Wendy Waugaman, Others Tops In Insurance

American Equity CEO Waugaman Remembered As Industry Trailblazer

Wendy C.Waugaman, chief executive officer and president of American Equity Investment Life Holding Co. who died after a battle with cancer, is being remembered as a trailblazer who helped build the company.

Waugaman, who died at 51, was one of just a few women to serve as the CEO of a U.S. life insurance company, said John M. Matovina, now CEO of American Equity.

Through its subsidiaries, the West Des Moines, Iowa-based American Equity underwrites a broad line of fixed annuities and life insurance, with an emphasis on selling indexed and fixed-rate annuities.

She was "an integral member" of the management team when she joined the company in 1999, and helped build it into the industry leader in the indexed annuity business that it is today, Matovina said. Waugaman was "dedicated to the success of American Equity," he said.

Waugaman became CEO in January 2009 after serving as chief financial officer and chief counsel for American Equity since 1999, Matovina said. He said he worked with Waugaman as an employee of American Equity since 2003 but their relationship goes back to the late 1980's or early 1990's when she worked as a lawyer with the Whitfield law firm. The firm served as outside counsel to the Statesman Group, an insurance holding company where he was CFO, he said.

"We first met Wendy as part of the due diligence process involved in American Equity's IPO in 2003," said Steven Schwartz, an equity analyst with Raymond James & Associates, noting she "was one of the smartest and nicest people I ever had a chance to work with."

At the time of her elevation to CEO,"she was, to the best of my knowledge, the only female running a major life insurance company," Schwartz said.

- Fran Matso Lysiak

Agent/Broker

* THE WILLIS GROUP has named ANTONIO TOSTI to the new position of chief executive officer for Latin American reinsurance.

Tosti has served as CEO of Willis 'facultative business in continental Europe since 2010. He will retain that position along with his new responsibilities. He will be based in Santiago, Chile.

Tosti, who joined Willis in 2006, gained retail experience in Willis' financial and executive risks division, where he was CEO of the London-based FINEX Global. Prior to that, he was managing director of FINEX International, which handles financial, executive risk and professional liability business outside North America and the UK.

Health/Employee Benefits

* HIGHMARK inc., Western Pennsylvania's dominant health insurer, has named a former assistant secretary of defense for health affairs with the U.S. Department of Defense as its new president and chief executive officer.

DR. WILLIAM Winkenwerder jr. is a top health care executive with significant experience in medical care delivery, health insurance operations and national health policy, Highmark said.

He served as assistant secretary of defense for health affairs in the Defense Department from October 2001 through April 2007.

In 1992, Winkenwerder served as vice president and chief medical officer for Prudential Health Care's Southern operations. From 1998 through 200 1 , he served as vice chairman and executive vice president at Blue Cross Blue Shield of Massachusetts. He then joined the Department of Defense in September 2001.

Life

* MICHAEL DOUGHTY was named president and general manager of John hancock FINANCIAL'S U.S. life insurance business. He succeeds Steve Finch, who was promoted to chief financial officer at John Hancock, the U.S. division of Canada'sManulife Financial Corp.

Before joining the Boston-based John Hancock, Doughty was executive vice president of individual insurance for the Canadian division of Manulife. Finch succeeds CFO Lynne Patterson, who retired after serving five years as John Hancock's CFO. In total, she spent 13 years with Manulife and John Hancock.

Doughty, who joined Manulife in 1992, previously served as senior vice president of individual insurance and was senior vice president of group savings and retirement solutions.

Property/Casualty

* NEW JERSEY MANUFACTURERS insurance co. has named long-time treasurer CHARLES A. PRALL to the vacant chief financial officer post. Prall has been the de facto CFO for several years after a previous CFO retired, according to the company. Along with his new position, Prall will serve on the company's board of directors.

Prior to becoming treasurer in 2004, Prall held the positions of controller, internal auditor and several other managerial roles. He has served since 1999 on the board of NJM Bank, a subsidiary of NJM Insurance Co.

* NARRAGANSETT BAY INSURANCE co. has named TODD HART as the company's second chief executive officer.

The former CEO, Nick Steffey, who is also the company's founder, will continue as executive chairman.

Hart most recently served as CEO of the Swiss-based Glacier Group. Before that he managed insurance and catastrophic risk investments and trading at Dallasbased HBK Capital Management.

Regulatory/Law

* Oregon's interim insurance commissioner has been named to lead the department after state officials ended a replacement search.

LOU SAVAGE has been leading the state's insurance division after taking up the post when the former commissioner, Teresa Miller, left in November 2011 for a job with the federal government.

Savage directed DCBS legislative activities as a senior policy adviser before being tapped to serve as interim insurance commissioner. He came to the department in 2003 .The division has about 100 employees and a $10.5 million annual budget.

Reinsurance/Capital Markets

* KEAN D. DRISCOLL, Chief underwriting officer of VAUDUS reinsurance LTD.,has been named to succeed Conan M.Ward as chief executive officer of the company.

Ward resigned from his positions as executive vice president of Validus Holdings Ltd. and CEO of Validus Re, but will continue to serve as adviser to the board until Feb. 1,2013.

JEFF M. CLEMENTS, currently head of U.S. property and specialty underwriting at Validus Re, has been appointed chief underwriting officer, succeeding Driscoll.

PAUL D. MANDERS, currently executive vice president of marine underwriting at Validus Re, will succeed Clements as head of specialty underwriting.

CHRIS L. SILVESTER, currently senior vice president of U.S. property underwriting, has been promoted to executive vice president and head of U.S. property underwriting.

Driscoll, Clements and Manders were part of the original underwriting team when Validus was launched in 2005, while Silvester joined the team in 2006, said ED NOONAN, chairman and CEO ofValidus Holdings.