Public Official Becomes Insurance Insider

By Jessica Taloney Reporter

Alabama's Insurance Commissioner is leaving his post to work inside the insurance industry. Public Official Becomes Insurance Insider

Published: Wed, August 20, 2008 - 10:43 am

Jessica Taloney

Alabama's Insurance Commissioner is leaving his post as the state's chief insurance official to once again work inside the insurance industry.

Walter Bell, a Mobile native, announced his resignation earlier this month but refused to say where was going. In a statement released by company officials Tuesday, Swiss Re named Bell as the new Chairman of Swiss Re America, the U.S. division of one of the largest reinsurance companies in the world.

According to the statement, Bell will help "provide state and federal legislators, regulators and others with the insights they need for effective policy-making."

Bell served as Alabama's Insurance Commissioner since he was appointed by Governor Bob Riley in 2003. Before his appointment, Bell served as Vice President for Diversity Marketing for the MONY Group, a life insurance company.

During his tenure as the commissioner, Bell was sharply criticized by Gulf Coast homeowners faced with skyrocketing insurance premiums and cancelled coverage. Most recently, Bell came under fire for approving a 12 to 18% rate hike by State Farm.

Bell will join Swiss Re America on September 2nd.