Reno, NV -(BusinessWire)- EMPLOYERS (NYSE: EIG) recently announced that Stephen V. Festa, senior vice president and chief claims officer, has been named chairman of the Board of Governors of the California Insurance Guarantee Association (CIGA), a body that pays the claims of insolvent property and casualty insurance carriers.
Prior to being elected chairman, Festa most recently served as the CIGA board’s vice chair. Festa first joined the CIGA board in 2009, representing EMPLOYERS as an Insurer Member, and remains the only C-level claims executive to serve on the board. Operating under the California Insurance Code, CIGA provides a mechanism for the payment of covered property, casualty, and workers’ compensation insurance claims of insolvent insurance companies (as defined by the Insurance Code and specific case law).
“Stephen has played an integral role in this organization, and it is evident that his dedication to CIGA continues to drive important improvements in our organizational processes,” said Wayne Wilson, executive director of CIGA. “We are honored to have Stephen serve as chairman of the CIGA board, and look forward to continuing this strong relationship and benefiting from the extensive industry experience he brings to the table.”
Festa has served as senior vice president and chief claims officer of EMPLOYERS and its subsidiary, Employers Compensation Insurance Company, since 2004, and boasts more than 25 years of industry experience. Festa attended the University of Southern California and has also completed the Advanced Executive Education Program sponsored by the American Institute for Chartered Property Casualty Underwriters (AICPCU) and the Wharton School of the University of Pennsylvania.