San Francisco, CA – The Board of Directors of California’s State Compensation Insurance Fund (State Fund) today announced it has named Thomas E. Rowe as President and CEO. Rowe replaces Jan Frank, who left State Fund in October 2009. Doug Stewart, State Fund’s Chief Risk Officer, served as interim president during the transition period.
Rowe joins State Fund from T. Rowe Strategies, a consulting firm serving the commercial property and casualty industry. His experience includes almost 25 years with Fireman’s Fund Insurance Company, where he was the President of the Commercial Insurance Division, as well as senior roles at Arthur J. Gallagher & Co. and Trilogy Insurance Services.
“With executive experience at a national property and casualty carrier, a technology firm that provides insurance solutions to insurance carriers, and a global insurance brokerage organization, Tom brings a rare and valuable perspective to this position, especially given the role technology plays in our rapidly changing world,” said Jeanne Cain, State Fund Board Chair. “The Board is confident that Tom will provide strong and visionary leadership, build on the solid foundation established at the organization over the past few years and ensure we continue to effectively respond to our customers’ evolving needs.”
“I am honored to be selected as State Fund’s new president. State Fund is a unique organization that has helped support California’s entrepreneurial spirit for nearly a century,” Rowe said. “Despite the significant economic challenges facing California, State Fund remains financially strong and poised to continue providing California’s businesses with a strong and stable choice for their workers’ compensation insurance needs. I look forward to working with the board, executive team, and all employees to fulfill State Fund’s mission and commitment to California.”
In addition to his executive experience, Rowe has served on the board of directors for Fireman’s Fund, Allianz Insurance Company, the American Insurance Association, and The National Council on Compensation Insurance. He holds a BS in Business Administration from Towson State College and is a Chartered Property & Casualty Underwriter.
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.
“On behalf of the entire Board, I would also like to thank Doug Stewart for stepping in as interim president during a critical time. We’re grateful for his leadership and loyalty. Doug will return to his position as Chief Risk Officer and a member of State Fund’s executive team and will work with Tom to ensure a smooth transition,” Jeanne Cain said.
State Fund offers diverse and comprehensive products and services that provide peace of mind for employers and injured employees with fast, reliable claims service and medical and indemnity benefits. State Fund’s accident prevention services and return to work programs—provided to policyholders at no additional cost—help keep workplaces safe, get employees back to work sooner after an injury, and ultimately help save businesses money.
With approximately 160,000 policyholders, more than $1.3 billion in premium, and nearly $20 billion in assets, State Fund is a competitive insurance provider and a stabilizing force in California’s economy.
EDITOR’S NOTE: Established in 1914 by the state legislature, State Fund is California’s largest provider of workers’ compensation insurance and a vital asset to California businesses. Completely self supporting, State Fund plays a stabilizing role in California’s economy by maintaining an open door policy that ensures that all employers have a strong and stable option for their workers’ compensation needs.