TheBuzz
TheBuzz
The state's only local private provider of hurricane insurance gets a new boss July 1 when John Garibaldi takes the helm of Zephyr Insurance Co. as president and CEO. New president
in the west windAt Zephyr, which means "gentle breeze from the west," Garibaldi will replace company co-founder and acting President Paul Bancroft.
Garibaldi left Hawaiian Airlines, where he served as executive vice president and CFO, in July. "I was the guy who brought in the (Boeing) 717," he said. "That was my baby."
Following his departure from Hawaiian, he said, "I took the balance of 2000 to figure out how to take the next step up the corporate ladder, and make a contribution to a Hawaii-based company."
The insurance company has undergone recent scrutiny for two reasons.
State Insurance Commissioner Wayne Metcalf recently expressed concern about Zephyr's capitalization. Garibaldi said he believes that from a financial perspective, the company has the "equity that was contributed to Zephyr in its formation by its owners," as well as partnerships with reinsurance markets.
"I think they've put a program in place that provides a very strong and sound base of assets to cover any future catastrophes from a hurricane," he said.
The career move by former Hawaii Hurricane Relief Fund executive director Amori Ogata to Zephyr also raised eyebrows, as the fund's board last year voted to stop writing hurricane insurance policies.
Ogata's resignation became effective the next day, and he later joined Zephyr as executive vice president for operations and finance.
State Ethics Commission guidelines require state employees who leave to refrain from being paid to represent a business or individual in matters relating to their job for a year, along with other restrictions.
"I don't think all the insinuations really had that much credence, or would generate that much concern," Garibaldi said.
Married for 24 years to state District Judge Collette Garibaldi, he is more accustomed to seeing news coverage about his soccer playing son, also named John.
The younger John and his sister Kristen attend Punahou.
Erika Engle is a reporter with the Star-Bulletin.
Call 529-4302, fax 529-4750 or write to Erika Engle,
Honolulu Star-Bulletin, 500 Ala Moana Blvd., No. 7-210,
Honolulu, HI 96813. She can also be reached
at: eengle@starbulletin.com