Ohio-based State Auto Financial Corporation and State Automobile Mutual Insurance Company announced this week it has hired a new individual to take over the company.
Michael E. LaRocco, former president and CEO of Seattle-based technology startup AssureStart, will begin serving as President and CEO of State Auto in May. LaRocco takes over from Robert P. Restrepo Jr., who will be working closely with LaRocco until May 8.
Restrepo will remain chairman of all State Auto companies until his retirement on December.
LaRocco has a formidable career in the insurance industry, with more than 35 years of experience in the property and casualty sector. In addition to leading AssureStart, which sells general liability and property insurance to small businesses online, he has led Safeco Insurance Companies as president and CEO as well as Fireman’s Fund, also as president and CEO.
LaRocco’s career also includes management and executive roles at Progressive and
GEICO.
“The breadth of Mike’s experience in the insurance industry is remarkable,” said Paul Williams, State Auto’s lead board director. “As a result, he understands the dynamic nature of the insurance marketplace, while sharing our strong commitment to the independent agency system.”
LaRocco comes into his role as State Auto is recovering from heavy claims stemming from recent storms like Hurricane Ike and the challenging 2011 tornado season.
The company has also struggled with millions of dollars of charges related to a subsidiary, Risk Evaluation & Design.
It is unclear how the role of State Auto chairman will be filled when Restrepo exits in December.
