A Critical CEO Change

Today American Share Insurance (ASI) announced that Theresa Mason will be the new President and CEO.  She succeeds the retiring Dennis Adams who has served in that capacity for over three decades.

According to the release:

“Theresa is a highly accomplished Executive within the Insurance industry, having spent the past 16 years in the Columbus Market with Grange Insurance and the Kansas City Life Insurance Company where she served as President of Grange Life Insurance and directed highly effective finance, operations, sales andIT teams.

A Certified Public Accountant that began her career with Ernst & Young in Cleveland, Theresa also carries her CGMA (Chartered Global Management Accountant) and holds affiliations with theAmerican Institute of Certified Public Accountants (AICPA) and the Ohio Society of CPA’s.”

Why This Matters

In ten states ASI is the share insurance option for state chartered credit unions instead of NCUSIF.

Today state charters hold approximately 50% of all credit union assets. The choice of share insurance is critical to a viable dual chartering system.  It allows state chartering authority to be the primary regulator.   Credit unions are closer to the legislatures and policy makers who create the laws governing their actions.

As a result, state charters have traditionally been the incubators of change for the entire credit union system.

In his final Annual Report message outgoing CEO Adams stated:

Without the option of private share insurance, I can attest that there are credit unions in America that would not be operating today. ASI has never been simply another vendor. To the contrary, we have always promoted our core value proposition as a true business partner to all of our member/owner credit unions, and our commitment to that has worked, and worked successfully, and that will never change. 

ASI’s board of directors is composed of credit unions and outside professionals elected by the credit union members.

ASI’s annual report shows the total primary insured shares of $20.4 billion with the program available in ten states.  It has received an outside audit by Deloitte and Touche and unqualified opinion following GAAP accounting standards.

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