Plantation, Fla.-based 21st Century Holding Company announced that Richard A. Widdicombe was appointed by its Board of Directors to serve as the company’s CEO. The Board also announced it will raise the company’s dividend by 29 percent from $.07 per share to $.09 per share payable on September 1, 2003 to shareholders of record as of August 4, 2003.
Through its subsidiaries, 21st Century underwrites standard and non-standard personal automobile insurance, flood insurance, general liability insurance, mobile home insurance and homeowners’ property and casualty insurance in Florida
Widdicombe, currently president of three subsidiary companies (Federated National Insurance Company, American Vehicle Insurance Company and Assurance Managing General Agents, Inc.), assumed his new duties as of June 10.
Edward J. Lawson, president and chairman of the Board, stated, “Mr. Widdicombe joined the Company in November 1999 with over 20 years experience in the insurance industry. He has been instrumental in bringing in new programs and talented employees into the organization. We felt the time was right in this era of corporate governance to separate some responsibilities and continue to drive this company forward.”
Regarding the action on the dividend, chairman of the Board, Edward J. Lawson, said, “The Board took this action due to the company’s strong fundamentals and recent dividend tax legislation spearheaded by our President, George W. Bush. This is the fourth consecutive quarter where the dividend has been increased.”
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