MGAs Attract
“From a national and Florida’s perspective, MGAs are the best and sometimes only way to attract private capital into a hurricane-prone state. While effective oversight is always appropriate, it is important to know that we have paid out some $30 billion in claims over the past 10 years, and are a major reason why the state was able to weather the devastating 2004-05 hurricane season.”
—Tom Jerger, chairman and CEO, Modern USA Insurance, defending the record of Florida-based property insurers and managing general agencies amid reports that some insurers are funneling profits to affiliated MGAs.
Massey Benefits
“If any proposals are made to the families, those families will be given a full opportunity to review those proposals with a lawyer of their choosing. To the extent settlements are reached, it is the company’s desire that the families — and not personal injury attorneys — receive the money. Unfortunately, personal injury attorneys frequently take 30 to 40 percent of any settlement received by a family. The company hopes such a result can be avoided in this circumstance.”
—Massey Energy Co. announcing that its officials are meeting with families of the 29 miners killed the April 5 blast at its Upper Big Branch mine to describe the benefits the firm will provide them and denied it was trying to stave off lawsuits.
Can’t Win
“To proceed just gives him more ammunition for an independent run. There’s no reason to continue going down a path we can’t win.”
—Florida Sen. Mike Bennett, R-Bradenton, telling the Florida News Service he withdrew his property insurance rate deregulation bill in part because Gov. Charlie Crist has indicated he would veto it and in part because he doesn’t want to give Crist an issue in his run for the Republican nomination for the U.S. Senate. Crist has vetoed other key Republican bills this year and is considering breaking with his party to run as an independent candidate.
Case Closed
“I have nothing to add.”
—Attorney Judy Guice confirming that Long Beach policyholders Magruder and Margaret Corban settled their Hurricane Katrina “anti-concurrent” clause case with USAA just days before they were to go to trial. Guice would not provide any details.
Topics Florida Insurance Wholesale
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