Declarations

Row Own Boat

“Taxpayers should be a last resort rather than a cheap source of capital … We’ll row our own boat.”

—Evan Greenberg, Ace Limited’s CEO, chiding insurers that have hinted they might ask to take part in the federal government’s plan to take stakes in ailing financial institutions.

A Good Win

“I am the only insurance commissioner candidate ready to lead from Day One.”

—Democrat Wayne Goodwin, North Carolina’s newly-elected insurance commissioner, in a campaign leaflet explaining that his years as assistant commissioner and a legislator have prepared him to take over from the incumbent, Jim Long. He beat Republican John Odom.

Well Aware

“I’m very aware that not everyone will be pleased with the conclusions reached in the report. This report finds State Farm did some things right and some things wrong.”

—Mississippi Insurance Commissioner Mike Chaney characterizing a report by his department that found State Farm did not commit fraud in its handling of Katrina claims.

Room for AIG

“This wasn’t done to help AIG shareholders. It gives the company the room it needs in its capital structure to execute its asset disposition plan.”

—A U.S. Treasury official explaining the restructuring of the federal bailout for American International Group that nearly doubles the deal to $150 billion.

Open Society

“The Society must venture outside its comfort level and embrace the future by expanding its base of potential participants.”

—CPCU Society President Marvin Kelly announcing that the group will begin opening its meetings to nonmembers effective with the Society’s Annual Meeting and Seminars scheduled next August in Denver.

Florida Caps

“The reduction of attorney participation in workers’ compensation cases has been cited as one of the significant causes of the reduction in rates since the 2003 legislative reforms. Limitations on attorney fees have helped Florida employers to realize a significant savings on their workers’ compensation insurance.”

—Florida Insurance Commissioner Kevin McCarty in announcing a workers’ compensation rate decrease but acknowledging that rates could start rising again due to the October Supreme Court decision in Murray v. Mariners Health/ACE USA that overturned the state’s caps on attorneys’ fees in workers compensation cases.

Topics Florida Workers' Compensation