Thomas Leonardi
Thomas Benedict Leonardi | |
|---|---|
| Born | February 19, 1954 Brooklyn, New York, U.S. |
| Occupation(s) | Insurance executive, government official |
| Years active | 1979–present |
| Known for | Connecticut Insurance Commissioner (2011–2014), EVP at AIG (2017–2020), board member at Athene Co-Invest Reinsurance Affiliate and Travelers Companies |
Thomas Benedict Leonardi (born February 19, 1954) is an American executive with a distinguished career in insurance and financial services, spanning both governmental roles and private industry leadership. He has directed investment banking and venture capital firms specializing in insurance and has held regulatory and advisory positions within government.
Between February 2011 and December 2014, Leonardi served as Connecticut's Insurance Commissioner. In this capacity, he introduced regulatory reforms and consumer safeguards, managed the state's implementation of the Affordable Care Act, attracted insurance enterprises to Connecticut, and contributed to advisory panels at national and international levels.
Following his tenure as commissioner, he returned to the private sector, holding the position of executive vice president for government affairs, public policy, and communications at AIG from November 2017 until May 2020.
In February 2021, Leonardi was appointed to the board of Athene Co-Invest Reinsurance Affiliate (ACRA). Subsequently, in May 2021, he joined the board of The Travelers Companies (TRV), a leading global insurer in property and casualty lines and a Dow Jones Industrial Average constituent. He leads TRV’s Nominating & Governance Committee and is a member of its Executive, Investment & Capital Markets, and Compensation Committees.
Early life and education
Born in Brooklyn, New York in 1954 to parents of Italian-American heritage who were first-generation immigrants, Leonardi relocated to Connecticut in 1972.
He graduated summa cum laude and was inducted into Phi Beta Kappa at Boston University in 1976 with a Bachelor of Arts degree in history. He earned his Juris Doctor with honors from the University of Connecticut School of Law in 1979.
Early career
From 1979 through 1983, Leonardi practiced as a litigation attorney at Gager, Henry & Narkis in Connecticut. He then spent three years leading insurance subsidiaries as president at Beneficial Corporation in New Jersey. In 1987, he returned to Connecticut to become senior vice president at Conning & Company, an investment bank focused on insurance, where he managed investment banking activities along with venture capital and mergers and acquisitions.
Northington Partners
In February 1989, Leonardi co-established Northington Partners, a broker-dealer based in Connecticut specializing in venture capital, private equity, and investment banking services for the insurance sector. As chairman and CEO over a span of 22 years, he delivered strategic guidance, investment advisory, capital raising, and financial consulting to insurers operating in property casualty reinsurance, workers’ compensation, alternative risk transfer reinsurance, and medical malpractice coverage. Additionally, he successfully raised and administered more than $110 million through two dedicated investment funds.
Insurance Commissioner of Connecticut
Appointed by Governor Dannel Malloy in February 2011, Leonardi assumed leadership of Connecticut’s insurance regulatory agency overseeing a market exceeding that of all but six countries worldwide.
Throughout his four-year service period, he advanced consumer education initiatives including active social media engagement; established an emergency operations center to ensure insurer readiness during disasters; introduced multiple consumer protection policies; cultivated robust partnerships with both consumer advocates and industry representatives; promoted expansion of Connecticut’s insurance sector; and advocated for regulatory frameworks at state, national, and international levels. Notably, in 2012 he inaugurated Connecticut’s first specialized division dedicated to captive insurance.
Leonardi directed the state’s rollout of the Affordable Care Act, which featured an operational health insurance exchange portal. He secured nearly $4 million annually for consumers by resolving complaints efficiently and prevented deductible hikes following Hurricane Sandy and Tropical Storm Irene. Recognized as an authority on regulation, he was uniquely positioned as the sole U.S. insurance regulator serving simultaneously on three committees within the IAIS—Executive, Technical, and Financial Stability. He was one of only two American commissioners on IAIS’s executive committee and served exclusively on its Financial Stability Committee for three years.
He frequently engaged on topics concerning U.S. insurance regulation including international systemic risk designations. Leonardi was a vocal defender of the U.S.’s state-based regulatory system against federal oversight attempts by entities such as the Financial Stability Board and Federal Insurance Office. He opposed EU Solvency II directives imposing equivalent capital requirements on American insurers. His participation extended to over fifteen supervisory colleges for major global insurance groups. Under his stewardship, Connecticut became the first U.S. jurisdiction to join an international supervisory cooperation agreement with IAIS in 2012.
Leonardi contributed three years to the inaugural Federal Advisory Committee on Insurance established by the U.S. Treasury in 2011. In November 2013, he was among three commissioners who met President Obama concerning Affordable Care Act execution while raising concerns about Federal Insurance Office authority and Financial Stability Board actions. He was the only U.S. regulator to testify during a February 2014 Congressional hearing reviewing the Federal Insurance Office’s modernization report.
During his term at the NAIC, Leonardi held several leadership roles including executive committee member; Chair of its International Insurance Relations Committee; Chair of its Financial Stability Task Force; Vice Chair of its Accreditation Committee; and chairmanship of its Northeast Zone comprising twelve states. In 2012 he also joined the National Insurance Producer Registry (NIPR) board as NAIC’s representative.
At the December 2013 NAIC meeting, Leonardi circulated a comprehensive letter sharply critiquing NAIC governance practices while urging an independent review of its organizational structure and policies. Although discussion on this matter was limited internally, it attracted significant attention within industry publications, was referenced during a February 2014 House hearing on insurance oversight reform, and earned him recognition as a "Rebel with a Cause." By mid-2014 NAIC announced plans to engage an external consultant for governance evaluation; however, Leonardi publicly criticized NAIC leadership for undermining transparency during vendor selection. No consultant had been appointed by November 2014.
In 2014 Leonardi was appointed to the World Economic Forum’s Global Council on Insurance and Asset Management—signaling his transition from public regulatory leadership toward global investment banking advisory roles.
Evercore
Following the conclusion of his four-year tenure as Connecticut Insurance Commissioner in January 2015, Leonardi transitioned back into the private sector by joining Evercore, a global investment banking advisory firm headquartered in New York. Serving as a senior advisor with a specialization in the insurance field, he operated out of Evercore’s offices in both New York and London. During this period, he maintained an active presence on national panels, providing expertise on insurance and regulatory matters.
AIG
Leonardi became part of American International Group (AIG) in November 2017 when newly appointed CEO Brian Duperreault brought him on board as executive vice president responsible for government affairs, public policy, and communications. Stationed at AIG’s headquarters in New York, Leonardi reported directly to Duperreault. His responsibilities included overseeing AIG’s global public policy initiatives and managing government relations across state, federal, and international regulatory bodies. He supervised the head of international government affairs and also directed the company’s corporate communications and marketing strategies. Leonardi left AIG in May 2020.
In October 2018, he was named to the board of directors for the American Council of Life Insurers. The following year, he expanded his board memberships by joining both the Insurance Information Institute and the American Property Casualty Insurance Association (APCIA).
In February 2021, Leonardi was appointed to the board of Athene Co-Invest Reinsurance Affiliate (ACRA 1), an investment firm based in Bermuda. Subsequently, in May 2021, he secured a position on the board of directors at Travelers Companies (TRV), a leading U.S. property casualty insurer and member of the Dow Jones Industrial Average. At Travelers, he serves as chair of the Nominating and Governance Committee and is a member of the Executive, Investment and Capital Markets, and Compensation committees. In 2024, he further extended his involvement with ACRA by joining its second board, ACRA 2.
External links
- Official Bio at AIG