Former executives from Modis Professional Services Inc. and the Jacksonville Jaguars and the immediate past president of The Jacksonville Bar Association have joined Jacksonville-based FHM Insurance Co.
George Bajalia was president and chief operating officer of Modis Professional Services Inc.'s professional services division from 1999-2001. He has since been a business and investment consultant.
Bajalia said the time was right to get out of consulting and take over as FHM's new CEO.
"I feel Florida and Jacksonville have a tremendous potential in the private sector to lead a resurgence of business activity," he said.
"When Jacksonville was its most vibrant, it was led by the financial sector, especially insurance," he said.
James "Macky" Weaver, former Jacksonville Jaguars senior vice president of sales, is FHM's executive vice president for business development.
Since he joined FHM last week, Weaver said he has spent most of his time on the road meeting the company's agents in other markets.
"I've hit the street running," he said.
He said also that being an insurance executive is very similar to working in the sales operation for an NFL team
"The foundation of any good organization is building relationships and trust with clients. The core of what I'm doing is really not much different," said Weaver.
Weaver said he and Bajalia have plans for FHM's future.
"Our vision is to take the company and use its strength to develop new insurance products," Weaver said.
Bajalia said FHM can be a more diversified insurance company.
Worker's compensation insurance has kept the company in business for almost 60 years, so it's time to explore other traditional or specialty lines of insurance, he said.
G. Ray Driver Jr. is the company's new outside general counsel. He said his work will include settling claims and other legal matters and his position as partner with Driver McAfee Peek & Hawthorne has not changed.
"It's a significant client relationship and I'll be on their board of directors," said Driver. "FHM is a great company with a lot of history in Jacksonville. We hope to grow its presence here."
In September 2011, A.M. Best Co. revised FHM's outlook from stable to negative and affirmed the company's A- (excellent) financial strength rating. In December 2012, Best downgraded FHM's financial strength rating to B++ (good).
"The significant decline in FHM's underwriting results was largely attributable to competitive market conditions, inadequate premium rates, increased claims severity, the weakened economy, as well as significant prior year loss development in 2011," Best said.
Bajalia said in the company's first 40 years in business, FHM was not rated by A.M. Best and its lowest premium volumes occurred in the years when the carrier held the A- rating. He said a "two-year blip" does not pose issues for the company.
According to the company's 2012 annual report, FHM has admitted assets of $112,525,917, policyholder surplus of $47,428,225 and an overall liquidity ratio of 172.9.
"We want to build a business legacy. We are the succession and we're leading the next 60 years," said Bajalia.
The three appointments are subject to approval by the Florida Office of Insurance Regulation.
FHM is a mutual insurance company founded in 1954 that writes worker's compensation insurance in Florida, Alabama, Georgia, Kentucky, North Carolina, South Carolina and Virginia. It has offices in Jacksonville and Orlando.
(904) 356-2466