NEW YORK, June 21, 2000 — Shareholders of Insurance Services Office, Inc. (ISO) approved changing its corporate charter, enabling Frank J. Coyne to become president and chief executive officer July 1, succeeding Fred R. Marcon, who will remain chairman.
ISO shareholders also elected to the company's board Walter R. Bateman II, chairman, president, and chief executive officer of The Harleysville Insurance Cos.
The number of ISO directors was increased by one to 12, and Coyne joined the board. Marcon and Coyne are the only management directors.
The planned management changes were previously announced, pending shareholder approval of the changes to ISO's corporate charter that decouple the titles of chairman and chief executive officer. Previously, ISO's corporate charter called for ISO's chief executive officer to automatically serve as chairman of the board.
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 president's title to Coyne last year.
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. He managed ISO's execution of an Internet-centric strategy that included developing ISOnet®, ISO's Internet-based information-delivery system. He directed ISO's entry into claims-management services through the acquisition of the American Insurance Services Group and databases formerly maintained by the National Insurance Crime Bureau, and the subsequent creation of the industry's comprehensive antifraud all-claims information system, called ISO ClaimSearchSM.
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 had served as president and chief operating officer of General Accident Insurance Co. of America since 1991. That company is now part of CGU PLC.
Coyne began his career in 1973 as a trial attorney with the U.S. Treasury Department. He joined Lynn Insurance Group in 1977 and served as vice president as well as assistant general counsel. In 1981 he joined Reliance Insurance Co. and served as associate corporate general counsel and general counsel for the insurance business. He became vice president and general counsel of PMA Insurance Co. in 1983.
Coyne joined General Accident Insurance Co. of America in 1985 as senior vice president and general counsel, with responsibility for legal, human resources, and administrative functions. Two years later he became executive vice president - field operations, with responsibility for underwriting, claims, and marketing activities involving General Accident's 28 branch offices.
Bateman succeeds H. Peter Hudson, chairman of Monroe Guaranty Insurance Co., as an ISO director.
Bateman began his career as a personal and commercial lines underwriter and actuarial researcher at Utica National Insurance Co. in Utica, N. Y. In 1978, he was appointed marketing vice president of Utica's Risk Management Corp., and within two years had become president of that company.
Bateman left Utica in 1986 as resident vice president - eastern region to become regional vice president of General Accident Insurance Co. in Philadelphia. He served at General Accident until 1988, when he was named senior vice president of field operations for The Harleysville Insurance Cos. He continued in that position until 1991, when he became executive vice president.
He became president and chief operating officer the following year. In 1994, he was named president and chief executive officer. He was elected chairman in 1998.
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.