Anthony Bonomo, a star witness in the federal corruption trial of former Senate Majority Leader Dean Skelos, has largely abandoned day-to-day management of the state’s second-largest medical malpractice insurer and is unlikely to regain it, according to multiple people with knowledge of the matter.
The board of directors of the company, Physicians’ Reciprocal Insurers, has instead retained Bruce Shulan, managing partner of the Connecticut-based firm The Princeton Partnership, in an effort to turn around the financially troubled operation.
The Princeton Partnership assists “boards of directors and management to resolve financial, operational and exposure based challenges,” according to its website. Shulan, who declined to comment, is said to be managing PRI’s affairs at its headquarters on Long Island.
Maria Vullo, who was confirmed last June as superintendent of the state Department of Financial Services, has made stabilizing PRI one of her top priorities. The department, which oversees New York’s insurance industry, has urged the company’s board of directors to reform PRI’s practices, according to people with knowledge of the matter.
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