SACRAMENTO, Calif., May 15, 2003 /PRNewswire-FirstCall via COMTEX/ —
InsWeb Corp. (Nasdaq: INSW), one of the largest producers of automobile insurance in the U.S., announced today that it has expanded its board of directors, adding two new independent members. The addition of Thomas Orr, age 69, and Dennis Chookaszian, age 59, brings the total number of board members to seven.
“We are extremely pleased to welcome two new seasoned executives to our board,” said Hussein Enan, chairman of the board. “Dennis’ extensive background and knowledge of the insurance industry and Tom’s finance expertise will be of tremendous value to InsWeb. We look forward to their contributions to the board, which we view as one of the great strengths of our company.”
Thomas W. Orr became a director of InsWeb in January 2003. Mr. Orr was a partner in the accounting firm of Bregante and Company from January 1992 through June 2002. From 1987 through 1991, he was chief financial officer of Scripps League Newspaper. Prior to 1987, Mr. Orr worked for the accounting firm of Arthur Young & Company (predecessor to Ernst & Young, LLP) from 1958 until he retired as an audit partner in 1986.
“It is a great pleasure to join the InsWeb board,” said Mr. Orr. “The company has done a tremendous job of carving out a niche for itself in the personal lines insurance market while maintaining a keen focus on controlling expenses and paving the way for long-term growth and profitability. I look forward to contributing to InsWeb’s future development.”
Dennis H. Chookaszian became a director of InsWeb in April 2003. Mr. Chookaszian was most recently chairman and chief executive officer of online investment advisory service mPower Advisors. An insurance industry veteran, he spent 25 years at the CNA insurance companies, serving as chairman and chief executive officer from September 1992 to February 1999, president and chief operating officer from 1990 to 1992 and chief financial officer from 1975 to 1990. Mr. Chookaszian serves on the boards of the following companies: Marshall & Swift/Boeckh, Sapient Corporation, and Career Education Corporation.
Mr. Chookaszian commented, “InsWeb has successfully demonstrated its value as an effective and efficient distribution channel for insurance carriers and consumers alike. I am extremely pleased to play a role in the company’s strategic direction as InsWeb continues to capitalize on its leadership position in driving Internet-influenced auto insurance premiums.”
InsWeb enables consumers to compare multiple, actionable quotes for auto, term life, health, homeowners, renters and condominium insurance offerings from many of the nation’s highly rated insurers. The top-rated online insurance marketplace also provides live customer service, interactive tools and independent research. Headquartered in Sacramento, Calif., InsWeb is accessible at www.insweb.com.
NOTE: “INSWEB” is a registered service mark of InsWeb Corporation. All marks above are those of InsWeb Corporation, except for those of insurance insurers, brokers, agents, industry organizations, financial institutions, online partners, service providers, other mentioned companies and educational institutions, which are the marks of their respective entities.
SOURCE InsWeb Corp.
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