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New Mexico Mutual CEO Norm Becker to Retire

After leading New Mexico Mutual through the Great Recession and numerous technological innovations, company President and CEO Norm Becker will be retiring at the end of March 2021.

Becker, a 24-year veteran of the New Mexico insurance industry, joined New Mexico Mutual after serving as CEO at Blue Cross and Blue Shield of New Mexico. His accomplishments also include a lifetime of leadership service with numerous New Mexico charitable and civic organizations.

The CEO currently serves on the boards of PNM Resources, Presbyterian Healthcare Services, Excellence Schools New Mexico, and the Greater Albuquerque Chamber of Commerce. He previously served as chair of United Way of Central New Mexico, the National Hispanic Cultural Center Foundation, the Economic Forum of Albuquerque and the Greater Albuquerque Chamber of Commerce. Becker also chaired the Chamber’s Downtown Transformation Bold Issue Group, which is working to turn Downtown Albuquerque into a vibrant, exciting center for businesses, residents and visitors.

The search for a new CEO will begin this month under the leadership of Jay Czar, chair of New Mexico Mutual’s board of directors.

“We have our work cut out for us,” said Czar. “Norm steered his team through challenging economic times and built upon the company’s strengths. We’re thriving today and able to compete against national insurers because of advancements made under his leadership.”

New Mexico Mutual achieved and grew its position as the New Mexico workers’ compensation leader during Becker’s tenure. The company had a 32% share of the New Mexico market in 2019, up from 27% in 2010. New Mexico Mutual also deepened its commitment to New Mexicans, strengthening its service capabilities and accelerating its philanthropic contributions to local service organizations.

“Norm stabilized the company and leaves behind a very strong organization with the leadership needed to take us forward,” said Czar. “He is a well-respected industry leader who set the bar for workers’ compensation in New Mexico.”

Becker fostered a culture of innovation to keep New Mexico Mutual at the forefront of the industry. The company has been updating its systems throughout his tenure and automating many aspects of its operations to serve customers better. 

Most recently, the CEO has been focused on guiding New Mexico Mutual through COVID-19. The company introduced premium adjustments, offered coronavirus safety assistance and provided other services to help policyholders weather the effects of the pandemic.      

New Mexico Mutual has an A- (Excellent) rating from A.M. Best, the world’s largest credit rating agency specializing in the insurance industry.