Considering that Capital Z Partners (owned by Zurich) was a major stockholder of SN, and the driving force that pushed SN to purchase CalComp, it seems Zurich/Centre got off lite on this one.
Which makes one wonder – whatever happened to the head genius – J. Chris Seaman? He was attempting to get his own MGA/MGU started with the help of some of his cronies, but they seem to have fallen off the radar.
What a lame website. Guess this is all that Seabiscuit has left of the company. Owns the domain rights to Superior.com…
Guess he’s living off of the $100+million he won from FHS for their mis-information about CalComp (‘course…had he listened to someone other than Robert Spass and CapZ Partners, he would have figured out that CalComp wasn’t a good acquisition, and Superior would still be around).
BTW, does anyone realize that they had the opportunity to just purchase the ASSETS of CalComp (i.e. the renewal rights to their crappy book of business)?
FHS deliberately had their actuaries hide this information. The smoking gun was when a copy of the memo instructing the actuaries to “cook the books” was found in the branch manager’s desk of the Woodland Hills CalComp office. But, by then, it was too late. However, Seabiscuit used this in his suit against FHS, which he was awarded $137mil (from what I recall).
Seabiscuit generously shared NONE of that with anyone.
Good riddance to both of those piss poor ran companies! (I worked for both of them)
Book cooking? I think Superior was so blinded by thier own B.S. that they didnt care what the auditors said. They wanted to be big, and fast. Plus they thought they could “fix” the book… yeah right! That had auditors in my office for many many months. There was no hiding the premiums vs the losses. The writing was on the wall from day one and they got what they deserved.
Considering that Capital Z Partners (owned by Zurich) was a major stockholder of SN, and the driving force that pushed SN to purchase CalComp, it seems Zurich/Centre got off lite on this one.
Which makes one wonder – whatever happened to the head genius – J. Chris Seaman? He was attempting to get his own MGA/MGU started with the help of some of his cronies, but they seem to have fallen off the radar.
http://www.superior.com/ has current contact info for him
What a lame website. Guess this is all that Seabiscuit has left of the company. Owns the domain rights to Superior.com…
Guess he’s living off of the $100+million he won from FHS for their mis-information about CalComp (‘course…had he listened to someone other than Robert Spass and CapZ Partners, he would have figured out that CalComp wasn’t a good acquisition, and Superior would still be around).
BTW, does anyone realize that they had the opportunity to just purchase the ASSETS of CalComp (i.e. the renewal rights to their crappy book of business)?
One has to wonder how the CalComp/FHS folks were able to convince Superior to buy their liabilities, which clearly sank this ship??!!
FHS deliberately had their actuaries hide this information. The smoking gun was when a copy of the memo instructing the actuaries to “cook the books” was found in the branch manager’s desk of the Woodland Hills CalComp office. But, by then, it was too late. However, Seabiscuit used this in his suit against FHS, which he was awarded $137mil (from what I recall).
Seabiscuit generously shared NONE of that with anyone.
Good riddance to both of those piss poor ran companies! (I worked for both of them)
Book cooking? I think Superior was so blinded by thier own B.S. that they didnt care what the auditors said. They wanted to be big, and fast. Plus they thought they could “fix” the book… yeah right! That had auditors in my office for many many months. There was no hiding the premiums vs the losses. The writing was on the wall from day one and they got what they deserved.
Me
Seaman and his “cronies” are alive and well and continuing the fight. Capital investors and stockholders should be grateful.
Off the radar is exactly where they want to be.