National Interstate, a specialty property and casualty insurance holding company, has announced that effective January 1, 2008, David Michelson will become its president and CEO, replacing Alan Spachman, who will remain the company's chairman.
Mr Michelson has served as the company’s president and COO throughout 2007 and has held several other key positions since joining National Interstate in 1992. Mr Michelson has spent his entire twenty eight year professional career in the insurance industry.
Mr Spachman is National Interstate’s founder and has served as its chief executive since the company’s inception in 1989.
Mr Spachman commented: It has been our stated intention to transition Dave into the CEO role. We confirmed these intentions at yesterday’s board of directors’ meeting which was our last scheduled meeting for 2007. As president and COO, Dave has continued the company’s enviable record of growth and profit as evidenced by our recently released third quarter results. He has earned the recognition and increased responsibility this promotion represents.