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Thomas Leonardi

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Thomas Leonardi
Born (1954-02-19) February 19, 1954 (age 70)
Brooklyn, New York
EducationBoston University
OccupationBusiness executive insurance/insurance commissioner

Thomas Benedict Leonardi[1] (born February 19, 1954),[2] is United States business executive in the insurance and financial services fields, who has worked in the public and private sectors. His career includes decades as the head of investment banking and venture capital firms specializing in insurance, and he also has a background as a regulator and government adviser.

From February 2011 to December 2014 he was the Insurance Commissioner of the state of Connecticut, during which time he instituted reforms and consumer protections, led the state through the implementation of the Affordable Care Act, increased the presence of insurance businesses in the state, and served on several national and international insurance advisory bodies.

Following his tenure as insurance commissioner, he returned to the private sector. From November 2017 until May 2020 he was executive vice president of government affairs, public policy, and communications at AIG.

In February 2021 he joined the board of Athene Co-Invest Reinsurance Affiliate (ACRA). In May 2021 he joined the board of The Travelers Companies, (TRV) one of the world's largest property casualty companies and one of the thirty companies in the Dow Jones Industrial Average. He is the Chair of TRV's Nominating & Governance committee, and a member of the Executive, Investment & Capital Markets, and Compensation Committees.

Early life and education

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Leonardi was born in Brooklyn, New York in 1954,[1][3] one of four children of first-generation Italian Americans. The family moved to Connecticut in 1972.[4]

He attended Boston University, graduating Summa cum laude and Phi Beta Kappa, with a B.A. in history in 1976.[3] He received a J.D. with honors in 1979 from the University of Connecticut School of Law.[1][3]

Career

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Early career

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From 1979 to 1983, Leonardi was a litigation attorney at the law firm Gager, Henry & Narkis in Connecticut.[3][4][5][6] He subsequently spent three years as president of insurance subsidiaries at Beneficial Corporation in New Jersey.[3][4][7]

In 1987 he returned to Connecticut and was a senior vice president for two years at the insurance-specialized investment bank Conning & Company, where he oversaw their investment banking, venture capital, and mergers and acquisitions divisions.[3][4][7]

Northington Partners

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In February 1989, along with four of his colleagues from Conning & Company, Leonardi founded Northington Partners, a Connecticut-headquartered broker dealer, venture capital, private equity, and investment banking firm specializing in the insurance industry, as its chairman and CEO.[3][4][8][9][10]

During his 22 years as head of Northington, Leonardi provided strategic, investment, capital-raising, and financial advisory services to insurance companies, and advised managements and boards of directors of companies specializing in property casualty reinsurance, workers compensation, alternative risk reinsurance, medical malpractice insurance, and other forms of insurance.[7][11] He also raised and managed over $110 million of capital commitments in two investment funds.[3][7]

Insurance Commissioner of Connecticut

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In February 2011, newly inaugurated governor Dannel Malloy appointed Leonardi insurance commissioner of the state of Connecticut,[3][10][11][12][13] which generates more insurance business than all but six nations.[14]

During his four-year tenure, Leonardi increased consumer education and public outreach, including on social media;[15][16][17][18] rolled out an emergency-operations center at the Connecticut Insurance Department to ensure that insurers respond quickly to disasters;[15][18] instituted numerous consumer-protection measures;[16][19][20] built productive relationships with consumer associations and industry trade associations;[18] fostered the creation and expansion of insurance business in Connecticut;[16] and advocated state, national, and global regulatory standards.[17][21] In 2012 he created Connecticut's first dedicated captive insurance division.[18][22][23]

He oversaw the roll-out of the Affordable Care Act in Connecticut and a well-functioning state portal and health insurance exchange to it,[18][19][24] recovered nearly $4 million annually for consumers by following up on complaints,[18][25] and stymied increased deductibles for Hurricane Sandy and Tropical Storm Irene.[14][18][26] Leonardi became known as an expert on a variety of regulatory issues.[8][14][18] He was the only U.S. insurance regulator to have concurrently sat on three committees of the International Association of Insurance Supervisors (IAIS): the Executive, Technical, and Financial Stability committees;[19][27] he was one of only two U.S. insurance commissioners on its executive committee;[27][28] and for three years he was the only U.S. regulator on its Financial Stability Committee.[16][27]

