Quote of the day
"Workers' comp was not going to become free. This is still an expensive program for insurance providers and the employers."
Nicole Mahrt, spokeswoman for the American Insurance Association in California
CompWest Parent Completes $20 Million Trust-Preferred Offering
CWI Holdings, Inc., the parent organization of CompWest Insurance Company, has announced the issuance of $20 million of trust-preferred securities in a private placement by a wholly-owned Delaware statutory trust. Workers Comp Executive
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Pace of Workers’ Comp Cuts Slows
The pace of cuts in workers’ compensation rates has slowed sharply in the latest round of filings by insurance carriers in California: in May and June, the average rate cut is running about 11 percent. In the previous filing period of November and December 2005, workers’ comp carriers filed for an average 15 percent reduction. By George Avalos, Contra Costa Times
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South Carolina WCC to Reduce Hospital Payments
South Carolina’s Workers’ Compensation Commission approves a plan intended to lower employers’ workers’ compensation costs by reducing payments to hospitals for treating injured workers, starting in October. By AP via WIS-TV (Columbia)
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Parties Request Workers’ Comp Data in S.C. State Court
Two of the parties opposing a possible workers’ compensation insurance rate increase in South Carolina ask a state court judge to make available information that could show how many of the state’s employers overpaid their workers’ comp premiums and by how much. By Peter Hull, Charleston Post and Courier
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Tennessee Workplace Shootings Cause Premiums to Spike
After a double homicide at a Tennessee auto salvage yard that killed a longtime friend and a relative, the owners of the business are facing a 124-percent spike in the cost of their workers’ compensation premiums. By Melvin Claxton, the Tennessean [With Photos] Go to the Full Story…
BrickStreet Selects Agency to Sell Its Policies
West Virginia’s BrickStreet Insurance selects United Security Agency to represent the company and sell its insurance policies and related products. Beginning immediately, businesses in several West Virginia counties can contact the firm’s agents for any Workers’ Compensation insurance needs. Huntington Herald-Dispatch
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Workers’ Comp Rates Spike for Mountain State Schools
Since BrickStreet Mutual Insurance took over West Virginia’s workers’ compensation program in January, rates for 47 of the state’s 55 county school districts have increased. By Kris Wise, Charleston Daily Mail
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Ohio Senator Denies Clout Allegations
U.S. Sen. George Voinovich, R-Ohio, facing scrutiny from political opponents after disclosing his ties to two investment brokers indicted for allegedly bribing an Ohio Bureau of Workers’ Compensation official, denies he used his clout to help them collect millions of dollars in commissions from the embattled agency. By Steve Eder and James Drew, Toledo Blade
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A.M. Best Affirms Ratings of Hanover Insurance Group, Inc.
A.M. Best Co. has affirmed the financial strength rating of A- (Excellent) and the issuer credit ratings of “a-” for Hanover Insurance Group Property and Casualty Companies. Workers’ Comp Executive
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W.V. Chamber to Host Workers’ Comp Seminar
The West Virginia Chamber of Commerce is planning an informational seminar Thursday in Charleston covering recent changes to the state workers’ compensation program. Huntington Herald-Dispatch
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R.I. Bill Targets Employee Misclassification
Rhode Island’s Senate has approved a House bill that would allow a contractor that loses a bid because a competitor misclassifies employees as independent contractors to sue the competitor for damages. By Natalie Myers, Providence Business News
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