Tim Richison, chief financial officer of the California Earthquake Authority since 1997, was named CFO of the Year by the Sacramento Business Journal at ceremonies held today. Judges cited Richison’s achievements as part of the original team at CEA — an entity that opened its doors in 1996 and has since become an international model for catastrophe insurance.

Richison, who has direct responsibility for all financial and insurance matters at the CEA, received the award for the “public agency” category, one of six categories for the award. Candidates were selected by a panel of judges from the business community.

“Tim played a key role in creating the CEA 13 years ago, and has provided strong leadership for this unique organization ever since,” said CEA CEO Glenn Pomeroy. “Today, Tim is playing an equally key role in helping the CEA reach the next level – developing more efficient access to capital in order to significantly reduce the costs borne by our policyholders.”

The CEA was founded after the Northridge earthquake in 1994, the costliest earthquake in U.S. history. Insurers then severely restricted — or refused to write altogether — new homeowners’ policies because of the requirement that they also offer earthquake coverage. This triggered a financial crisis that threatened the vitality of the housing market. The legislature then created the CEA to offer actuarially sound policies that could cover claims.

Today the CEA is $9 billion strong in claim-paying capacity and has an A- (Excellent) rating from A.M. Best. The CEA sells financially sound policies, based on the best available science for assessing earthquake risk, through participating insurance companies. State budget issues have no impact on the CEA’s ability to pay claims. Policy premiums, investment income, authority to assess its participating insurers, and reinsurance allow the CEA to operate and pay claims.

Before coming to the CEA, Richison had an 18-year career with United Services Automobile Association (USAA). He previously worked for Liberty Mutual Insurance Co.

He is a graduate of the University of Texas at Tyler.

The CEA is a publicly managed, largely privately funded organization that provides catastrophe residential earthquake insurance and encourages Californians to reduce their risk of earthquake losses not only financially, through insurance, but in taking measures to secure their structure and its contents.