Leonardi speaks frequently on matters concerning U.S. insurance regulations, such as the international systemic risk designations.[15][16][19][29][30] He was a noted advocate for protecting the system of state-based regulation of the insurance industry in the U.S.,[14][19][31][32] opposing the recommendations by both the Financial Stability Board[33][34] and the Federal Insurance Office[35] and its director Mike McRaith[36][37] for federal regulation of the industry. He opposed the efforts of Solvency II proponents in the European Union to insist on an equivalent capitalization requirement for U.S. insurance companies.[19][38][39][40] He was active on more than 15 supervisory colleges for large internationally active insurance and reinsurance groups in the U.S. and Europe.[27][41][42] Under his direction the Connecticut Insurance Department (CID) became the first U.S. regulatory agency to join an international supervisory cooperation and information-exchange agreement. In 2012 the CID signed on to a memorandum of understanding with International Association of Insurance Supervisors creating a framework of cooperation among international supervisory groups and a commitment to sharing of information between agencies.[14][43]

Leonardi spent three years on the U.S. Treasury's inaugural Federal Advisory Committee on Insurance,[19][27][41] created in November 2011.[44][45] In November 2013 he was one of only three insurance commissioners to attend a meeting with President Obama in the Oval Office to discuss the details of the roll-out of the Affordable Care Act;[21][46][47][48] the commissioners also voiced complaints to Obama about the Federal Insurance Office and the Financial Stability Board.[49] He was the only U.S. regulator to be invited to testify at the February 2014 Congressional hearing on the Federal Insurance Office's Insurance Modernization report.[24][46][50]

During his term as insurance commissioner of Connecticut, Leonardi held multiple leadership positions at the National Association of Insurance Commissioners (NAIC), including being a member of its executive committee,[27] Chair of its International Insurance Relations Committee,[28][41] Chair of its Financial Stability Task Force,[33][41] Vice Chair of its Accreditation Committee,[27][41] and chair of its 12-state Northeast Zone.[27][41] In February 2012 he was elected to the board of directors of the National Insurance Producer Registry (NIPR), as a representative of the NAIC.[51][52]

At the December 2013 meeting of the NAIC, Leonardi distributed to fellow members a detailed letter[53] sharply critical of the NAIC's governing body and its recent decisions, and recommending that outside consultants conduct a thorough evaluation of its governance structure and policies.[37][41][54][55][56] Although discussion of the letter was quashed at the meeting,[37][54][57] it generated much attention in trade journals,[37][57] and was referred to by congresspersons in a February 2014 House hearing on federal vs. state regulation of the insurance industry.[36] In April 2014 Russ Banham dubbed Leonardi "Rebel with a Cause" in a lengthy analysis of the letter in the magazine Leader's Edge.[21][57] In July 2014 the NAIC announced it would engage a consultant to audit its governance and policy-making practices.[58] In August 2014 Leonardi told AM Best the review and choice of vendor had been "hijacked" from the panel that started the process,[59] in a move by NAIC leadership to form a separate panel that would conduct interviews and choose the consultant.[60][61] By November 2014 no consultant had been chosen.[60]

In 2014 Leonardi was one of 20 people chosen to serve on the World Economic Forum's Global Council on Insurance and Asset Management.[5][24][46][62][63]

Return to private sector

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Evercore

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In January 2015 Leonardi, having completed his four year term as Connecticut Insurance Commissioner, returned to the private sector and joined the New York-based global investment banking advisory firm Evercore as a senior advisor focusing on the insurance industry.[8][19][24][41][64] Based in New York, he worked out of Evercore's New York and London offices.[19] He also remained active on national panels as an insurance industry and regulation expert.[65]

AIG

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In November 2017 Leonardi joined AIG, hired by new CEO Brian Duperreault as executive vice president of government affairs, public policy, and communications.[9][66][67][68][69] Based at AIG headquarters in New York, he reported to Duperreault.[9][67] He oversaw AIG's global public policy and government affairs, and maintained communication with regulators that oversee the company at the state, federal, and international levels.[9][66] AIG's head of international government affairs reported to him.[70] Leonardi also oversaw AIG's corporate communications and marketing.[9][66] He left AIG at the end of May 2020.[71]

