The governing board for Louisiana’s property insurance company of last resort agreed to pay its next chief executive $264,000 a year.The Louisiana Citizens Property Insurance Corp. board approved the pay package for Richard Robertson without objection.
Robertson will get a $240,000 annual salary and $2,000 extra per month for living expenses. In addition, he will able to receive health and retirement benefits when he starts the job in October.
Robertson has run Michigan’s insurer of last resort, Michigan Basic Property Insurance Association, for nearly 20 years. He won praise from Citizens board members for cutting the number of policies in the Michigan company from 240,000 to 40,000.
He replaces John Wortman, who has been president of Citizens since April 2007 and is retiring. Wortman received an annual compensation package of $272,000.
Topics Michigan
Was this article valuable?
Here are more articles you may enjoy.
California Sees Two More Property Insurers Withdraw From Market 
Wildfires Are Upending Some of the Safest Bets on Wall Street 
JPMorgan Client Who Lost $50 Million Fortune Faces Court Setback 
USAA to Lay Off 220 Employees 
