Fred Hubbell, chair of the Iowa Power Fund Board and a former insurance executive, will not enter the race to unseat U.S. Sen. Chuck Grassley in 2010.

In an e-mail to the Iowa Independent concerning rumors that he is considering a campaign for the Democratic Senate nomination, Hubbell simply said “No, I am not interested.”

Hubbell’s name emerged after Des Moines Register columnist Marc Hansen wrote in a recent column that a well-known and independently wealthy candidate is “75 percent ready to join the race.”

Speculation originally revolved around former Principal Financial Group Inc. CEO Barry Griswell. But in a message to members of the Community Foundation of Greater Des Moines, Griswell said he has no intention of running for elected office and will instead continue as the non-profit’s chairman.

Pundits then turned their attention to Hubbell, whose family has played a leadership role in the state since the Civil War. Hubbell was appointed chair of the Iowa Power Fund Board by Gov. Chet Culver, and while he has never held elected office, his considerable personal wealth and iconic Iowa name seemed to fit the profile of the rumored candidate.

There are currently three men running for the Democratic nomination – Bob Krause of Fairfield, Tom Fiegen of Clarence and Sal Mohamed of Sioux City.