Forgoing the use of independent agents, Employers Direct Insurance Company (EDIC), a new specialty California workers’ compensation insurance carrier with $50 million in capital, has been licensed by the California Department of Insurance.
The new company, led by chairman and CEO James Little, former president of Fremont Indemnity, will immediately begin direct marketing to a select group of employers and trade associations in the five-county Los Angeles area.
EDIC was founded by Little, and by Ronald Groden, vice chairman and CFO. Little has 34 years’ experience in the workers’ compensation industry. Groden has more than 25 years of operating and finance experience in the industry.
The lead investors are Securitas Capital and Golden Gate Capital. Securitas Capital is a private equity fund advised by Securitas Capital, LLC, an affiliate of Swiss Re. Golden Gate Capital of San Francisco and its principals have affiliations with Bain Capital and Bain & Company Investment banking and venture capital. EDIC principals also have made significant personal investments in the company.
Was this article valuable?
Here are more articles you may enjoy.