Shenandoah Life Names New President And CEO

June 19--Shenandoah Life Insurance Co. announced Wednesday that Paul Mistretta has been hired as the president and CEO of the company.

Mistretta will replace Hans Carstensen, who has been president since May 2012. Carstensen was put in place after Prosperity Life Insurance Group LLC, an Arizona-based company, bought Shenandoah Life after three years of state control.

The 97-year old Roanoke-based company, which has its headquarters on Brambleton Avenue, was placed in state receivership in 2009 after severe stock market losses from the subprime mortgage crisis reduced the company's $126 million capital reserve to less than $30 million in 2008 and $14 million in 2011.

State regulators assumed legal and management control until 2012, when it was sold to United Prosperity Life Insurance Co., a licensed insurance company belonging to Prosperity Life.

The new owners invested $60 million into Shenandoah Life, restoring its reserve above the legally required level. A release from Shenandoah Life said the company currently has $7.5 billion in insurance in force, $1.3 billion in assets and more than 145,000 policies.

The company will continue to be based in Roanoke, the release said.

Mistretta has held various leadership positions in the insurance industry, including head of operations at ING US. Previously, he served as executive vice president at American General Life and as senior vice president at Genworth'sLynchburg operation, according to the release.

Shenandoah Life had 140 employees in 2012, the last time the number was publically available.

Jeff Sturgeon contributed to this story.

___

(c)2013 The Roanoke Times (Roanoke, Va.)

Visit The Roanoke Times (Roanoke, Va.) at www.roanoke.com

Distributed by MCT Information Services