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.
(Related: Q1 Indexed Annuity Sales Looked Great: IRI)
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.