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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.
What I like about IWIF is they invest only in the wine business and they understand the business," Motto said.
He said the IWIF investments will be passive--they are not interested in operating the company--and they will take a minority position.
"This action will position us for continued success in serving the workers' compensation insurance needs of Maryland employers," says Thomas Phelan, president of IWIF in a statement.
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.
Aside from the name change, the IWIF's existing nine-member board will become the directors of Chesapeake.
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- Iwision Finance Group