State National Companies, (NASDAQ: SNC) today announced that Mr. Tim Poeton has been appointed Senior Vice President of Business Development of its Program Services segment, which provides fronting capacity by offering broad licensing authority and national access to insurance products and markets to clients.
"Tim's extensive industry experience strengthens our Program Services segment and further develops State National's relationships with managing general agents and reinsurance intermediaries," said Terry Ledbetter, Chairman, President and CEO of State National Companies. "He brings expertise in pairing program managers with reinsurance capacity and has a proven track record in working with both U.S. and international markets."
Mr. Poeton has over 30 years of insurance and reinsurance experience. Most recently, he served as Senior Vice President and Branch Manager for G.J. Sullivan Reinsurance in New Jersey. Previously during his career he held senior positions at Greig Fester (now part of the Aon Benfield group), Cambridge Risk Intermediaries LLC, Guy Carpenter Inc., and other firms, including 15 years as a broker at Lloyd's of London.
State National's Program Services business provides fronting to general agents and insurance carriers to leverage its "A" (Excellent) A.M. Best rating with its expansive licenses and trusted reputation to provide access to the U.S. property and casualty insurance market in exchange for a ceding fee. State National issues the policy, and the reinsurer assumes the risk.
"State National has an impressive history of creating sustained momentum in Program Services by helping clients enter new markets, solve challenges, and pursue profitable business. I am excited to join this team of experienced professionals who are market leaders in fronting and program services," said Poeton.