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USAA appoints David F. Melcher as board chairman
USAA said it plans to cut auto rates for about half of its policyholders in 2026, while returning a record $3.8 billion to members in 2025.
USAA has named retired U.S. Army lieutenant general David F. Melcher as chairman of its board of directors, succeeding retired vice admiral James M. Zortman in a planned leadership transition, according to Insurance Business.
Melcher, who has served on the USAA board for nearly seven years and most recently as vice chairman, spent 32 years in the Army before moving into the private sector. He later led Exelis Corporation as president and chief executive from 2011 until its sale to Harris Corporation in 2015, and he previously led the Aerospace Industries Association from 2015 to 2017.
USAA said Melcher’s experience reflects the association’s strategic direction as it continues strengthening after a difficult period. The insurer reported a net loss of $1.3 billion in 2022, its first annual loss since 1923, and later recovery included net income of $3.89 billion in 2024, with net worth reaching $32.1 billion at the time.
The company also highlighted its member-focused performance, including a record $3.8 billion returned to members in 2025 through distributions, dividends, and bank rebates, and it said about half of its policyholders are expected to see an auto premium decrease in 2026. USAA reported net worth of $38.6 billion by the end of 2025, marking a third consecutive year of growth.