Lee Covington, the longtime senior vice president for governmental affairs and general counsel for the Insured Retirement Institute, will become president of The Surety & Fidelity Association of America (SFAA) on Oct. 1.
Covington will replace retiring President Lynn Schubert, who has led the SFAA for more than two decades.
Schubert will become president emeritus until her retirement on Dec. 31.
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The SFAA’s mission is to educate lawmakers and stakeholders about the benefits of surety and fidelity bonding and the critical role it plays to protect public and private interests.
In 2017, the surety industry provided over $600 billion in protection to consumers, taxpayers and businesses.
The organization represents more than 425 property and casualty insurance companies providing public policy advocacy and education, as well as statistical and actuarial services and information. SFAA members write over 97% of the surety and fidelity premium in the United States, the trade group said.
“It is an honor to become president of the SFAA and I welcome the opportunity to lead the organization as it continues to achieve its mission and seize new opportunities to expand the use of the valuable products and services offered by the association’s members,” Covington said in a statement.
In his current position at IRI since 2009, Covington leads the trade group’s legislative and regulatory initiatives at both the federal and state levels.
Previous roles for Covington include serving as deputy commissioner of the Arkansas Insurance Department. He was director of the Ohio Department of Insurance from 1999 to 2002, where he served on the Executive Committee of National Association of Insurance Commissioners.
Cathy Weatherford, IRI’s president and CEO, announced in late March that she will retire in December.
— Check out Investors’ Fear of Risk Is Endangering Their Retirement: Survey on ThinkAdvisor.