| Business Summary | | Preserver
Group,
Inc.,
formerly
known
as
Motor
Club
of
America,
provides
property
and
casualty
insurance
services.
The
Company
owns
and
operates
five
regionally
focused
property
and
casualty
insurance
companies,
including
companies
that
specialize
in
small
and
mid-sized
commercial
insurance.
The
Preserver
Insurance
Group
consists
of
Preserver
Insurance
Company,
which
writes
small
commercial
and
homeowners
insurance
in
New
Jersey,
and
Mountain
Valley
Indemnity
Company,
which
writes
small
and
mid-sized
commercial
insurance
in
New
England
and
New
York.
American
Colonial
Insurance
Company
plans
to
commence
operations
in
New
York
in
2001,
writing
commercial
lines
in
tandem
with
Mountain
Valley.
North
East
Insurance
Company
writes
personal
automobile
(PPA)
and
small
commercial
lines
insurance
in
Maine.
Motor
Club
of
America
Insurance
Company
writes
PPA
insurance
in
New
Jersey. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | PRES
and
its
four
subsidiaries
provide
a
broad
range
of
property
and
casualty
insurance
and
related
services.
Revenues
for
the
three
months
ended
3/31/01
increased
20%
to
$23.6
million.
Net
loss
totaled
$186
thousand
vs.
an
income
of
$181
thousand.
Revenues
reflect
an
increase
in
net
investment
income
due
to
an
increase
in
average
invested
assets
and
a
higher
gain
on
the
sale
of
investments.
Net
loss
reflects
higher
insurance
losses
due
to
impact
of
reforms
in
New
Jersey. Recent Earnings Announcement For
the
3
months
ended
06/30/2001,
revenues
were
25,105;
after
tax
earnings
were
80. (Preliminary; reported in thousands of dollars.) | More
from
Market Guide: Significant
Developments |
| | | | FY1999 Pay | |
| Archer McWhorter, 78 Chairman | -- | Patrick Haveron, 38 Co-CEO,
Executiv VP, Chief Financial Officer, Director | $217K | Stephen Gilbert, 61 Pres,
CEO | 239K | Charles Pelosi, 55 VP--Information
Services | 117K | Myron Rogow, 57 VP--Underwriting | 156K | 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
|
|