Head of USF&G life insurance division steps down

December 01, 1990|By Peter H. Frank

The head of USF&G Corp.'s life insurance subsidiary stepped down yesterday, completing a yearlong turnover of the corporation's top operating executives.

James M. Raley Jr., who had been acting president of Fidelity and Guaranty Life Insurance Co. since its

former head, John E. Avery, retired in the late summer, left yesterday for "an extended leave of absence," according to sources at the company. Mr. Raley could not be reached for comment late yesterday.

Ihor W. Hron, senior vice president at the life insurance subsidiary, was named acting president of the division.

Mr. Raley's unexpected departure came just days after the appointment of USF&G's new chairman, chief executive and president, Norman P. Blake Jr., and continues a series of high-level turnovers at the Baltimore-based insurance giant.

The company's long-time chairman, Jack Moseley, announced Nov. 7 that he would take early retirement when Mr. Blake took over.

Earlier this year, John L. Schroeder, an investment group director, replaced Mr. Raley as president of USF&G Financial Services Corp., a five-year-old division that has lost $80 million since 1986.

Paul J. Scheel, the president of the United States Fidelity and Guaranty Co.,resigned earlier this year and has not been replaced.

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