Paula Poised to Pick-Up Where State Fund Leaves Off By Robert Warne - May 15, 2003
It’s been a little over a year since the insurance commissioner liquidated Paula
Insurance, but May 14 Paula Financial reported that it’s Pan American Underwriters (PAU) subsidiary is in good condition.
In fact Jeff Snider, Paula’s chairman and CEO has set the company’s sights on State Fund’s scraps.
"In the second quarter, our attention is focused on managing the implications of the operating changes made by the California State Compensation Insurance Fund (SCIF). Insurance Commissioner Garamendi and SCIF management have announced a plan to reduce commission rates to all approved agents beginning August 2003. Our effort in 2002 to dramatically expand crop insurance sales is going to help absorb some of the recently announced changes by SCIF," said Snider.
PAU is also an exclusive manager of an alternative risk Bermuda based workers' compensation captive called AGGCAP. Paula is pleased that AGGCAP has completed its first full year of operation and has been able to create access to quality reinsurance facilities for California employers seeking self-funded alternatives to conventional workers' compensation insurance.
So even though Paula Financial had to drop Paula Insurance’s bad book of claims on the state, a fresh crop of will soon spring up as PAU picks up more work comp agribusiness accounts and begins to replenish its share of California’s work comp pie.
Adjuster / Examiner Claims Examiner Santa Ana Unified School District Santa Ana, CA
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