Paul Mistretta has held various leadership positions in the insurance industry, including head of operations at ING US.
Wednesday, June 19, 2013
Shenandoah Life Insurance Co. announced Wednesday that Paul Mistretta has been hired as the president and CEO of the company.
Mistretta will replace Hans Carstensen who has been president since May 2012. Carstensen was put in place after Prosperity Life Insurance Group, an Arizona-based company, bought Shenandoah Life after three years of state control.
The 97-year-old Roanoke-based company, which has its headquarters on Brambleton Avenue, was placed in state receivership in 2009 after severe stock market losses from the subprime mortgage crisis destroyed the company's $126 million capital reserve to less than $30 million in 2008 and $14 million in 2011.
State regulators assumed legal and management control until 2012 when the company was sold to United Prosperity Life Insurance Company, a licensed insurance company belonging to Prosperity Life.
The new owners invested $60 million into Shenandoah Life, restoring its reserve above the legally required level. A release from Shenandoah Life said the company currently has $7.5 billion in insurance in force, $1.3 billion in assets and more than 145,000 policies.
The company will continue to be based in Roanoke, the release said.
Mistretta has held various leadership positions in the insurance industry, including head of operations at ING US. Previously, he served as executive vice president at American General Life and as senior vice president at Genworth's Lynchburg operation, according to the release.
Shenandoah Life had 140 employees in 2012, the last time the number was publicly available.
Staff writer Jeff Sturgeon contributed to this report.