Corporate Report: Jan. 24

Heritage Insurance adds chief actuary, director of risk management
St. Petersburg-based Heritage Insurance has hired Timothy Paddock as its new chief actuary and Shannon Cloonen as the new director of risk management. The company says the additions were needed as it prepares for more growth in 2014.

Paddock began his career with Hanover Insurance. He then moved to management and officer positions at ING-North America and later served as vice president and chief actuary with Western Reserve Group. In 2009 he joined HomeWise Insurance, and most recently was chief actuary with Bankers Insurance Group.

“Very few Florida insurers have in-house actuarial expertise,” Bruce Lucas, the company's chairman and chief information officer, says in a press release. “Tim's experience in the Florida and Southeast insurance markets is a huge asset to our team. We're excited to tap into the wealth of knowledge he brings as we head into what will be an exciting 2014.”