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4. Stock Holdings on September 28, 1995
On September 28, 1995, decedent, Gelder, and Slipher owned
WSA’s stock as follows:
Percentage
Shareholder No. of shares of total
William G. Adams, Jr. 178 61.59
Robert B. Gelder, Jr. 105 36.33
Julia Adams Slipher 6 2.08
Total 289 100.00
5. Zurich Insurance Group’s Purchase of MCC
The Zurich Insurance Group (Zurich) purchased MCC in the
late 1980s. Zurich considered implementing a “service center”
concept for MCC, which would have caused WSA to lose underwriting
authority, eliminated the need for WSA to serve as an MGA or as a
retail agency, and eliminated the work done with WSA by the
independent agents throughout western North Carolina. WSA
opposed imposition of the service center concept in the 17
counties which it serviced, and Zurich eventually abandoned the
concept. Through considerable effort, Gelder maintained and
improved WSA’s relationship with Zurich.
6. Pending Litigation
The North Carolina Rate Bureau represents insurance
companies before the Insurance Commissioner of North Carolina.
In 1994, the Rate Bureau commenced litigation with the Insurance
Commissioner which potentially affected WSA. If the Rate Bureau
had prevailed, WSA would have been required to pay about $407,000
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Last modified: May 25, 2011