Carriers Factoring $1 Billion Unfunded Liability Into Reserves

Major workers’ compensation carriers are reporting that they’ve adjusted their reserves in response to Florida Supreme Court decisions that have been predicted to create an unfunded liability of $1 billion or more. Liberty Mutual, The Hartford and Travelers Cos. each mentioned in reporting their third-quarter results the impact of the recent Florida Supreme Court decisions in Castellanos v. Next Door Co. and Westphal v. City of St. Petersburg. The carriers' comments come after American International Group said in reporting its second-quarter results that it had added $109...