Ford, 2 others named to board of insurance firm

October 04, 1994|By Timothy J. Mullaney | Timothy J. Mullaney,Sun Staff Writer

Alexander & Alexander Services Inc. yesterday named former President Gerald R. Ford to its board of directors, one of three new faces on the board of the New York-based insurance brokerage firm that has its administrative headquarters in Owings Mills.

Mr. Ford, whom new Alexander & Alexander chairman Frank G. Zarb served as a deputy "energy czar" in the 1970s, will be joined on the board by New York attorney James Bickford Hurlock and Chemical Banking Corp. senior managing director Maurice H. Hartigan II.

Mr. Hurlock is chairman of the management committee of the firm of White & Case. Mr. Hartigan is head of the North America division of Chemical's global bank.

"As brokerage and risk management consulting get increasingly specialized, they turn to increasingly specialized financial instruments," company spokesman Gary Sullivan said. "It's prudent and wise to have someone with the strength of [Mr. Hartigan's] financial background on your team."

The additions are among the first changes to be disclosed since Mr. Zarb was named chief executive in June. Mr. Zarb has said that a forthcoming restructuring will trim as much as $100 million in annual expenses at the company, which had $1.3 billion in 1993 sales.

The company employs 526 people in Owings Mills and has a separate sales office in downtown Baltimore. It has struggled since at least 1990 as disastrous acquisitions and a property-casualty insurance industry pricing squeeze led to $100 million in losses over 1991 and 1992.

Mr. Ford is a former director of Nova Pharmaceutical Corp.

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