Insurance Companies Ordered to Return $9.4 Million in Excess Profits

Sixteen workers’ compensation insurance firms were ordered to more return more than $9.4 million in excessive profits to their policyholders according to Florida Insurance Commissioner Kevin McCarthy.

The Florida Office of Insurance Regulation, after analyzing the firms’ premium and incurred losses, determined the profits excessive and state law requires insurers to refund those excessive profits in 2005, 2006 and 2007. (workersxzcompxzkit)

Ordered to refund profits are: 

St. Paul Travelers Group                               $  5,291,320

The Liberty Mutual Insurance Cos.                $  1,071,841

American Interstate Insurance Co.                 $    867,843

Guard Insurance Group                                  $    835,474

OneBeacon Insurance Group                         $    733,028

Transguard Insurance Co. of America            $    187,118

Safety National Group                                      $    136,512

MAG Mutual Insurance Co.                              $     132,618

Florists’ Insurance Group                                 $       83,131

Ullico Casualty Co.                                           $      29,927

Memic Indemnity Co.                                        $      17,097

Westfield Cos.                                                  $      12,859

State Auto Mutual Group                                   $      11,293

Hanover Insurance Group                                 $        6,140

Harco National Insurance Co.                           $        4,530

Indiana Lumbermen’s Mutual Ins. Co.               $        913