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Underwriters Reserve Ltd

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CALIFORNIA | LOCAL
May 21, 1993 | GREG HERNANDEZ, TIMES STAFF WRITER
An unlicensed insurance company believed to have sold more than 15,000 worthless auto insurance policies was seized this week by the state, Insurance Commissioner John Garamendi announced Thursday. Underwriters Reserve Ltd., with headquarters in Laguna Beach and other offices in Fountain Valley, Lakeside and Downey, was closed by the state Department of Insurance on Wednesday.
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CALIFORNIA | LOCAL
May 21, 1993 | GREG HERNANDEZ, TIMES STAFF WRITER
An unlicensed insurance company believed to have sold more than 15,000 worthless auto insurance policies was seized this week by the state, Insurance Commissioner John Garamendi announced Thursday. Underwriters Reserve Ltd., with headquarters in Laguna Beach and other offices in Fountain Valley, Lakeside and Downey, was closed by the state Department of Insurance on Wednesday.
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BUSINESS
December 14, 1994 | From Times Staff and Wire Reports
Orange County Businessman Charged With Fraud: Robert M. Granafei of Laguna Beach surrendered to authorities and was charged with running an unlicensed insurance operation that allegedly sold more than 15,000 worthless auto policies in California. Granafei, 46, was owner and chief executive of Underwriters Reserve Ltd. and related companies, which state Insurance Commissioner John Garamendi said wrote about $11.2 million in premiums in less than a year.
BUSINESS
May 21, 1993 | From Times Staff and Wire Reports
Insurance Firm Seized in Alleged Fraud: State Insurance Department authorities said they seized Underwriters Reserve Ltd., a Laguna Beach insurer, and its affiliates, accusing them of selling more than 15,000 worthless auto insurance policies in Southern California and collecting $11.2 million in premiums in less than a year. Regulators shut down offices in Laguna Beach, Lakeside and Downey. The state also froze six bank accounts connected with the company, containing a total of $676,767.
CALIFORNIA | LOCAL
December 14, 1994 | KEN ELLINGWOOD, TIMES STAFF WRITER
Authorities have arrested the former owner of a Laguna Beach insurance firm accused of selling 15,000 worthless auto insurance policies, state officials said Tuesday. Robert M. Granafei, 46, of Laguna Beach surrendered to authorities Monday on suspicion of running an unlicensed insurance company, which officials said left nearly 500 claims unpaid, according to state Insurance Commissioner John Garamendi. Granafei, released on $10,000 bail, is to be arraigned Jan.
BUSINESS
August 1, 1997 | PATRICE APODACA, TIMES STAFF WRITER
One of the state's largest auto insurance brokerage firms has been fined $300,000 for using unlicensed employees to sell policies, the state Department of Insurance said Thursday. Fullerton-based Eastwood Insurance Services Inc. was also ordered to pay an additional $25,000 to cover the Insurance Department's enforcement costs. Under the state insurance code, only people who have completed education requirements and passed an examination and a background check may sell insurance.
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