Vesta Names Executive VP., Updates Hurricane Isabel Losses

Alabama-based Vesta Insurance Group, Inc. announced that Thomas Mangold, has been elected executive vice president.

Mangold, in addition to his new role as an executive officer of the holding company, will continue his responsibilities as chairman and CEO of American Agencies Holdings, Inc., Vesta’s non-standard automobile insurance subsidiary.

Mangold, 48, entered the insurance business in 1977 and has served in various management and executive positions prior to forming Titan Auto in 1990. In 1996, Mangold was named a director and promoted to president and COO of Titan Holdings, and served in that capacity until 1998. In 1999, he became CEO of Bristol West Insurance Group and in December of 2000, Mangold joined Vesta’s subsidiary American Agencies Holdings as chairman and CEO.

* Vesta also announced that its estimate of pre-tax losses related to Hurricane Isabel is between $1.5 million to $2.5 million. As of October 1, the Company has received approximately 700 claims related to the Hurricane across nine states.

* In addition, Vesta has exited the health insurance business with the closing of the sale of its health insurance subsidiary, States General Life Insurance Company, to Strategic Acquisition Partners LLC for statutory surplus of approximately $5 million effective Sept. 30, 2003.

* Finally, Vesta announced the appointment of Michael Lefler as president of Florida Select Insurance Holdings.

Lefler has been vice president and chief underwriting officer for Florida Select Insurance Company since its inception in 1996. Lefler replaces Stephen Korducki, who recently resigned to return to the reinsurance business.