Texas Insurance Commissioner Mike Geeslin has been with the Texas Department of Insurance for eight years now; serving as commissioner for five and a half—however; he recently announced that he will not be seeking another term as head of the TDI.
Geeslin’s term ends on February 1st, 2011. He was originally appointed to the commissioner post by Governor Rick Perry, back in June 2005; just months before hurricanes Katrina and Rita struck the Texas coast.
Geeslin, who began his commitment by serving as Deputy Commissioner for Policy at the Texas Department of Insurance in 2003, found himself not only supervising one of the largest insurance markets in the nation, but also directing recovery efforts throughout the state after both hurricanes ravaged the coastline.
According to Insurance Journal, less than a year after the hurricane catastrophes, “Geeslin was then faced with placing one of Texas’ largest homeowners insurers, Vesta Texas Select, into rehabilitation and then liquidation”.
Since Geeslin took over the commissioner’s office in 2005 dramatic improvements have been made to the Texas insurance market. Insurance Journal reported that, the state’s market has “grown from $78 billion to $102 billion, one of the largest in the United States and among the top ten in the world”.
The commissioner’s job certainly is not an easy one—yet Geeslin gained the respect he deserves from insurance industry representatives during his tenure. In a letter written to the Governor, Geeslin stated that his decision to leave was based on many reasons, the most important being his family, in addition to the “simple realization that it is time for someone else to lead”.
All of us at Dagley Insurance are thankful for Geeslin’s continued dedication and commitment to the Texas insurance industry and we wish him the best in all of his future endeavors.
For a complete look at the Insurance Journal article and a comprehensive list of the Commissioner’s historic accomplishments, click here.