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News in Brief.
(From Insurance Day)
Mississippi turning
MISSISSIPPI'S senate judiciary committee and the full senate have approved a comprehensive tort reform bill addressing the worst abuses of the state's litigation system, according to the American Insurance Association (AIA). SB 2783 includes legal reforms such as a $250,000 limit on non-economic damage awards for all tort actions, elimination of joint and several liability, limits on punitive damage awards and a medical malpractice liability review board. The AIA has targeted Mississippi for tort and asbestos reform efforts in 2004, aiming to secure legislation that addresses what it says are some of the worst abuses of the current system.
Platinum on mettle
AM BEST has affirmed the A (excellent) financial strength rating of Platinum Underwriters Holdings. This reflects strong operating performance and excellent capitalisation since the firm's inception in 2002. In 2003 the group achieved an 84.7% combined ratio and increased total capital by 13.8% to $1.2bn. Platinum's strengths have been partially offset by ...
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