MOVERS AND SHAKERS:Tim Padovese
Age
63
Leadership Position
Ophthalmic Mutual Insurance Company (OMIC), an RRG
President and CEO for more than 17 years
Education
University of Pittsburgh — Bachelor of Science in Economics
Golden Gate University — Master of Business Administration
Challenges as President and CEO of OMIC
“At the beginning, the challenges were to grow the company’s surplus and become a leading insurance provider for ophthalmologists and ophthalmic practices, which in our case includes some optometrists.”
Current Challenges Facing OMIC
“There still are states that seem not to fully understand or recognize the LRRA law. These states want to get involved in managing risk retention groups by pushing them to provide additional reporting on regulatory or claims data — something that’s quite onerous to RRGs, including OMIC.”
Proudest Accomplishment Professionally
“When I took over at OMIC, we were much smaller than we are today. Back then we had 2,000 policyholders nationwide, a premium of $18 million, and a surplus of about $19 million. Now we have 5,400 members, a premium close to $44 million, and a surplus of $220 million. I’m very proud of that growth.”
Reasons for OMIC’s Success
“To grow, you need to have the right rates. And to do that, you need to focus on making the tough underwriting decisions. One reason we’ve been able to accomplish both: Our board of directors and I always have had an excellent relationship.
“As far as my contribution goes, I had a very strong insurance background before coming to OMIC; I was at Fireman’s Fund for 21 years and NORCAL for four. I think my experience really helped.
“My predecessor at OMIC was highly focused on risk management, so when I took over, we had a solid risk management team in place. Many of those folks stayed on and helped grow the company.
“I also attribute our success to the marketing approach we’ve pursued. We’ve wanted to be in every state, which we are — but we decided to focus on certain specific states. That’s been a great strategy for us over time.”
Life Situation
Married to Karen for 30 years; two grown sons.
In His Spare Time
Golfing, traveling, and cooking. “I’m a very good cook,” Tim says, “and I love doing it.”
Charitable Work
Cooking fundraising dinners for charitable causes that bring in thousands of dollars.
Board member of Italian Community Services in San Francisco. The group organizes programs to help elderly Italian Americans in the city; it also promotes Italian language education in local schools.
Volunteering at food banks.
Proudest Accomplishments Personally
“First and foremost are my marriage and family. Karen and I are very proud of our sons. If I look further back, I’m proud of the time I spent playing football for the University of Pittsburgh.”