ST. PETERSBURG, Fla., Jan. 7, 2014 /PRNewswire/ -- Heritage Insurance welcomes Timothy Paddock as the new Chief Actuary and Shannon Cloonen as the new Director of Risk Management as it prepares for continued growth in 2014.
In his role as Chief Actuary, Paddock brings over 30 years of experience in the property and casualty insurance sector, and has experience in personal and commercial lines of business. His career focus has been on the actuarial discipline including ratemaking, reserve analysis and reinsurance placement. Mr. Paddock began his career with Hanover Insurance. He then moved to management and officer positions at ING-North America and later served as Vice President and Chief Actuary with Western Reserve Group. In 2009 Mr. Paddock joined HomeWise Insurance, and most recently was Chief Actuary with Bankers Insurance Group. Mr. Paddock is an active member of the American Academy of Actuaries and received the designation of Fellow of the Casualty Actuarial Society. He received his B.S. degree in Mathematics from the University of Lowell (Massachusetts).
"Very few Florida insurers have in-house actuarial expertise. Tim's experience in the Florida and Southeast insurance markets is a huge asset to our team," said Chairman and CIO Bruce Lucas. "We're excited to tap into the wealth of knowledge he brings as we head into what will be an exciting 2014."
Shannon Cloonen, Director of Risk Management, will concentrate on reinsurance planning, catastrophe modeling, analytics, and enterprise risk management. Mrs. Cloonen has over 11 years of experience working in property and casualty insurance with Tower Hill Insurance Group, Florida Farm Bureau Insurance Company, HomeWise Insurance Company, and United Property & Casualty Insurance Company. She holds a B.S. in Finance from the University of Florida and a Masters of Business Administration from the Hough Graduate School of Business, University of Florida. Mrs. Cloonen holds a number of industry designations, including CPCU, ARe, ARM, ARC, AIM and AIS.
"We are very excited to welcome Shannon to the team," said Richard Widdicombe, President & CEO of Heritage Insurance. "Her catastrophe modeling and analytical skills are key to fulfilling our strategic vision. With the addition of Tim and Shannon, we have significantly increased our ability to build on our success while minimizing risk."
About Heritage Property & Casualty Insurance Company
Based in St. Petersburg, Florida, Heritage Insurance offers home, condominium, and rental property insurance through a large network of experienced independent agents. The Heritage Insurance team is committed to providing homeowners with the highest quality property insurance along with outstanding customer service. For more information, visit Heritage online at www.heritagepci.com or call (855) 620-9978.
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