| Eastern Insurance Holdings, Inc. Announces Second Quarter 2009 Results
"Our combined ratio for the three months ended June 30, 2009 in our workers' compensation insurance and group benefits insurance segments were 84.9 percent and 99.0 percent, respectively, and our consolidated combined ratio was 95.2 percent. Our favorable results were driven by solid growth in workers' compensation insurance direct written premiums, improved workers' compensation reinsurance terms, aggressive expense management initiatives and disciplined underwriting in an environment with high unemployment. Second quarter, year over year workers' compensation insurance direct written premium increased by 10.5 percent to $24.9 million as a result of solid premium renewal retention ratios, new business writings in the Southeast and the acquisition of Employers Security Insurance Company in September 2008.
Preexisting Conditions
Early in my career as a lawyer, I did a lot of work for insurance companies. I once had a case that provoked considerable laughter: a man was building an addition to his motel. He talked with his insurance agent about builders risk insurance, which would cover the structure while it was under construction, but decided not to buy it. One night, the structure caught fire and burned to the ground. The next morning at eight o'clock, the man was at his insurance agent's office, saying that he wanted to buy that builders risk coverage after all. Once the facts became clear, of course, we won the case. You can't buy insurance against something that has already happened. You can try to make someone else pay your bills, maybe, but you can't buy insurance. The fact that that plaintiff's building had burned down was a preexisting condition.
Flood insurance available in Park Township
Flood insurance is now available to local property owners and may be purchased from any insurance agent or broker licensed to do business in the State where the insurable property is located." The letter goes on to say, "The Township of Park's property owners will want to know about his opportunity to obtain insurance protection against losses from future flooding. The buildings and contents coverage is now available to building owners and tenants." According to Supervisor Joe Eichorn, information about the National Flood Insurance Program and Park Township's participation in it will be posted on the township's website at www.park-township.org. .
Health insurance heads to court, campaign trail
President Obama said at a town-hall meeting here that he does not intend to vilify insurance companies as he tours the West this weekend to persuade Americans to back his proposed overhaul to the nation's health care system. In the second in a series of town-hall meetings he has planned for the critical period while Congress stands in recess, questioners were polite but not uniformly supportive. Marc Montgomery, a 52-year-old insurance broker from Helena and one of nine people the president called on for questions, chided Mr. Obama for his recent decision to focus his bid for a health care overhaul on the failings of the insurance industry. Why, Mr. Montgomery asked, was the president "vilifying" insurance brokers? "That's a fair question," Mr.
Bob Weaver retiring; Jeff Tippens to take over Cotton States Insurance
That's just what Bob Weaver, district manager and agent for Cotton States Insurance here in Live Oak, is doing after 35 years of service to the company. Bob has been serving this community for the past 20 years. He and his wife Linda will be moving to their home in Greensboro, Ga. to be closer to their grandkids. "Greensboro is a small town just like Live Oak with a lot of history too," Bob said. "Just like this house. When we moved into this building I had no idea the man who is said to have built this house in 1906 was named Cotton Allen. The other thing most people don't know is that my middle name is Allen and one of my sons is named Allen. So I believe we were meant to be here. I've enjoyed living in this community, met a lot of good people and made a lot of great friends. I will miss everyone." Bob also said he wants to thank everyone for their patronage over the years.
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