The Republican lawsuit targets reinsurance that helps insurance companies provide universal coverage without accounting for pre-existing conditions.
NEW YORK, Dec. 3, 2012 /PRNewswire/ -- Janet D. Frank has joined Pacific Compensation Corporation ("PacificComp"), the California workers' compensation specialist and wholly-owned subsidiary of Alleghany Corporation (NYSE: Y), as President and Chief Executive Officer, effective immediately. Ms. Frank will also be named as Chair of the Board of Directors of PacificComp.
Ms. Frank previously was President and Chief Operating Officer of Zenith Insurance Company from March 2010 to September 2011. Prior to joining Zenith, Ms. Frank was President and CEO of the San Francisco-based California State Compensation Insurance Fund from October 2007 to October 2009 and Executive Vice President of North American field operations for CNA Financial from 2001 to 2007.
"Janet brings a wealth of workers' compensation experience to PacificComp at an important point in both the company's development and the California workers' compensation market," said Weston M. Hicks, President and chief executive officer of Alleghany Corporation. "Her deep knowledge of California workers' compensation will be instrumental in further developing and implementing PacificComp's business strategy. We are pleased that she will be leading PacificComp's exceptional team."
"I am excited to join the PacificComp team, and I look forward to creating value for its brokers, customers and other stakeholders," said Ms. Frank. "I believe that PacificComp has the right team, technology and expertise to realize its vision for growth and success in the California workers' compensation market."
In connection with Ms. Frank's appointment, PacificComp's current President and Chief Executive Officer, James E. Little, and current Executive Vice President and Chief Financial Officer, Ronald A. Groden, will be leaving PacificComp. Mr. Hicks stated, "We extend our appreciation to Jim and Ron for their years of service with PacificComp and wish them the best in their future endeavors."
About Alleghany Corporation
Alleghany Corporation (NYSE: Y) creates stockholder value through the ownership and management of operating subsidiaries and investments, anchored by a core position in property and casualty reinsurance and insurance. Alleghany's property and casualty subsidiaries include: Transatlantic Holdings, Inc., a leading global reinsurance organization headquartered in New York; RSUI Group, Inc., a national underwriter of specialty property and liability insurance coverages; Capitol Transamerica Corporation, an underwriter of specialty property, casualty and surety insurance coverages; and Pacific Compensation Corporation, an underwriter of workers' compensation insurance primarily in California.
SOURCE Alleghany Corporation