Gevity new Workers' Compensation coverage with AIG

 

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5 January 2009 Monday 11:22 AM EST

226 words


Gevity new Workers' Compensation coverage with AIG

Alyn Ackermann

BRADENTON, Florida



Gevity, a Florida based company offering human resources services in the country, has renewed its workers' compensation insurance to AIG Commercial Insurance Corp. in 2009.

Gevity maintain a $ 1 million per occurrence deductible, as it did in 2008. It will make monthly payments of AIG (NYSE: AIG) for program costs and estimated future costs in the form of loss of guarantee funds, which will be approximately $ 17 million less in 2009 the company said in a statement.

Gevity said it has received guarantees of repayment and to reduce collateral requirements based on favorable claims cost trends.

The company said it received a total of $ 30.7 million in back guarantee for the 2000 through 2007 years of the AIG, with the last repayment to come this month. He said he had already received $ 33 million in returned through guarantees in 2008, and $ 14 million in collateral requirements for the fourth quarter of 2008, abandoned.

Most members of AIG Commercial Insurance, and most of the insurance subsidiaries of American International Group Inc (NYSE: AIG) have a Best's financial strength rating of A (Excellent) with a negative outlook.

Shares of AIG have been selling at $ 1.67 in the morning trading on January 5, down 1.18% from the close.

(By Alyn Ackermann, senior editor, BestWeek: Alyn.Ackermann @ ambest.com)

6 January 2009

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