In October 2018 he was elected to the board of directors of the American Council of Life Insurers.[72] In 2019 he was elected to the board of directors of the Insurance Information Institute.[73] He also served on the board of directors of the American Property Casualty Insurance Association (APCIA).[1]

In February 2021 he joined the board of Athene Co-Invest Reinsurance Affiliate (ACRA 1), a Bermuda-based investment company.<https://www.athenelifere.bm/about/athene-history/> In May 2021, he was elected to the board of directors of the Travelers Companies (TRV) one of the nation's largest property casualty insurers and one of 30 companies comprising the DJIA. He is the chair of the Nominating and Governance Committee, a member of the Executive, Investment and Capital Markets, and Compensation committees. In 2024 he joined the board of ACRA 2. <https://www.sec.gov/Archives/edgar/data/0000086312/000120677421000970/trv3788451-def14a.htm>

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References

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  1. ^ a b c d "Board of Directors". American Property Casualty Association. Archived from the original on 2019-04-05. Retrieved 2019-06-02.
  2. ^ "Thomas B. Leonardi 02/19/1954". Connecticut Registered Voters. Retrieved 2019-07-17.
  3. ^ a b c d e f g h i Sturdevant, Matthew (7 February 2011). "Malloy Appoints Industry Insider Leonardi As Insurance Commissioner". Hartford Courant. Retrieved 2019-06-02.
  4. ^ a b c d e "EXN Committee Hearing Transcript for 03/15/2011". Connecticut General Assembly. Retrieved 2019-06-03.
  5. ^ a b "Thomas Leonardi". World Economic Forum. Retrieved 2019-07-16.
  6. ^ The American Bar, Volume 65. J.C. Fifield Company. 1983. ISBN 9780931398087.
  7. ^ a b c d http://www.ocs.gobierno.pr/ocspr/documents/NAIC/INSURANCE-DEPARTMENT-DIRECTORY-US.pdf#page=33 [dead link‍]
  8. ^ a b c "Connecticut Insurance Commissioner to Join Evercore". The New York Times. November 19, 2014. Retrieved 2019-06-03.
  9. ^ a b c d e "Former Connecticut Regulator Leonardi Joins AIG in Public Policy Post". Insurance Journal. 2017-10-24. Retrieved 2019-06-03.
  10. ^ a b Becker, Arielle Levin (February 4, 2011). "Malloy taps venture capitalist for Insurance". The CT Mirror. Retrieved 2019-07-17.
  11. ^ a b "Chairman of Avon-based Company Appointed Malloy's Commissioner of the State Department of Insurance". Patch. 2011-02-08. Retrieved 2019-06-03.
  12. ^ "Malloy selects Thomas Leonardi to head Department of Insurance". The Hour. February 3, 2011. Retrieved 2019-07-16.
  13. ^ "State Senate Confirms Leonardi As Insurance Commissioner". courant.com. 13 April 2011. Retrieved 2019-06-03.
  14. ^ a b c d e "A rookie insurance commissioner plays on a global stage". CT Mirror. 26 September 2011. Retrieved 2019-06-03.
  15. ^ a b c "Leonardi raises flags as he exits as insurance watchdog". December 8, 2014. Retrieved 2019-07-17.
  16. ^ a b c d e "Resolution: Thomas B. Leonardi" (PDF). December 11, 2014. Retrieved 2019-07-17.
  17. ^ a b "PIACT recognizes outgoing Insurance Commissioner Leonardi". pia.org. Retrieved 2019-06-03.
  18. ^ a b c d e f g h "CT Insurance Commissioner stepping down". Retrieved 2019-06-03.
  19. ^ a b c d e f g h i "State Insurance Chief To Leave Dec. 11". Nov 19, 2014. Retrieved 2019-07-16.
  20. ^ Bell, Allison (November 25, 2014). "Connecticut commissioner to return to investment banking".
  21. ^ a b c Becker, Arielle Levin (November 19, 2014). "Insurance commissioner Leonardi stepping down".
  22. ^ "State Seeks Captive Insurers; Boasts New Rules, Tax Credit, Knowledgeable Labor Market Jobs". Hartford Courant. Feb 28, 2012. Retrieved 2019-07-17.
