Builders Insurance Strikes Back in Home Builders' Proxy Fight

Builders Insurance Group countered what it called a "hostile take-over" move by Home Builders Association of Georgia (HBAG) with its own set of proxies to head off the replacement of the insurer's board of directors.Builders Insurance, a captive mutual carrier launched by HBAG as a self-insured group in 1992, announced Monday it began mailing white proxy cards to counter the blue proxy cards sent out last month by HBAG in an attempt to unseat Builders' governing board.In a letter to the member/policyholders within Georgia, the carrier warned Monday that HBAG has used "misrepresentation...