 percent of salary, a monthly recruitment and retention payment of $1,500, and California state civil service benefits.

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