  23. ^ "News of the Alternative Risk Markets From the A.M. Best Company" (PDF). AM Best. November 2013. Retrieved 2019-07-16.
  24. ^ a b c d Kang, Crystal (January 22, 2015). "State insurance commissioner to resign and work for NYC firm". Retrieved 2019-07-16.
  25. ^ "Insurance commissioner praises agents and state-based regulation at PIACT's Annual Convention". March 17, 2014. Retrieved 2019-07-16.
  26. ^ "Governor: Insurers Cannot Impose Hurricane Deductibles". NBC Connecticut. November 1, 2012. Retrieved 2019-07-16.
  27. ^ a b c d e f g h ""After Superstorm Sandy: Developing Economic Incentives for advancing infrastructure resilience", Northeastern University's Center for Resilience Studies & Wharton Risk Management and Decision Processes Center, University of Pennsylvania" (PDF). Retrieved 2019-07-16.
  28. ^ a b "Global Corporate Insurance & Regulatory Bulletin" (PDF). January 2013. Retrieved 2019-07-17.
  29. ^ "Remarks by Connecticut Insurance Commissioner Thomas B. Leonardi at The Geneva Association's Regulation and Supervision Seminar, 24 March 2014, Geneva, Switzerland" (PDF). Retrieved 2019-07-17.
  30. ^ "Commissioner Doak Hosts Third Annual Domestic Conference". April 29, 2014. Retrieved 2019-07-17.
  31. ^ "Insurers applaud CT commissioner's defense of state oversight". Hartford Business. September 11, 2013. Retrieved 2019-07-17.
  32. ^ "Concurring with the Commissioner". June 2014. Retrieved 2019-07-17.
  33. ^ a b "Leonardi, NAIC slam FSB report on U.S. insurance system Elizabeth Festa". ThinkAdvisor. August 30, 2013. Retrieved 2019-07-17.
  34. ^ "Professional Insurance Agents Praise Connecticut Insurance Commissioner's Defense of State Insurance Regulation". September 10, 2013. Retrieved 2019-07-17.
  35. ^ "Leonardi cool on federal regulation of insurance industry Ana Radelat". CT Mirror. February 4, 2014. Retrieved 2019-07-17.
  36. ^ a b Festa, Liz (February 6, 2014). "State v. Federal Regulation Debate a 'Relic,' Says FIO Chief McRaith". Insurance Journal.
  37. ^ a b c d Wood, Joel (February 2014). "Wham! Bam! Thank You..." Leader’s Edge. Retrieved 2019-07-17.
  38. ^ "European Insurance Regulation Threatens U.S. System, Connecticut Regulator Warns". Insurance Journal. August 17, 2011. Retrieved 2019-07-17.
  39. ^ Festa, Liz (January 28, 2013). "Leonardi assumes NAIC international regulatory mantle". Retrieved 2019-07-17.
  40. ^ https://www.airroc.org/assets/docs/matters/airroc%20matters%20summer%202013%20vol%209%20no%202.pdf#page=14 [bare URL PDF]
  41. ^ a b c d e f g h "Connecticut Commissioner Leonardi to Step Down, Join New York Investment Firm". Insurance Journal. November 19, 2014. Retrieved 2019-07-17.
  42. ^ http://cthealthforums.com/wp-content/uploads/2014/05/Bio-Commissioner-Leonardi-3-1-14-Copy.pdf [bare URL PDF]
  43. ^ Turmelle, Luther (February 27, 2012). "Connecticut signs on with international insurance regulators". New Haven Register. Retrieved 2019-07-17.
  44. ^ "CT's Leonardi on blue-ribbon Treasury panel". Hartford Business. November 2, 2011. Retrieved 2019-07-17.
  45. ^ "Treasury Announces Appointments to the Federal Advisory Committee on Insurance". U.S. Department Of The Treasury. February 11, 2011. Retrieved 2019-07-17.
  46. ^ a b c "Gov. Malloy announces Insurance Commissioner Leonardi to join global investment banking advisory firm". November 19, 2014. Retrieved 2019-07-17.
  47. ^ "Readout of the President's Meeting With Representatives from the National Association of Insurance Commissioners on the Affordable Care Act For Immediate Release". November 20, 2013. Retrieved 2019-07-17.
