COMP WEST LAUNCHES WORKERS’ COMP OPS IN CALIF.:

CompWest Insurance Company announced that it has been licensed as a workers’ compensation insurer by the California Department of Insurance, responding to the significant capacity shortage in the California market. Trident III, L.P., a private equity fund managed by MMC Capital, is the lead investor in CompWest, with members of the management team also investing in the new company. CompWest Insurance is being capitalized initially with $50 million and will commence underwriting immediately. CompWest, headquartered in San Francisco, will focus on serving the needs of mid-market employers throughout California. The company will work in partnership with a select number of regional independent brokers with significant operations in California and large books of workers’ compensation business. The CompWest management team is led by William J. Mudge as CEO and Stephen C. Pogue as CFO. Previously, Mudge served as the CEO of Golden Eagle Insurance Corporation and as chief underwriting officer of Industrial Indemnity. Pogue was previously a senior vice president of American Re-Insurance Company. “The recently enacted legislative reforms represent a significant step towards addressing the problems with the state’s workers’ compensation system and ensuring continued access to insurance capacity for California’s business community,” said Meryl D. Hartzband, senior principal and investment director, MMC Capital. MMC Capital Inc. is a global private equity firm and serves as the manager of the Trident Funds. MMC Capital has been the sponsor of more than fifteen insurance companies, including ACE Limited, XL Capital Ltd. and AXIS Capital Holdings Limited. Visit www. compwestinsurance.com for more information.