Figures

$1 million

The punitive damages amount to be lodged against State Farm after the federal judge overseeing the Mississippi Katrina claims cases reduced a recent $2.5 million jury award. U.S. District Judge L.T. Senter ruled that a punitive damage award that is four to five times the compensatory damages of $211,212 in the case was more appropriate than the figure $2.5 million, which is 12 times that amount, decided by the jury. The case involved State Farm’s handling of wind and water claims at the home of the Broussard family.

$75 million

The amount MBIA Corp., a large insurer of municipal bonds, has reportedly agreed to pay to settle an investigation by federal and New York state authorities into its improper accounting of a 1998 finite reinsurance transaction worth $70 million. The accord is with the Securities and Exchange Commission, the office of New York Attorney General and the New York State Insurance Department. Other companies caught up in the recent finite re investigations include Ace Ltd. and American International Group Inc., and General Reinsurance Corp.

$3.9 billion

The sale price Marsh & McLennan Companies, Inc. said it will receive from that Great-West Lifeco Inc., a financial services holding company controlled by Canada-based Power Financial Corp., for the purchase of MMC’s Putnam Investments. Putnam is one of the largest investment management firms in the United States, with $192 billion under management at the end of 2006.

37

The number of new captives started in Vermont in 2006. New captives include such well-known companies as Starbucks Corp., McGraw-Hill, Principal Financial Group, Ameren and Aegon. According to the Vermont officials, the 37 new captive insurance companies licensed last year equals the number licensed in 2005. The total number of captive licenses issued in Vermont is now 791.

15% to 24%

The auto insurance premium savings that drivers in Lawrence, Boston and other urban communities in Massachusetts can expect in 2007. The good news is attributable in part to a high-profile crackdown on auto insurance fraud. The statewide average premium is scheduled to drop by nearly 12 percent on April 1, but drivers in some communities where antifraud task forces have been operating will see even greater savings.

$100,000

The amount St. Paul Travelers agreed to pay an ex-pizzeria owner who sued the town of Mount Lebanon, Pa. after being subdued by police with a stun gun in 2005. The plaintiff and his wife sued the municipality, its police chief and a police officer for allegedly violating their constitutional rights and inflicting physical and emotional pain.