California Earthquake Authority Governing Board Appoints New CEO

California Earthquake Authority Governing Board Appoints New CEO with Long-Standing History with CEA and Proven Track Record in Insurance Regulatory Expertise and Stakeholder Collaboration.

(Sacramento, CA) - The Governing Board of the California Earthquake Authority (CEA), California's largest provider of residential earthquake insurance, has proudly announced its appointment of Chief Legal & Compliance Officer Tom Welsh as its new Chief Executive Officer, effective immediately.

Following a comprehensive nationwide search, the Board's decision signals an exciting new chapter for the CEA focused on sustainability, excellence in earthquake preparedness and insurance capabilities, and strengthened stakeholder collaboration.

Tom Welsh, the interim CEO since January 2024, brings decades of leadership experience and a longstanding connection to CEA since its inception. Over the years, Welsh has significantly influenced the organization's evolution, advocating for and implementing impactful policies and fostering strong relationships with key stakeholders. His expertise in navigating the insurance regulatory and legislative landscape and his collaborative approach with stakeholders have resulted in numerous achievements that help set the stage for the organization's next chapter.

The CEA is the largest residential earthquake insurer in the United States, with more than one million policyholders statewide who are protected by CEA's $20 billion in claim-paying resources. It operates as a not-for-profit, privately funded, and publicly managed residential earthquake insurance company devoted to being there for its California policyholders. It is recognized nationally for its innovative operating model and sound approach to offering residential earthquake coverage. The CEA is governed by a five-member Governing Board comprised of voting members Governor Gavin Newsom, Insurance Commissioner Ricardo Lara, and Treasurer Fiona Ma, together with Assembly Speaker Robert Rivas and Senate Rules Committee Chair Mike McGuire as non-voting ex officio members.

"Under Tom's strategic guidance, the California Earthquake Authority has transformed from the frontline provider of earthquake insurance to a major disaster recovery leader through innovative programs such as its 'Brace + Bolt' home mitigation program and the California Wildfire Fund," said Insurance Commissioner Ricardo Lara, of which his designee Chief Deputy Insurance Commissioner Michael Martinez chaired the Board's CEO Search Committee. "His vision and decades of experience make him the obvious choice to lead the CEA and continue expanding its critical role in protecting and preparing Californians for the future."

"We are thrilled for Tom to lead the CEA as our new CEO," said CEA Governing Board Chair Gayle Miller. "Tom's deep-rooted knowledge of our organization, stakeholders, and industry, combined with a forward-thinking mindset, makes him the ideal leader to drive our organization forward. This is a bold new chapter for CEA, and we are confident in Tom's ability to inspire our team and stakeholders."

Mr. Welsh officially joined the CEA team in 2019 as General Counsel, yet his service to the CEA dates back to the mid-1990s when the Governor and Legislature created the CEA to solve the homeowner's insurance crisis brought on by the 1994 Northridge earthquake. Mr. Welsh contributed his insurance regulatory and restructuring expertise during the extended and complex legislative deliberation process that ultimately created the CEA as a vital component of California's residential property insurance market. Over the next 20 years, he continued to serve CEA as outside counsel on a variety of complex legal, compliance, and policy initiatives.

Prior to joining CEA, Mr. Welsh was a partner at global law firm Orrick, Herrington & Sutcliffe LLP, and was the long-time Managing Partner of Orrick's Sacramento Office. In addition to representing CEA, he was a nationally recognized insurance insolvency and regulatory lawyer. For 28 years of his law practice, Mr. Welsh served as outside counsel to the Insurance Commissioner's Conservation & Liquidation Office, assisting the Commissioner and his Department to protect consumers affected by the failure of several multi-billion-dollar life, property & casualty, and workers' compensation insurers.

"I am honored to take on the role of CEO at CEA, an organization that I have passionately contributed to for many years," said Welsh. "With our dedicated staff and collaborative stakeholders, we will build on our strong foundation, advocate for forward-thinking policies, and create lasting value. This is a pivotal moment for CEA, and I'm excited about the journey ahead."

Today the CEA has helped make Californians more aware of their earthquake risk and become better prepared for the next "Big One." With a deep understanding of CEA's mission and core values and visionary approach to leadership, Mr. Welsh is poised to steer the organization towards new horizons.

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