AIG should pay $443M to to workers' comp insurers, panel says

03/5/2007 | Business Insurance (tiered subscription model)

A panel of arbitrators has decided that an American International Group unit should pay more than $443.5 million to a group of insolvent workers compensation insurers. The payment, which still needs court approval, would resolve a reinsurance dispute. "These funds will go toward paying the claims of injured workers insured by the insolvent Superior National companies," California Insurance Commissioner Steve Poizner said. "In the future, it will also benefit all California employers, who will pay less in premium surcharges."

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