Chubb To Refund $13M Excess Fla. Comp Profits

Florida Insurance Commissioner Kevin McCarty said yesterday he has issued a consent order requiring the Chubb Group of companies to refund over $13 million in excess workers’ compensation profits to its customers.

The order states that the Office of Insurance Regulation performed an evaluation of the data submitted by the Warren, N.J.-based firm and determined that between the years 2002 and 2004, the insurers realized excess profits in the amount of $13,099,891 for workers’ compensation business.