S.C. governor appoints insurance commissioner

COLUMBIA, S.C.—The new governor of South Carolina has named insurance executive David Black to be the state’s next insurance commissioner.

For the past six years, Mr. Black was president and CEO of Liberty Life Insurance Co. in Greenville, S.C. Liberty Life, a unit of the Royal Bank of Canada, was sold late last year to Bermuda-based Athene Holding Ltd.

“We’re thrilled that David Black has agreed to serve at the Department of Insurance,” Gov. Nikki Haley, who recently took office, said Thursday in a statement. He “comes from a business and insurance background—he’s a former CEO at Liberty Life—and he is both highly qualified and highly recommended.”

Mr. Black’s appointment requires confirmation by the South Carolina Senate. If confirmed, Mr. Black would succeed Scott Richardson, who has served as insurance commissioner since 2007 and is a strong proponent of the state’s captive insurance industry.

At year-end 2010, South Carolina had 160 captives.