Declarations

Too Long to Wait

“Four years is too long a period to wait when you know what is going on is just not right and not correct. … Anywhere else in business they’d kick a guy out on the street if he’s not doing his job.”

—Springfield, Ill., voter Robbie Walters told the Associated Press that for him one of the most important issues on that state’s ballot was a proposed constitutional amendment that would give citizens limited power to recall unpopular governors. With one ex-governor in prison and another convicted of a felony, Illinois voters passed the amendment.

More Catastrophes, Less Income

“Higher levels of catastrophes and lower investment income hurt both third quarter underwriting performance and net income results.”

—Columbus, Ohio-based State Auto Financial Corp. Chairman, President and CEO Bob Restrepo says both State Auto and the property/casualty insurance industry avoided any meaningful losses from hurricanes in 2010, but above average frequency and severity of wind and hail storms in the Midwest increased his company’s catastrophe loss ratio results relative to last year’s third quarter and its five-year average trend. State Auto reported third quarter 2010 net income of $0.2 million versus net income of $13.0 millionfor the third quarter of 2009. The company’s combined ratio for the quarter was 105.9 versus 102.5 for the third quarter of 2009.

Super Drunk, Very Dangerous

“When you get super-drunk, it becomes exceptionally dangerous.”

—Michigan state Sen. Alan Cropsey, R-DeWitt, sponsor of a new Michigan law that doubles the jail sentences and license suspensions for first-time offenders who drive after drinking excessively. The law is intended to keep “super-drunk” motorists off the state’s roadways and aims to reduce the roughly 45,000 drunken driving arrests in Michigan each year. One provision of the law essentially creates a new class of blood-alcohol content of 0.17 percent or higher for serious first-time offenders. That’s more than twice the minimum of 0.08 percent now required for a drunken driving conviction. AP

Extremely Disappointing

“It is extremely disappointing when those who obviously have a good head for business choose to use their skills to break the law.

—Ohio Attorney General Richard Cordray joined attorneys general of 10 other states in a settlement with the owners of U.S. Fidelis, formerly the nation’s largest dealer for vehicle service contracts. In a lawsuit filed in April, Missouri brothers Darian and Cory Atkinson were accused of misrepresenting auto warranties upon sale. The current agreement bans the duo from selling motor vehicle service contracts in 11 states and requires them to turn over millions in assets.

Topics Auto Michigan