Monday, August 01, 2005

Workers Compensation Data

This is interesting, and useful. Needing to do research on workers comp rate filings, I stumbled on this site, which links to near every rating bureaus you can think of:

Rather helpful.

The Further adventures of a failed behemoth

From the Insurance Journal: August 1, 2005

Reinsurers Sue AIG Alleging Claims Fraud; AIG
Denies All Wrongdoing

A group of 18 insurers is suing American International Group and bankrupt
fronting company Trenwick America Reinsurance Corp. for allegedly scheming to
collect as much as $73 million in what the insurers claim are "grossly inflated"
workers compensation and other reinsurance claims.

The suit alleges that only about $15 million of the $73 million in claims for which AIG has demanded payment appear to be legitimate paid losses eligible for reinsurance coverage. The remaining amount reflects "highly suspect" estimates of future (incurred but not reported) losses, according to the complaint, which was filed in Suffolk Superior Court in Boston on July 6.

Click on the above link for the rest of the article.
It is amazing to see what is happening with AIG. It is even more amazing to see just how much AIG & Co. was doing sub rosa. I am very curious to see what else is unearthed. Stay tuned, this is going to develop for a long time.