A national distributor on a Retrospective Rating Plan is billed an additional $1,715,715 in premium due to incurred loss retrospective adjustment. Letters of Credit (LOCs) being held.
A manufacturing companies has a 35 year old permanent & total claim with an actuarial reserve of $1.8 million dollars on the books. No excess cover available.
WRAMSCO performed an in-depth review of the open claims, and prepared & implemented resolution strategies.
WRAMSCO performed a claim file audit for three years, provided negotiations and closure strategies.
All claims were resolved & closed, and the liabilities were reduced. A savings of $714,000.
The insurance company settled out of court for a payment of $225,000 and closure of all retrospective policy years. A savings of $2,875,000.
Settled claim for $55,000, second injury fund assigned, claim closed under authority - a savings of $945,000.
A long haul trucking company on a Retrospective Rating Plan is billed an additional $3,100,000 in premium due to incurred loss retrospective adjustment.
A national service holding company had divisions with claims open over 15 years with reserves still on the books.
WRAMSCO performed a claim file audit for three years, negotiations and expert testimony.
WRAMSCO performed a claim audit and intense negotiations. Authority at $1 million to settle.
An out of court settlement was negotiated to include a reduction in alleged premium due to $420,000, all LOCs returned and all retros closed. A savings of $1,295,715.