Connecticut commissioner to return to investment banking

Before Leonardi took over as the Connecticut commissioner, he was chairman of Northington Partners Inc., an insurance investment firm. Earlier, he worked on insurance company mergers, acquisitions and venture capital deals at Conning.

While at the Connecticut department, Leonardi has been active at the National Association of Insurance Commissioners (NAIC), in the new U.S. federal financial services agencies created by the Dodd-Frank Act, and at the International Association of Insurance Supervisors (IAIS). He has been active in slowing efforts to have the United States make its own financial services regulatory system equivalent to Europe’s new Solvency 2 system.

In Connecticut, actuaries under Leonardi have frequently required health insurers to reduce proposed individual policy rate increases, and they have blocked many proposed long-term care insurance (LTCI) rate increases.