|
Raymond W.
Hovsepian
Biography
Raymond W. Hovsepian was born in Philadelphia,
Pennsylvania. He attended
both High School and College in Pennsylvania
graduating from Abington Senior High School and Temple University
where he received a Bachelors of Science Degree in Business Administration.
His major fields of study were Finance and Insurance. He was the recipient
of the Joseph E. Boetner Award for scholastic achievement in the field of
insurance.
Mr. Hovsepian fulfilled his military obligations in the Pennsylvania Air
National Guard and was honorably discharged in 1970.
Mr. Hovsepian is also a graduate of Rutgers University School of Law. He
received a Jurist Doctorate Degree and was a member of The Law Review. He
was the recipient of The American Jurist Prudence Award for Scholastic
Achievement in Contract law and the West Publication Award for the
scholastic achievement in Constitutional law. Shortly after graduation, he
established a “boutique” law firm located in Philadelphia, Pennsylvania.
He specialized in the field of Corporate and Real Estate Law and served as
counsel for several Commercial lenders in the Philadelphia area. Mr. Hovsepian also
represented one of the largest Real Estate Title Insurers in Pennsylvania as well
as many local developers. He was noted in
publications as an early pioneer in Condominium conversion
focusing on the conversion of apartment buildings and hotels. He was also personally engaged in real
estate ownership and development in Philadelphia
and the surrounding areas. In 1983 Mr. Hovsepian founded Historic Realty
Investors. This company purchased and rehabilitated historic properties for
itself together with individual investors. The company created the concept
of individual equity ownership utilizing substantial tax benefits for
equity participation. This Company thrived until passage of the 1986 United
States Tax Reform Act.
In addition to the above achievements Mr. Hovsepian served as counsel to
The American Federation of Radio and Television Artists and the Screen
Actors Guild. He was counsel to many local and national reporters,
newscasters, producers and directors. For many years Mr. Hovsepian also
served, pro-bono, as counsel to the Philadelphia Urban Coalition League.
This was a non-profit organization whose purpose was to assist the minority
community in the formation, funding and training necessary to develop their
own business.
In 1988 Mr. Hovsepian founded and served as Chairman of Promotional
Services Corporation. This company was a joint venture with Cunard Cruise
Ships, Resorts and Hotels. The company based in La
Jolla, California developed
unique promotional incentives which were marketed in the United States and Europe.
Mr. Hovsepian was also an investor and board member in numerous diverse and
successful businesses in the Philadelphia
area. These included Real Estate development, the hospitality and
entertainment industries and automobile dealerships.
In 1989 Mr. Hovsepian left the practice of law and founded Commonwealth
Insurance Company, a Pennsylvania
chartered insurance company. The primary business of Commonwealth is the
underwriting and issuance of surety bonds. Commonwealth’s business plan is
the specialization of providing bonds to small and midsize contractors.
These contractors were typically unable to obtain bonds from the large
insurance companies because of their business size and capitalization. Developing
this “niche” market and providing these bonds generated substantial
economic benefit within the entire small business community. Articles
have been written describing the uniqueness of the company both in regard
to its business model and its operating results.
One of the most recent achievements of Commonwealth Insurance Company is
the development of a program which provides bonding for minority
contractors. Identical to the market of small and midsize contractors,
Commonwealth took note of the difficulties faced by these contractors in
obtaining bonds. This inability prevented local, state and federal
governments from granting government contracts to minority businesses. Mr.
Hovsepian in coordination with the efforts of the community developed a
program of business, technical training and economic assistance.
Commonwealth then took the unprecedented step of providing bonds to insure
their performance. The achievements of this program were so successful that
the State of Pennsylvania
has requested that Mr. Hovsepian assist in the formation and development of
a statewide minority bond program.
Mr. Hovsepian is active in numerous local, national and international
charities. He established and served as President of the Pennsylvania
Chapter of ChildHelp USA., a national organization providing emotional,
medical, psychiatric and economic care to severely abused children. Mr.
Hovsepian also assists other charities and trusts including the Chapter of
CARE in the District of Columbia, The
Stavia Foundation of the District
of Columbia, The Magee Rehabilitation Hospital of
Pennsylvania and The Child Advocacy Center of Manhattan.
Mr. Hovsepian continues to engage in the field of insurance, finance and
investments and currently serves as Chairman and Chief
Executive Officer of The Pennsylvania Group, Ltd., of which Commonwealth
Insurance Company is a subsidiary. The Pennsylvania Group, Ltd. Affiliates
include Commonwealth Surety and Fidelity Management Corporation.
|
