Martin D. Feinstein to Become President at Farmers Insurance
Farmers Insurance Group has named Martin D. Feinstein, 46, president and chief operating officer effective Jan. 1, the Los Angeles-based insurer said Thursday.
With the promotion, Feinstein, currently a senior vice president, assumes two titles held by Chairman and Chief Executive Leo E. Denlea Jr., who at 62 is three years from the company’s traditional retirement age.
For the record:
12:00 a.m. Nov. 5, 1994 For The Record
Los Angeles Times Saturday November 5, 1994 Home Edition Business Part D Page 2 Column 4 Financial Desk 1 inches; 29 words Type of Material: Correction
Due to an editing error, in most editions Friday The Times incorrectly stated that Feinstein would succeed Denlea on Jan. 1. Denlea will remain chairman and chief executive, positions he has held since 1986.
Feinstein, who a spokesman said has been “an agent of change” at the company, headed a $300-million project to develop new technology to promote efficiency in claims processing and improved customer service.
Farmers, California’s third-largest auto and homeowners insurer, also unveiled details of an internal reorganization that will give increased independence and autonomy to its life, commercial and personal (auto and homeowners) insurance operations.
Under the reorganization, each of the three core units will have its own underwriting, claims handling, research and product development departments, instead of sharing those functions in a centralized way.
Before the reorganization takes effect Jan. 1, Farmers--a unit of British-based BAT Industries--said it will name executives to head each of the three units.
