| Business Summary | | Fortune
Financial,
Inc.,
formerly
known
as
Mobile
America
Corporation,
is
engaged
primarily
in
the
underwriting
and
marketing
of
minimum
requirement
automobile
insurance
in
Florida.
The
Company
has
two
principal
wholly
owned
subsidiaries,
Mobile
America
Insurance
Group,
Inc.
(MAIG),
a
managing
general
agent
for
its
insurance
subsidiaries,
and
Fortune
Insurance
Company,
a
Florida-domiciled
property
and
casualty
insurance
company.
The
Company's
other
wholly
owned
subsidiaries
are
business
entities
that
offer
different
insurance-related
products
or
services,
and
they
include
Fortune
(automobile
insurance),
Pegasus
(excess
and
surplus
lines
insurance),
Fortune
Financial
(fee-for-service
policy
administration)
and
Fortune
Premium
Finance
(premium
financing).
Mobile
America's
primary
product
is
nonstandard,
private
passenger
automobile
insurance,
sold
primarily
in
the
south
Florida
area. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Fortune
Financial
is
engaged
primarily
in
the
underwriting
and
marketing
of
minimum
requirement
automobile
insurance
in
Florida.
For
the
nine
months
ended
9/30/00,
revenues
fell
33%
to
$20
million.
Net
loss
rose
9%
to
$6.3
million.
Results
suffered
from
a
decrease
in
net
premiums
earned
due
to
the
termination
of
the
unprofitable
portion
of
the
Company's
independent
agency
base.
Higher
losses
also
reflect
increased
operating
expenses
as
a
percent
of
sale. | More
from
Market Guide: Significant
Developments |
| Officers | | | FY1999 Pay | |
| Arthur Cahoon, 44 Chairman | $44K | J. Wortman, 59 Pres,
CEO | 139K | Duane Sanders, 43 VP-Operations | 152K | Mark Brockelman, 45 VP,
CFO | 33K | Thomas McCorkle, 57 VP | 146K | Dollar
amounts are as of 31-Dec-1999 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|