News in Brief

PEOPLE

Stonemark has announced the hiring of Brooke Bouy as vice president and Teal Christiansen as associate account executive. Bouy and Christiansen, who join Stonemark with more than 20 years of combined experience in premium financing, will oversee relationships with retail brokers and agents throughout Louisiana, Mississippi and Georgia. As an independently owned and operated organization, Stonemark is uniquely equipped to finance a range of policies across personal and commercial lines. This includes sectors of increasing complexity, such as Cannabis, which bank-owned entities do not finance.

Martin DeVaney has joined the staff of Hull and Company and Peachtree Special Risk Brokers as a broker. DeVaney has 10 years of experience in the insurance industry, most recently working as an underwriter in the New Orleans office of Bass Underwriters Inc. He holds a bachelor’s degree of finance and accounting from Birmingham Southern University. DeVaney started his career as an accountant in Mobile, Alabama, a job he held for four years before transitioning to the insurance industry. DeVaney holds an AINS (Associate in Insurance) designation. He can be reached at martin.devaney@hullco.com or 504-613-5361.

SafePoint Insurance has announced the hiring of Debbie Lee as Louisiana Branch Manager. Lee brings with her 30-plus years of property and casualty commercial and personal lines experience on the agency, broker and carrier sides of the business. Lee is the current president of The Insurance Professionals of Greater New Orleans. She serves on the board of directors for Property Insurance Association of Louisiana and is involved in the BIG I and PIA of Louisiana. Lee is a native of New Orleans. SafePoint Insurance recently assumed the book of business of Americas Insurance Company where Lee was vice president of marketing and underwriting, office manager and creative director. Previously she worked on the agency side of the business and owned an agency which merged with MB Insurance Agency. Lee is a 1989 graduate of Phillips Junior College.

OBITUARY

Billy Pinson, president of Tapco Underwriters, a division of CRC Group, passed away unexpectedly June 9 at age 61. Pinson began his career with Tapco in March 1987 and was a leading force in the insurance industry for more than 35 years. His tireless dedication and the outstanding team he built were major factors in the success of Tapco, according to a statement by CRC Group. Pinson was truly loved by all who knew him, not only within CRC Group but across the entire industry, the company said. When people described him, they couldn’t help but smile when remembering his unfailing kindness and genuinely sweet spirit. He loved to sing and was often known to pair his signature Gucci loafers with a Hawaiian shirt and shorts. His sense of humor was never far from the surface, and his laugh brought joy to any room, the company said. “A world without Billy Pinson is a world with much less laughter, song, and joy,” Dave Obenauer, chief executive officer of CRC Group, said in a statement. West McAdams, president of CRC Binding and Pinson’s longtime friend, said, “People like Billy Pinson are the biggest reason this industry is so great. I’m going to miss him.” Pinson is survived by his wife, Susan, and his three children and many other family members.

RATINGS

AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) of Stonetrust Commercial Insurance Company and its reinsured subsidiary, Stonetrust Premier Casualty Insurance Company, the rating agency announced June 8. The companies are domiciled in Omaha, Nebraska, and are known collectively as Stonetrust Insurance Group. The rating upgrade reflects sustained improvement in the group’s overall balance sheet strength. The surplus position has been enriched consistently by income derived from underwriting activities. Loss reserve development has been consistently favorable. The emphasis put on its comprehensive claims closure strategy has materially reduced the number of open claims from older accident years. Partially offsetting these favorable attributes are elevated positions in more-volatile asset classes, marked by a common stock leverage that compares unfavorably with the composite average. However, management is expected to maintain close controls over the portfolio to mitigate potential volatility and actively monitor risk appetites and tolerances. The group’s adequate operating performance has benefited from refining the classes of business written, as well as a commitment to safety and loss prevention strategies. The group’s limited profile reflects its product and geographic concentration as a monoline workers’ compensation writer primarily in a few key states. Nonetheless, the group continues to expand geographically in an effort to improve diversification.