One Flew Over the Eagle’s Nest
By Robert Warne - June 11, 2002The job market for adjusters tightened just one more notch today in California. The Workers’ Comp Executive confirmed what had been rumored through claims circles recently that Golden Eagle Insurance, Company will wrap up its workers’ compensation book before its goose is cooked.
A rigorous diet, low in risk and high in rates over the past four years hasn’t yielded the desired results, so Golden Eagle is cutting workers’ comp completely out of its diet beginning Aug 1.
In a June 5 memo to agents according to the Executive, Frank Kotarba, Golden Eagle president, said that no matter what the company has tried to do it has been unable to climb back in the black. The memo also stated that Golden Eagle’s work comp book for the first quarter of 2002 sustained a 123 percent loss ratio and $345,000 (pre-tax) on nearly 9 million in premiums.
The news for San Diego adjusters means that another large bite has been taken out of their employment options. Luckily they still have a few big players in town like American International Group (AIG), Insurance Company of the West, Republic Indemnity Company of America and Zenith Insurance Company.
Superior National and Phico Insurance Company left a couple large holes in the San Diego workers’ comp landscape when they went down.
If working for a TPA suits your needs, there’s still Cambridge Integrated Services Group, Octagon Risk Services, Hazelrig Risk Management and Cunningham Lindsey operating in the city limits.
So on the bright side of things, the Golden Eagle news, although not that great, doesn’t mean San Diego is a claims ghost town yet.
Employees at Golden Eagle anticipate the run-off to not take very long and believe they will either be forced out of the nest or voluntarily fly out within a year or so when the claims all dry up.
Along with its main claims office in San Diego, Golden Eagle also has claims offices in Glendale, Orange and Walnut Creek.
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