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 MCGRAW APPOINTED TO BOARD OF EMPLOYERS DIRECT Insurance Group CEO Advising New Workers’ Comp Carrier WESTLAKE VILLAGE, CA – November 1, 2003 – Michael McGraw, President and Chief Executive Officer of The McGraw Group of Affiliated Companies, has been named a director of Employers Direct Insurance Company. Employers Direct is the first new workers’ compensation insurance carrier to be licensed by the California Department of Insurance in more than a decade. “Employers Direct provides a business model and management team perfectly positioned to make a significant impact on the workers’ comp market,” said McGraw, “I welcome the opportunity to work with founders Jim Little and Ron Groden. Nobody knows the industry better than they do. This EDIC team is well known and highly regarded by customers, competitors, and regulators alike throughout the California market.” McGraw began his insurance career in 1987 with Willis Faber & Dumas in London, specializing there in the placement of North American catastrophe reinsurance treaties with underwriters at Lloyds. Upon return to the United States, he became Vice President of the McGraw Group, which comprises five affiliates engaged in the management, underwriting, and financing of insurance. In 1994, he became Chief Operating Officer of Pacific Specialty Insurance Company, eventually assuming the positions of President and CEO of the group. Based in Menlo Park, California, the McGraw Group of Affiliated Companies includes McGraw Insurance Services, McGraw Commercial Insurance Services, Western Service Contract Corp., and Pacific Loan Administrators. Flagship Pacific Specialty Insurance Company is a licensed insurer in all 50 states and is an industry leader in motorcycle and personal watercraft coverage. Employers Direct entered the California workers’ compensation insurance market in late 2002 with an initial $55 million in capital and the support of a sophisticated investment group. The lead investors are Securitas Capital and Golden Gate Capital. Employers Direct was founded by James E. Little, who is Chairman/President and CEO, and by Ronald A. Groden, Vice Chairman and Chief Financial Officer. From 1990 until 1998, Little served as President of Fremont Compensation Insurance Co., and Groden was formerly Chief Financial Officer of Fremont Comp. About EMPLOYERS DIRECT INSURANCE COMPANY Employers Direct Insurance Company is California's only investor-owned direct writer of workers' compensation insurance - with no agent or broker affiliation. Founded in 2003, Employers Direct has been widely accepted by business owners throughout California as a result of providing highly competitive rates, claims services designed to fight fraud and abuse, and loss prevention services that assist employers to create safe work environments. Employers Direct is proud that a growing number of California's best-run privately-held companies count themselves as policyholders. Niche industries include hotels, restaurants, country clubs, new car dealers, manufacturing companies, specialty supermarket chains, and retailers. Visit Employers Direct online at www.employersdirect.com Contact: Employers Direct Insurance Company Stephanie Hlad 818-575-8545 (Day) shlad@employersdirect.com |
