It Figures

40,000

The number of tourists officials estimated on Alabama beaches on Labor Day weekend when Gov. Bob Riley issued a mandatory evacuation order for some coastal parts of Mobile and Baldwin counties in response to Hurricane Gustav.

$8.4 Million

The amount in excessive profits Florida Insurance Commissioner Kevin McCarty required AmCOMP to repay to its Florida policyholders after approving the merger of AmCOMP with Employers Holdings Inc. AmCOMP ‘s insurance subsidiaries will repay $2.8 million in excessive profits it realized for accident years 2003, 2004 and 2005. It also will repay $5.6 million for excessive profits for accident years 2004, 2005 and 2006. The AmCOMP merger with Employers is expected to be completed in late October. Florida law states that workers’ compensation insurers are required to return profits in excess of 5 percent.

16.1%

The reduction in private passenger auto rates North Carolina Insurance Commissioner Jim Long ordered along with an 11.7 percent reduction in motorcycle liability rates.The decreases will become effective Jan. 1, 2009.

$120 Million

The amount Florida Insurance Commissioner Kevin McCarty ordered State Farm Florida to credit or pay current and former policyholders who did not apply for or who did not receive the windstorm loss reduction rating plan discount for making their homes more resistant to wind damage. In addition, State Farm must pay a $1 million penalty to the Florida Insurance Regulatory Trust Fund.

59,500

The number of homeowners’ policies Florida-based Homeowners Choice Inc. assumed from Citizens Property Insurance Corp., Florida’s state-sponsored insurance company. The policies are assumable under the state’s “take-out” program, designed to reduce the state’s risk exposure by encouraging private insurance companies to assume policies from Citizens.

Topics Florida