Argonaut Group, Inc. Subsidiary Settles Suit with Los Angeles County Metropolitan Transportation Authority.SAN ANTONIO San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. -- Argonaut Group, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AGII) announced today that Argonaut Insurance Company ("Argonaut") has settled its longstanding dispute with the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County Metropolitan Transportation Authority ("MTA (1) (Message Transfer Agent or Mail Transfer Agent) The store and forward part of a messaging system. See messaging system. (2) See M Technology Association. 1. (messaging) MTA - Message Transfer Agent. "). The settlement requires the MTA to make a cash payment to Argonaut in the amount of $45.0 million by September 15, 2005. The MTA also agreed to make future payments to Argonaut out of funds recovered by the MTA from its excess liability insurers for the period covered by the settlement. The MTA originally filed suit against Argonaut eight years ago, disputing its payment obligations to Argonaut under the liability insurance program, which covered construction of the MTA's Metro Rail line from 1986 to 1996. The suit also sought damages against Argonaut for breach of contract, breach of the covenant of good faith and fair dealing, and other causes of action. Argonaut counterclaimed for unpaid deductibles and to recover expenses related to claims not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. under the program. Argonaut canceled its coverage in 1996 after the MTA refused to make payments owed in connection with claims arising out of the construction of the Metro Rail Red Line, including widely publicized claims for subsidence subsidence, lowering of a portion of the earth's crust. The subsidence of land areas over time has resulted in submergence by shallow seas (see oceans). Land subsidence can occur naturally or through human activity. and sinkholes due to tunneling in the Hollywood area. Argonaut Group had previously disclosed in public filings that a receivable in the amount of $47.6 million was due and that the Company believed Argonaut's defenses to the MTA's claims were meritorious mer·i·to·ri·ous adj. Deserving reward or praise; having merit. [Middle English, from Latin merit . About Argonaut Group, Inc. Headquartered in San Antonio, Argonaut Group, Inc. (NASDAQ:AGII) is a national underwriter of specialty insurance products in niche areas of the property and casualty market with assets of approximately $3.2 billion at June 30, 2005. Through its operating subsidiaries, Argonaut Group offers high quality customer service in programs tailored to the needs of its customers' business and risk management strategies. Collectively, Colony Group, Rockwood Casualty Group, Argonaut Insurance Company, Great Central Insurance, Grocers Insurance, and Trident Insurance Services underwrite a full line of products in four primary areas: Excess and Surplus, Select Markets, Risk Management, and Public Entity. Information on Argonaut Group and its subsidiaries is available at www.argonautgroup.com. |
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