Beacon Mutual names new CEO

WARWICK, R.I.--Beacon Mutual Insurance Co. has named a new president and chief executive officer who promises to reform the troubled workers compensation insurer and restore the faith of policyholders, regulators and employees.

James V. Rosati fills a post formerly held by Joseph A. Solomon, who was fired last year after an audit of Rhode Island's largest insurer found several problems. These included a business owned by a former board member that had misclassified its payroll and received preferential pricing for coverage despite an unfavorable loss history.

Mr. Rosati has been an investment banker with Providence, R.I.-based Riparian Partners, which specializes in mergers and acquisitions, and brings more than 25 years of management and financial expertise, Warwick, R.I.-based Beacon Mutual said in a statement Thursday.

Mr. Rosati has also served on the board of Providence Mutual Fire Insurance Co. since 1993.