Two different insurance companies are beginning the new year with some major changes. GEICO has a change in leadership, while AON has sold off part of its holdings.
The Government Employees Insurance Company (GEICO) has appointed Mike Campbell to the position of senior vice president and CFO, said the company in a press release.
Campbell has been with GEICO since 1982, when he joined as the manager of corporate financial reporting. He was promoted to director of that department three years later, then became associate controller the following year.
In 2003, Mr. Campbell was named vice president, and he was elected to the company’s board of directors in 2005.
GEICO’s CEO, Tony Nicely, told the press, “Mike has a keen analytical mind and knows our finances inside and out. In his new role as CFO, Mike will continue to build our financial strength as he has throughout his 27-year career. Mike has also become a valuable member of the senior management policy and strategy team.” .
Meanwhile, over at AON, a different type of corporate change is in the air. They announced on January 6th that the sale of all the outstanding and issued equity interests in their subsidiary, AIS Management, LLC, the parent company of Auto Insurance Specialists, LLC, had been completed. .
AON received $120 million in cash from Mercury General Corporation, the purchasing entity, on January 2nd. In addition there is the potential for them to receive another $34.7 million in additional consideration over the transition period, which lasts for two years from the closing date.