SAN JUAN, Puerto Rico--(BUSINESS WIRE)--Haven Holdings Inc. (“Haven Holdings”) announced today that it has appointed Gordon Rowell as the Chief Operating Officer of Time Insurance Company II.
Haven Holdings previously announced today that it has closed the acquisition of Time Insurance Company from Interfinancial Inc., a wholly owned subsidiary of Assurant, Inc. (NYSE: AIZ).
Mr. Rowell will relocate to San Juan, Puerto Rico, to lead Haven Holdings’ insurance operations in Puerto Rico.
Mr. Rowell will also serve as a Senior Vice President of Haven Holdings Inc. (a Puerto Rico insurance holding company) and the Chief Operating Officer of Haven Services Inc. (a Puerto Rico corporation which has applied for Act 20 status under one of Puerto Rico’s tax incentive programs).
Gordon Rowell was twice the Head of Insurance (Insurance Commissioner) for the Cayman Islands Monetary Authority (CIMA), first from 1997 to 2003, and a second time during the financial crisis from 2009 to 2014.
Mr. Rowell was also twice the Chief Executive Officer of the Cayman Islands National Insurance Company Ltd. (CINICO), the largest insurance company on the island, which operates the state-run health insurance system covering its 60,000 residents, first when it started-up from 2003 to 2004, and a second time from 2006 to 2008.
From 2014 to 2016, Mr. Rowell was a Vice President of Marsh Management Services (Cayman) Ltd., a subsidiary of Marsh & McLennan Companies (NYSE: MMC), and since 2017 he has been the Chief Reinsurance Officer of TWG Re, Ltd., a reinsurance subsidiary of The Warranty Group, which was acquired in May 2018 by Assurant, Inc.
Mr. Rowell is also a Fellow of the Life Management Institute (FLMI) of the Life Office Management Association (LOMA) and an Associate in Reinsurance (ARe) of the American Institute for Chartered Property Casualty Underwriters (AICPCU).
Jonathan Feldman, President of Haven Holdings, said: “We are delighted to have Gordon Rowell join Haven to lead the day-to-day insurance activities of Time Insurance Company II, as well as assist us with the integration of future acquisitions. Gordon has a unique perspective as both a senior regulator and insurance executive, and brings with him decades of experience which we expect will be most helpful as we pursue our business plan of acquiring runoff insurance blocks.”
About Haven Holdings Inc.
Haven Holdings Inc. is an insurance holding company headquartered in San Juan, Puerto Rico, formed to acquire closed blocks of insurance policies in runoff, with the goal of creating long-term value for its stakeholders through carefully structured acquisitions and focused asset and liability management. Haven Holdings Inc. is actively seeking closed blocks of annuities, life insurance, health insurance, long-term care insurance, disability insurance, workers compensation insurance, pre-need insurance, long-tail property and casualty insurance and structured settlements. www.havenholdingspr.com
About Time Insurance Company II
Time Insurance Company II is an insurance company headquartered in San Juan, Puerto Rico. Time Insurance Company II holds an insurance and reinsurance license, as a Chapter 61 international insurer, from the Commonwealth of Puerto Rico Office of the Commissioner of Insurance, which is an accredited member of the National Association of Insurance Commissioners (NAIC). Time Insurance Company II is also a licensed insurer in 49 states. Time Insurance Company II is a wholly-owned indirect subsidiary of Haven Holdings Inc. www.timeinsurancecompanypr.com
Time Insurance Company II was formed in Wisconsin in 1892 as the LaCrosse Mutual Aid Association. In 1990, the company became Fortis Insurance Company and was for many years an active national provider of annuities and life insurance, disability insurance, long-term care insurance and health insurance. In 2004, the company became a subsidiary of Assurant, Inc., and in 2005 changed its name back to Time Insurance Company. Assurant placed the company in runoff at the end of 2015 and sold the company to Haven Holdings Inc. on December 3, 2018.