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IWIF Board Announces Separation
Agreement with Thomas Bromwell
(TOWSON, MD) –The Board of Directors of the Injured Workers'
Insurance Fund of Maryland today announced a separation agreement
with Thomas Bromwell, IWIF's chief executive officer and president,
effective December 31, 2006.
IWIF is the leading writer of workers' compensation insurance in
Maryland and serves one out of every four business owners in the
state.
"The Board expresses its sincere appreciation to Thomas Bromwell
for his exceptional leadership of IWIF and wishes him a successful
outcome of his trial, which we recognize will require his full
and undivided attention," stated Daniel E. McKew, chairman
of IWIF's board.
Bromwell's trial in federal court in Baltimore
is expected to begin in March.
McKew praised the contributions of Bromwell during his leadership
of the $1+ billion-asset company, which serves more than 32,000
Maryland employers. He noted that 2006 will be IWIF's most financially
successful year on record.
Under the terms of the separation agreement, Bromwell will receive
two years' salary of $200,000 annually, as called for in his employment
contract, and the premium for his health benefits for an 18-month
period, a precedent set by the IWIF board in its separation negotiation
with the company's previous CEO. Additionally, if he chooses not
to return it, he will he will be able to purchase his company-provided
automobile at the current fair-market value.
Before joining IWIF as President and CEO in April 2002, Bromwell
served in the Maryland General Assembly for 23 years. During
his last eight years in Annapolis, he served as president of
the Senate
Finance Committee.
IWIF's board will immediately begin the process of a search for
a CEO to replace Bromwell. In the interim, McKew will serve as
the company's senior executive, a role he has performed during
previous leadership transitions at the insurance company.
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