The Florida Cabinet has finally appointed the state’s next insurance commissioner—deputy insurance commissioner David Altmaier.
Gov. Rick Scott and the Cabinet’s three other members came to the decision Friday. Chief Financial Officer Jeff Atwater has dismissed suggestions that the man lacks experience, citing Altmaier’s knowledge of all lines of insurance, as well as possessing a background in property insurance.
According to the Tampa Bay Times, Altmaier has at least 10 years of experience serving the insurance industry.
He received his bachelor's degree in Mathematics from Western Kentucky University, December 2004. After graduating, Altmaier served as an algebra teacher and head track and field coach in a school in Bowling Green, Kentucky. His teaching career ended when his wife Catherine was offered a teaching job at Florida State University—they then both moved to Tallahassee and Altmaier took an insurance job with the Peggy Browning Insurance Agency.
Altmaier has served as deputy insurance commissioner since March 2015 under commissioner Kevin McCarty. In six years, he worked his way to the position of director of Property & Casualty Financial Oversight, earning him the deputy insurance commissioner role.
"Not only did he grasp property and casualty, he understood the consequences of markets," Atwater said describing Altmaier. "He understood the challenges that are coming with workers' comp laws. He understood the challenges that are coming with health care."
Altmaier also noted before the Cabinet on Friday that it was his job to conduct “stress tests” among private insurance carriers in Florida, to ensure that they are ready to handle the flood of claims following a catastrophe.
"There are a lot of market conditions that are present today that gives us some optimism that if we were to experience a catastrophic season similar to '04-'05 that our insurance companies would be in a better position to handle those losses," Altmaier remarked to the Cabinet.
Altmaier replaces McCarty, who will continue to serve a 60-day role as adviser to the new insurance commissioner.
