NEW YORK, May 22, 2000 — Insurance Services Office, Inc.'s (ISO) President Frank J. Coyne will become ISO's chief executive officer on July 1, succeeding Fred R. Marcon, who will remain chairman, if shareholders approve changes to ISO's corporate charter.
Shareholders will vote June 21 on such changes, which would decouple the titles of chairman and chief executive officer. ISO's existing corporate charter calls for ISO's chief executive officer to automatically serve as chairman of the board.
If shareholders approve changes to the corporate charter, Marcon said, he would relinquish the title of chief executive officer, and ISO's board has indicated its intention to elect Coyne to that position.
Marcon, a 41-year ISO veteran, has served as ISO's chairman since 1995 and as chief executive officer since 1988, when he was named president. He relinquished the title of president last year.
Before becoming ISO's president, Marcon served as ISO's senior executive vice president and chief operating officer since 1983.
Under Marcon's leadership, ISO converted to a for-profit, stock corporation from a nonprofit membership corporation in 1997. That action came after insurers broke a century-long practice of insurer control of such organizations by divesting control of ISO in 1995.
Marcon led ISO's expansion in the breadth of information it provides; its execution of an Internet-centric strategy by developing ISOnet, ISO's Internet-based information-delivery system; and its entry into claims-management services by acquiring the American Insurance Services Group and databases formerly maintained by the National Insurance Crime Bureau, and by building the industry's only comprehensive antifraud all-claims information system, called ISO ClaimSearch.
Coyne joined ISO last year as president and chief operating officer from Kemper Insurance Cos., where he served as executive vice president — specialty and risk management groups. Earlier he served in a variety of positions with General Accident Insurance Co. of America and was elected its president and chief operating officer in 1991. That company is now part of CGU PLC.
"ISO is well positioned for the future with an experienced, focused and proven senior-management team that is prepared to take ISO to its next level of evolution and growth in service to the property/casualty insurance industry," said Marcon.
New York-based ISO is a leading source of information about property and liability risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting and claims information and analyses; consulting and technical services; policy language; and information about specific properties.