Richard E. Stewart
Richard E. Stewart was born in Washington, D.C. and attended public schools in
Morgantown, West Virginia. In 1955 he was graduated with highest honors from
West Virginia University, where he was president of the student body. As a
Rhodes Scholar at Queen's College, Oxford, he was president of the student body
and received an M.A. in Jurisprudence, with congratulatory first class honors,
in 1957. In 1959 he was graduated, cum laude, from Harvard Law School.
After military service, he was associated with the New York City law firm of
Royall, Koegel and Rogers for three years. In 1963 he was appointed Assistant
Counsel to Governor Rockefeller of New York State and in 1965 was appointed
First Assistant Counsel to the Governor.
From 1967 through 1970, he was Superintendent of Insurance of New York State,
and in 1970 he was president of the National Association of Insurance
Commissioners. When he left office, Governor Rockefeller called him "the best
Superintendent of Insurance in the history of the State." He also served, by
appointment of the President, on the Administrative Conference of the United
States, and he was a founding member of the Risk Theory Seminar.
Through 1971-72 he was Senior Vice President and General Counsel of First
National City Bank and its parent, First National City Corporation, now Citibank
and Citigroup, and a member of the Policy Committee of both corporations. He
was also a Director of General Reinsurance Corporation and a member of the
Advisory Committee on Insurance to the U.S. Secretary of Housing & Urban
From 1973 to 1981 he was Senior Vice President and Chief Financial Officer of
The Chubb Corporation and of its subsidiaries and Senior Vice President and
Director of Chubb & Son Inc. His responsibilities included personal lines
underwriting, surety underwriting, financial institutions underwriting and
fidelity & surety claims, as well as corporate finance and investments for the
property-casualty and life-health companies of the Chubb Group. He was also a
founding Governor of the New York Insurance Exchange and a founding member of
the Insurance Statutory Accounting Principles Board.
Since 1981 he has been Chairman of Stewart Economics, Inc., a consulting firm
that specializes in insurance and insurance regulation.
Richard Stewart is a fellow of the National Academy of Public Administration and
of the National Academy of Social Insurance. He is a member of the American
Risk & Insurance Association, the American Economic Association, AIDA-US
Reinsurance & Insurance Arbitration Society, Phi Beta Kappa Associates, the
Century Association in New York City and the Cosmos Club in Washington, D.C. He
has served as a Trustee of The College of Insurance and of The American College
of Life Underwriters and as a Director of the American Arbitration Association.
His CV is in Who's Who in the World and similar publications.
He was a member of the Special Panel for the U.S. Senate Committee on
Presidential Campaign Practices (1974), the New York City Mayor's Committee on
Taxi Regulation (1982), the American Bar Association's Commission to Improve the
Liability Insurance System (1989) and the United Nations Panel of Experts on
Transnational Bank Failure (1991).
He is the author of Reason and Regulation (1972) and Insurance and Insurance
Regulation (1980) and co-author of Automobile Insurance...For Whose Benefit?
(1970), Watergate: Implications for Responsible Government (1974), Medical
Malpractice (1977), Managing Insurer Insolvency (1988), Insurance Insolvency
Guarantees (1990), A Brief History of Underwriting Cycles (1991), Niche
Insurance Companies (1997), Information Technology and Insurance Agent Licensing
(1998), A Proposal to Modernize Insurance Agent Licensing (1998), and The Loss
of the Certainty Effect (2002).