FAJUA Annual Meeting Report: April 14
Apr 14, 2009
The Florida Automobile Joint Underwriting Association (“FAJUA”) held its Annual Meeting in Miami on Tuesday, April 14, 2009.
There were 138 members present, either in person or by proxy, thus establishing a quorum.
FAJUA General Manager Eugenia Tyus presented a brief summary of the 2008 FAJUA Annual Report. The organization’s total exposure continued to decrease during 2008, and has leveled off. Personal Auto policies are at a historic low, with nine remaining at the end of 2008. Commercial policies also have declined. Total written premium for 2008 decreased to $1.2 million, representing a 45 percent decline from 2007. The total number of open claims also has declined.
Cash and short-term investments totaled $9.5 million, which is an increase of $5.7 million over 2007. From the 2004-2005 Fiscal Year to the 2007-2008 Fiscal Year, the FAJUA budget decreased, with no concurrent staff reduction. These decreases were achieved by reducing health care and other insurance costs, travel expenses, legal, audit, and other consulting fees. Staff travel is limited to two yearly meetings, with all others held via teleconference.
At the April 14 Meeting, FAJUA members held elections for the following member company representatives:
- Property Casualty Insurers of America
- American Insurance Association
- unaffiliated company
The nominees, respectively, were:
- John Watson, of Allstate
- Stephen Hylka, of Liberty Mutual
- David Halamuda, of USAA
- Roger Hanson, of State Farm
A motion was passed to elect the nominees, who will serve as representatives for a two-year period.
With all business completed, the meeting adjourned.
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