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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.
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