Med Mal Exec Retiring Amid Controversy
NU Online News Service, Dec. 3, 10:59 a.m. EDT
Mr. Cheeseman was recently the target of harsh criticism from investors after the East Lansing, Mich.-based firm reported financial losses and reserve additions. (See NU, Dec. 1, page 12.) In the third quarter, the insurer lost $77.1 million, which included a $43 million reserve increase.[@@]
During a Nov. 13 conference call, the insurer's largest investors expressed their desire for Mr. Cheeseman's departure. "We really don't understand why you're still around," said one investor, whose sentiment was echoed by many others.
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