State Fund Selects Chief Financial Officer

SAN FRANCISCO, Sept. 26, 2014 /PRNewswire/ -- State Compensation Insurance Fund has appointed Peter Guastamachio as its Chief Financial Officer (CFO). Guastamachio had been acting CFO since November 2013 and also serves as Chief Investment Officer.

"Pete has been instrumental in ensuring the financial stability of State Fund, allowing us to provide fair prices for California employers," said State Fund President and CEO Vern Steiner. "His financial strategy and leadership has continued to strengthen State Fund's position in the California workers' compensation insurance market."

As CFO, Guastamachio will direct all of State Fund's financial policies—including financial forecasting, accounting, budgeting, and tax reporting.

Guastamachio joined State Fund in 2009 as State Fund's Chief Investment Officer. During his five-year tenure with State Fund, he has stepped in to lead programs outside of his primary duties as investment officer, serving as Chief Information Officer and, with State Fund's government affairs team, worked with the California Department of Insurance and legislators to broaden the organization's investment authority.

He has more than 30 years experience in the financial world having served as vice president-assistant portfolio manager for Bank of West and held a variety of positions with Argonaut Insurance. Guastamachio also holds a seat on the Board of Directors for the California Insurance Guarantee Association.

Established in 1914 by the state legislature, State Fund has operated for 100 years and is California's largest provider of workers' compensation insurance and a vital asset to California businesses. State Fund supports California's entrepreneurial spirit and plays a stabilizing role in the economy by providing fairly priced workers' compensation insurance, making California workplaces safe, and restoring injured workers. 

SOURCE State Compensation Insurance Fund