Client Alert: Thomas B. Leonardi Appointed Next Commissioner of the Connecticut Insurance Department
Thomas B. Leonardi was introduced as the next Commissioner of the Connecticut Insurance Department. Governor Dannel P. Malloy (D) introduced his appointee for this carefully watched position during a press conference on Friday, February 4, 2011.
Mr. Leonardi, 56, currently is the President and CEO of Northington Partners, Inc., a venture capital and private equity firm based in Avon, Connecticut. He has been with Northington Partners, which advises and invests in insurance, financial services and health care-related businesses, since 1989.
At Friday's press conference, Mr. Leonardi expressed that the primary mission of the Connecticut Insurance Department is consumer protection and that the Department needs to provide timely responses to consumer inquiries and complaints, ensure that insurance products are suitable and clearly marketed, and ensure that insurers can pay claims. Governor Malloy's choice was welcomed by both industry and consumer advocacy groups.
Prior to working at Northington Partners, Mr. Leonardi briefly was a senior vice president and head of the investment banking and venture capital divisions at Conning & Company, where he was responsible for merger and acquisition and venture capital activities. Prior to that, he was the president of insurance company subsidiaries at Beneficial Insurance Corp. and practiced law after graduating from the University of Connecticut School of Law in 1979. His undergraduate degree is from Boston University.
Mr. Leonardi lived in Connecticut for 32 years, but has spent the past 5 years in New York. Barbara C. Spear, who has been the acting Commissioner since the recent resignation of Thomas Sullivan, will continue to lead the Insurance Department until Mr. Leonardi is ready to assume the position.