Glenn Pomeroy, former North Dakota insurance commissioner, has been hired as the new director of the California Earthquake Authority.
The Sacramento-based authority provides earthquake insurance coverage to California homeowners and suggests ways to reduce the risk of earthquake loss, an agency spokesman said Monday.
He has been a vice president and attorney in the Overland Park, Kan., offices of Swiss Re, a global reinsurance company that has its headquarters in Zurich.
Pomeroy will be paid $280,000 annually in his new job, with the possibility of a 15 percent annual bonus, said Clark Kelso, the chairman of the authority’s board of directors.
Pomeroy began working for Employers Reinsurance Corp., which was then part of General Electric Co., in March 2001. General Electric sold Employers Reinsurance to Swiss Re in 2006.
Kelso said the California Earthquake Authority is a significant buyer of reinsurance, which provides protection for insurance companies that must pay very large claims.
Pomeroy “understands very well the industry that is one of our main contracting partners,” Kelso said.
Pomeroy is also former securities commissioner and state House member. He was the Democratic candidate for attorney general in 2000 when he was finishing his second term as North Dakota’s insurance commissioner. He lost to Republican Wayne Stenehjem.
Pomeroy is a native of Valley City. His older brother, Earl, has been North Dakota’s U.S. House member since 1992.
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