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Tevis Insurance Co., a proposed new workers' compensation insurer that would be based in Los Angeles with an office in Roseville, filed last week for state approval to sell workers' comp insurance.
Its application may be the first of many industry players who are cautiously considering entering or re-entering the Golden State in the wake of this year's reforms.
"It's good news for California when workers' comp carriers apply to sell workers' comp in the state," said Norman Williams, spokesman for the California Department of Insurance. "It's clear evidence that the reform legislation is working and helping to spur much-needed competition in this system."
The Tevis principals believe they've got their timing fight, said proposed senior vice president Mike Briare, because premiums are still high, loss ratios are declining, and prices charged by existing carriers still reflect their mistakes of past years.
Briare is one of two local men who would run the company with Jim Ross, the retired former president of the workers' comp division of Zenith National Insurance Corp. who would head up Tevis.
Briare is now an executive vice president of Intercare Holdings Inc., a Roseville insurance services company. He's worked in marketing with many startup insurance-related companies, including Healtheon/Web MD.
Bill Thomas, a respected local industry veteran, would be Tevis' vice president of insurance operations. He is an Intercare executive who formerly ran the local office of Superior National Insurance Co., one of the many workers' comp carriers that went under.
In the application phase, Tevis can't divulge many of its longterm plans, including potential premium volume or staff level. Briare said the insurer would start with about 25 people in Los Angeles and 10 in Roseville. Tevis would use Intercare for its claims management.
Funding for Tevis would come. from an...