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Gevity Receives $33.1 Million Of Returned Workers’ Compensation Collateral

26 Sep, 2008 WorkersCompensation.com

                               

Bradenton, FL (CompNewsNetwork) - Human resources firm Gevity (GVHR) announced Thursday it had received a return of $33.1 million in excess workers' compensation collateral from AIG Commercial Insurance.

The amount returned is in excess of Gevity's prior estimate of $17 million.

Gevity also reached an agreement with AIG Commercial Insurance that it will waive approximately $14 million in workers' compensation collateral payments from a Gevity-related company during the fourth quarter of this year.

"This return of collateral reflects favorable claims cost trends, which are largely the result of our effective underwriting practices, claims management controls and our strong relationship with AIG Commercial Insurance," said Gevity Chief Financial Officer Garry Welsh said in a statement issued by the company.

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