Insurance Company of the West’s Ernest Rady named Ernst & Young Entrepreneur Of The Year® 2009 Winner in the Financial Services category
Palm Springs, 15 November 2009– Ernest Rady, chairman of Insurance Company of the West, was named the Ernst & Young Entrepreneur Of The Year® 2009 national winner in the Financial Services category. Now in its 23rd year, the awards recognize leaders and visionaries who demonstrate innovation, financial success and personal commitment as they create and build world-class businesses.
Rady was honored for a long and successful career, including launching and growing San Diego-based Insurance Company of the West. Rady was honored at the Entrepreneur Of The Year® gala in Palm Springs – the culminating event of the Ernst & Young Strategic Growth Forum, the nation’s most prestigious gathering of high-growth, market-leading companies. Awards were given in nine additional categories. All Ernst & Young Entrepreneur Of The Year® winners were selected by an independent panel of judges from approximately 400 regional award recipients.
Insurance Company of the West was launched in 1971 to focus on underwriting select commercial insurance risks in California. Today it is part of privately held ICW Group, a group of multi-line property and casualty insurance carriers providing workers’ compensation, surety, commercial property, earthquake and personal and business automobile insurance.
Warmer weather and business opportunity
Forty years ago, Ernest Rady and his wife left their home in Winnipeg for warmer weather. They found a warm and inviting business climate in San Diego, as well. Rady began investing in real estate and other local companies, setting the stage for a business career in which he simultaneously ran three large enterprises: a real estate business, a banking and thrift operation and an insurance trust company.
When he first arrived in California, Rady came across a real estate developer who needed $35,000 to finish an apartment building in El Cajon, Calif. He trusted the developer and invested the money. That started a successful string of real estate investments that eventually led to the formation of American Assets, now one of the largest real estate groups in the San Diego region.
Flush with the growing profits of American Assets, Rady moved to the thrift and loan business, eventually starting Western Thrift and Loan. Starting out with only $850,000 in capital, the company eventually grew into a billion-dollar-plus enterprise called WestCorp. In 2004, Rady sold the company for $4 billion to Wachovia, now part of Wells Fargo.
After founding WestCorp, Rady continued to diversify, launching the Insurance Company of the West in 1971 to focus on underwriting commercial insurance risks in California.
Working still and giving back
While Rady continues as chairman of Insurance Company of the West, he is now spending more of his time on charitable activities. Several years ago, he donated $60 million to the Children’s Hospital, now called the Rady Children’s Hospital. He is also a major supporter of the business school at the University of California at San Diego, which was also recently renamed in his honor.
Entrepreneur Of The Year® 2009 national finalists in Financial Services category.
In addition to Rady, the Ernst & Young Entrepreneur Of The Year® national finalists in the Financial Services category are:
Ray Sidhom, CEO of Melville, New York-based EVO Merchant Services, a leader in the payment processing industry.
Robert Cortright and Thomas Plaut, co-founders of Saddle River, New Jersey-based FX Solutions, LLC, a leading online foreign exchange brokerage.
Todd B. Crosland, founder, president and CEO of Interbank FX in Salt Lake City, Utah, a worldwide provider of online foreign currency trading.
Overall Entrepreneur Of The Year® 2009 National Winner.
Tom Adams, president and CEO of Rosetta Stone Inc. (NYSE: RST), was named the Overall Ernst & Young Entrepreneur Of The Year® 2009 national winner.
Video and Photos
To view video clips of all the Entrepreneur Of The Year® winners, please visit the Ernst & Young YouTube Channel at http://www.youtube.com/user/ErnstandYoungGlobal. Photos of the winners are also available by request.
Sponsors
Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year® awards are pleased to have the Ewing Marion Kauffman Foundation and SAP America as national sponsors
About Ernst & Young’s Entrepreneur Of The Year®
Ernst & Young’s Entrepreneur Of The Year® is the world’s most prestigious business award for entrepreneurs. The award makes a difference through the way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Ernst & Young Entrepreneur Of The Year® celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 135 cities in 50 countries.
About Ernst & Young's Strategic Growth Markets Practice
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