Three years later, Bromwell and his wife were indicted on charges of contractor kickbacks unrelated to his appointment as CEO of IWIF.
The board expresses its sincere appreciation to Thomas Bromwell for his leadership of IWIF and wishes him a successful outcome of his trial," said IWIF's board chairman Daniel McKew in a statement.
The former CFO of IWIF, Thomas Phelan, is now serving as CEO.
He said the IWIF
investments will be passive--they are not interested in operating the company--and they will take a minority position.
That way, IWIF employees can collaborate and respond immediately to the needs of our customers.
According to Marshall, one of the challenges IWIF was facing was that its first-generation document imaging solution could no longer keep pace with the company's growth and new technology investments.
IWIF's challenge with paper-intensive processes is not unique in the insurance industry," explained David Capps, Gauss' insurance vertical market specialist, "Where IWIF is differentiating themselves is that they are leveraging technology that allows them to respond to competitive market changes with more agility.
Dennis Carroll, IWIF executive vice president and general counsel, says the change became necessary after the state's attorney general determined that the state had the right to access the insurer's surplus fund because IWIF is a state entity.
The IWIF is the largest provider of workers' comp insurance in the state with more than 23 percent of the market, according to figures from SNL.
The IWIF was created in 1914 as the Maryland State Accident Fund and has operated solely from premium and investment income, not using state funds.