[Congressional Record (Bound Edition), Volume 147 (2001), Part 10]
[Extensions of Remarks]
[Pages 14772-14773]
[From the U.S. Government Publishing Office, www.gpo.gov]



                  MOYLAN'S INSURANCE UNDERWRITERS, INC

                                 ______
                                 

                        HON. ROBERT A. UNDERWOOD

                                of guam

                    in the house of representatives

                        Thursday, July 26, 2001

  Mr. UNDERWOOD. Mr. Speaker, thirty years ago, a small company founded 
on Guam with only three employees was charged with the daunting task of 
servicing the island's insurance needs. The small company soon 
blossomed into a thriving business and became a hallmark of 
professional integrity on Guam--Moylan's Insurance Underwriters Inc.
  For the past thirty years, Moylan's has earned the reputation of 
being the ``Home of the Good Guys and Gals'' and has been at the 
forefront in providing insurance services to the people of Guam. 
Founded in 1971 by Kurt S. and Judith Moylan, the business today has 
nearly 100 employees with branches in Guam, Saipan, Palau, Pohnpei, 
Yap, Kosrae, Chuuk and the Marshall Islands.
  In 1978, Moylan's acquired Daihan Insurance Underwriters, Inc., 
General Agent for Korea Reinsurance Corporation from Seoul, Korea and, 
in 1985, they added the Micronesian Insurance Underwriters (Overseas), 
a General Agent for the American Home Assurance Company, the New 
Hampshire Insurance Company and AIG Groups.
  In 1997, Moylan's Insurance was named General Agent for the MMI 
Group. One of Australia's largest general insurers the MMI group is 
affiliated with some of the largest general insurance companies in the 
world. In 1998, First Net Insurance Company, a project of Moylan's 
Insurance Underwriters, Inc. was incorporated as a domestic Property 
and Casualty company. The company's reinsurance program for the year 
2000 is underwritten by Allianz AG out of its regional office in 
Singapore. Allianz is one of the largest reinsurance and financial 
services organizations around the world, and is rated by Standard & 
Poor's as a AAA security, the highest possible rating under S&P's 
scale.

[[Page 14773]]

  Through all its subsidiary corporations in Micronesia, Moylan's 
services a 3,000-mile area that is comparable to the size of the 
continental United States. With considerable growth over the past two 
decades, Moylan's has become a recognized name in insurance within the 
islands in the Pacific.
  Taking time out of his business ventures, founder Kurt Moylan also 
managed to serve the people of Guam in the political sphere. In 1964, 
he was elected to the 8th Guam Legislature, the youngest person ever 
elected to political office on Guam. Two years later, Mr. Moylan, along 
with Carlos G. Camacho, Judge Vicente G. Reyes and former Governor 
Joseph Flores formed the Republican Party of Guam. At age 30, he was 
appointed by President Richard M. Nixon to serve as secretary of Guam, 
a title equivalent to the title of lieutenant governor of Guam. At 31, 
Kurt Moylan was sworn in as the first elected lieutenant governor of 
Guam. He served until 1974. He was also elected to serve in the 16th 
Guam Legislature in 1980. His son, Kaleo, continued this tradition when 
he was elected to the 25th Guam Legislature in 1999. He is still 
serving Guam in this capacity--having been reelected in 2000.
  For thirty years now, the island of Guam has reaped great benefits 
from the services provided by Moylan's Insurance Underwriters Inc. and 
most especially from the entrepreneurial spirit of its founders Mr. 
Kurt S. and Judith Moylan, and the entire Moylan family. The people of 
Guam are grateful for their contributions. I offer my sincerest 
congratulations to the good guys and gals of Moylan's. I wish them 
continued success in the years to come.

                          ____________________