Fund American’s President to Leave

Robert W. Bruce III will step down April 1 as president of Fund American Cos., the parent of Fireman’s Fund Insurance, based in Novato, Calif., but will continue to manage the company’s assets as an independent contractor, said Fund American Chairman Jack Byrne. Fund American acts as investment agent for its insurance subsidiaries, managing both the stocks portfolio and bonds.

“I am a bit disappointed,” Byrne said from the parent firm’s headquarters in Greenwich, Conn. “Importantly, however, we are retaining (Bruce’s) wisdom with respect to the management of our substantial portfolio of investable assets.”

Bruce will take Fund American Vice President Robert Campbell with him.

Fireman’s Fund spokesman John Kozero explained that the contractual arrangement will free Bruce to manage funds for other customers as well as Fund American, but he added that “we will still have 90% of his time.” Bruce will manage the stock portfolio “into the future” under the same terms of incentive compensation as his current contract allows, Kozero said, and he will continue to manage the bonds and other assets through 1991, though the company may shorten that period.

Bruce joined the company as chief investment officer in July, 1986. He was appointed president last year. Byrne will assume the title of president.