  48. ^ "Insurance commissioners raise concerns about healthcare fix with Obama". Reuters. November 20, 2013. Retrieved 2019-07-17.
  49. ^ "NAIC Complains to Obama About FIO, FSB". National Association of Professional Insurance Agents. November 27, 2013. Retrieved 2019-07-17.
  50. ^ "Washington Update, January 31, 2014. Williams & Jensen" (PDF). Retrieved 2019-07-18.[permanent dead link‍]
  51. ^ "NIPR Board Welcomes Newest Member Connecticut Commissioner Adds Experience and Perspective". National Insurance Producer Registry. February 15, 2012. Archived from the original on 2019-07-19. Retrieved 2019-07-18.
  52. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2019-07-19. Retrieved 2019-07-19.{{cite web}}: CS1 maint: archived copy as title (link)
  53. ^ "Archived copy" (PDF). Archived from the original (PDF) on 2019-06-03. Retrieved 2019-06-03.{{cite web}}: CS1 maint: archived copy as title (link)
  54. ^ a b "Charges of NAIC corporate governance problems erupt". ThinkAdvisor. December 16, 2013. Retrieved 2019-07-17.
  55. ^ "Commissioner rips NAIC, labels leadership an "imperial presidency"". Insurance Business. 18 Dec 2013. Retrieved 2019-07-17.
  56. ^ "Deloitte's Mills on Governance Requirements for Insurers and Leonardi's Critique of the NAIC". February 27, 2014. Retrieved 2019-07-17.
  57. ^ a b c Banham, Russ (April 2014). "Rebel with a Cause". Leader's Edge. Retrieved 2019-07-17.
  58. ^ Simpson, Andrew G. (July 15, 2014). "NAIC Hiring Consultant to Review Its Decision-Making, Governance". Insurance Journal. Retrieved 2019-07-17.
  59. ^ Harman, Thomas (August 17, 2014). "Leonardi: NAIC Process to Find Firm to Perform In-house Corporate Governance Probe 'Hijacked'". Retrieved 2019-07-17.
  60. ^ a b Harman, Thomas (November 4, 2014). "Insurance Groups Watching Talks on Capital Standards, Groupwide Supervision, Market Conduct at NAIC Fall Meeting".
  61. ^ https://www2.deloitte.com/content/dam/Deloitte/us/Documents/financial-services/us-fsi-naic-update-summer-100914.pdf#page=14 [bare URL PDF]
  62. ^ "Fairfield County Business Journal 120114 by Wag Magazine - Issuu". December 2014.
  63. ^ "MOVES-Connecticut Insurance Commissioner Leonardi to join Evercore". Reuters. November 19, 2014. Retrieved 2019-07-18.
  64. ^ "Insurance commish Leonardi leaving post for private sector". November 19, 2014. Retrieved 2019-07-18.
  65. ^ "Industry Experts Urge Congress to Defend US Insurance Consumers and Markets American Property Casualty Insurance Association". September 8, 2016. Retrieved 2019-07-17.
  66. ^ a b c "AIG Hires Former Conn. Insurance Commissioner Leonardi for Lobbying, Communications Role". Carrier Management. October 24, 2017. Retrieved 2019-07-18.
  67. ^ a b Lerner, Matthew (October 24, 2017). "Former insurance head joins AIG to oversee government affairs". Business Insurance. Retrieved 2019-07-17.
  68. ^ "Thomas Leonardi Named EVP of Government Affairs, Public Policy and Communications at AIG Marco Islas". TechFunnel. November 1, 2017. Retrieved 2019-07-17.
  69. ^ Ralph, Oliver; Gray, Alistair (June 17, 2018). "AIG: The long struggle to repair its reputation". Financial Times. Retrieved 2019-07-18.
  70. ^ "AIG Taps Barron from PwC as Head of International Government Affairs". January 19, 2018. Retrieved 2019-07-17.
  71. ^ "Leonardi announces plans to leave AIG".
  72. ^ "ACLI Elects 2019 Chair And Board Of Directors". October 15, 2018.
  73. ^ "2019 Board of Directors - Insurance Information Institute" (PDF). Retrieved 2019-07-17.
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