Crumbling Foundations Superintendent to Delay Departure

Superintendent of the Connecticut Foundation Solutions Indemnity Company Michael Maglaras has agreed to hold his position until early 2020 as the Board looks for a replacement.

President and CEO of CFSIC Steven Werbner announced Sunday that the Board's request to delay Maglara's departure was approved while the company continues their national search for a replacement.

"CSFIC is at a critical point in its development, and right now maintaining the continuity of our program is of vital importance," Werbner said in a statement.

The company provides financial assistance to homeowners affected by the crumbling foundations natural disaster.

CSFIC returned its 40th family to their home with a replaced foundation, according to a company spokesperson.

“We’ve already committed more than $35 million in foundation remediation and reimbursement,” Werbner said. “And with this latest tranche of funding, we’re going to able to help more homeowners in the days ahead.”

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