Law joins the MPIUA, taking over the role in addition to her current duties as CEO & President at Guaranty Fund Management Services (GFMS).
The Massachusetts Property Insurance Underwriting Association’s Board of Directors today announced that Barbara Petersen Law has assumed the positions of President, CEO and Secretary. In addition to taking the helm at MPIUA, Barbara will continue her current duties as CEO & President at Guaranty Fund Management Services (GFMS).
The MPIUA and the Rhode Island Joint Reinsurance Association (RIJRA) are each state’s respective property residual market and are presently jointly managed by the MPIUA. The newly minted management and shared services agreement between GFMS and MPIUA enables GFMS to provide executive leadership and share services to, and with, both the MPIUA and RIJRA, paving the way for her to lead the MPIUA and RIJRA.
“The Board of Directors of the Massachusetts Property Insurance Underwriting Association is thrilled to have Barbara Law assume the CEO position for our organization to help guide it into the future,” said Jim Hyatt, Executive Vice President and Chief Underwriting Officer at Arbella Insurance Group and Chair of the MPIUA Board. “Barbara brings a deep level of experience in our industry through her prior roles at MAPFRE, PricewaterhouseCoopers and the Massachusetts Division of Insurance and in her continuing role at Guarantee Fund Management Services, Inc. She is uniquely qualified for this position, and we look forward to working with her in the years to come.”
Barbara succeeds current President and CEO Jack Golembeski, who has served in the role since 1981 and was instrumental in transforming MPIUA and RIJRA into an effective and well-respected property and casualty residual market operation, which in 2023 provided insurance for 188,000 policyholders in Massachusetts and Rhode Island.
Barbara brings almost 30 years of public and private sector experience. In her current role as CEO and President of GFMS she has provided significant operational, financial, and strategic leadership to the Boston-based organization, which is a non-stock, non-profit membership corporation responsible for providing management services to its eight member property and casualty insurance guaranty associations, including the six New England states, Virginia and the District of Columbia. As of January 1, 2024, these services have now extended to include the Massachusetts and Rhode Island FAIR Plans.
Barbara is an accomplished attorney and business professional, well-respected in industry circles for her vast knowledge and experience in the sector. Since 2004, when she first began to specialize in insurance matters, Barbara has held numerous industry roles in the Massachusetts Division of Insurance as counsel to the Commissioner of Insurance, PricewaterhouseCoopers LLP as the Manager in Financial Services Regulatory Practice, and MAPFRE Insurance where she worked congruently as Senior Vice President, Chief Regulatory Counsel and Chief Compliance Officer. In 2017, she became MAPFRE Insurance’s appointed representative on the MPIUA and RIJRA Board of Directors before leaving in 2018 to serve as President and CEO of GFMS.
A highly experienced professional, Barbara is no stranger to the industry, holding the following insurance industry designations: Chartered Property and Casualty Underwriter (CPCU), Associate in Insurance Accounting and Finance (AIAF), and Associate in Regulation and Compliance (ARC). She is also currently a Named Fiduciary of the Insurance Company Support Organizations 401k Plan and a Director on the Board of the National Conference of Insurance Guaranty Funds. Barbara earned her B.A. degree from American University and J.D. degree from Rutgers University School of Law.
Barbara’s arrival at MPIUA represents a new era for the association’s senior leadership team, enabling both the MPIUA and GFMS to strongly move forward with this strategic partnership and signaling an exciting development for all member insurers.
“The GFMS Board is excited about the opportunity that this new relationship brings to both of our organizations,” said Joe Torti, Vice President of Regulatory Affairs at Fairfax (US) Inc. and Chair of the GFMS Board. Barbara has been an incredible asset to GFMS, providing insight, intellect and enthusiasm that have not only served GFMS and its member guaranty associations but also the national guaranty fund community. We are very happy that the MPIUA and RIJRA will benefit from this same experience and skillset and look forward to the synergies and efficiencies that will develop from this relationship. This is a tremendous opportunity to shape the future of our organizations.”
