Tevis Bullish On Calif. Comp Market

By Michael Ha

NU Online News Service, Dec. 6, 4:10 p.m. EST?Tevis Insurance Company announced that it has filed an application with the California Insurance Department to become a new workers' compensation insurance carrier.[@@]

The application is now in the process of review by the California Insurance Department, but a Tevis executive said his company is optimistic that it will be approved.

The company senior vice president Michael Briare also told National Underwriter that his company feels the time is finally right for workers' comp insurers to enter the California marketplace, considering the commitment already shown by the state's regulators.

"We think it's a very opportune time," Mr. Briare said. "We have thought of the economics and the dynamics of marketplace and the commitments that the legislature and the commissioner have made in making the environment friendly for carriers."

"Of course, there will always be challenges," Mr. Briare added, "but we've got a very strong, very experienced management team."

Once licensed, the Los Angeles, Calif.-headquartered carrier plans to cater to midsized businesses and associations to help them manage their insurance costs.

"We think we can be a key part of the solution to help resolve the state's workers' compensation issues," said Jim Ross, the company's chief executive. "Our goal is to become a world-class specialty-lines writer of workers' compensation insurance in California. We have a very experienced management team and solid financial resources to do this for the long term."

Mr. Briare added that his company will employ "a fresh approach" to writing business, including allowing businesses to "assume a portion of the risk themselves using an approach not offered in today's market." He said, "We will focus not only on the risk management side of the business but also on helping employers manage claims and claims costs in unique ways."

Employers and brokers in California, Mr. Briare observed, are looking for innovative solutions in a market that has seen severe price increases. Good businesses are closing or moving out of the state due to the cost of workers' compensation. "We think that Tevis' solutions to the workers' compensation crisis will help keep good businesses in California," Mr. Briare said.

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Tevis Bullish On Calif. Comp Market

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