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REFORM SPURS ITT HARTFORD TO EXPAND WORKERS' COMPENSATION INSURANCE BUSINESS IN FLORIDA

 HARTFORD, Conn., Dec. 9 /PRNewswire/ -- In response to significant workers' compensation insurance reform legislation signed Dec. 1 by Florida Governor Lawton Chiles, ITT Hartford Insurance Group is expanding its workers' compensation insurance business in the state.
 ITT Hartford, one of the nation's largest workers' compensation insurers, has been reducing its share of Florida's workers' compensation insurance market for several years due to unprofitable business conditions. The company is the fourth largest workers' compensation insurance carrier in the state, with 5.6 percent of the market.
 "This reform legislation is a shining example of government working with industry to address a serious problem," said Richard Lagasse, managing director, Workers' Compensation, ITT Hartford Insurance Group. "Gov. Chiles, Treasurer Tom Gallagher, the state legislature, and Florida's labor and business communities have succeeded together in bringing the costs of Florida's workers' comp. system more in line with rates. As a result, we plan to substantially increase the amount of workers' compensation insurance we provide to Florida businesses."
 The new legislation promises to improve rate adequacy, reduce system costs and improve workplace safety -- creating a more attractive business climate for insurers and employers, and a safer working environment for employees, Lagasse added.
 Among the reform legislation provisions is the replacement of the underfunded residual market plan with a self-funded Joint Underwriting Association. Under this system, employers that were part of the residual market plan will become members of a self-sustaining JUA. The reform legislation also includes cost reduction measures -- such as an increasing emphasis on workplace safety and managed-care services, as well as the establishment of a dispute resolution office.
 "Workplace safety and managed care services benefit everyone involved -- employees, employers and insurers," said Lagasse. "By preventing workplace accidents, they protect employees, while also saving money for employers and insurers. And when accidents do occur, these services provide specialized medical and rehabilitation care that treats employees promptly so they can recover and return to work quickly."
 ITT Hartford will offer workers' compensation coverage to safety-conscious employers with policies effective Jan. 1, 1994.
 ITT Hartford Insurance Group, a subsidiary of ITT Corp. (NYSE: ITT), is one of the nation's oldest and largest international insurance and financial services operations. Member companies offer commercial property and casualty insurance, automobile and homeowners coverages, and a variety of life insurance, employee benefit and asset management plans.
 -0- 12/9/93
 /CONTACT: Connie Gurney, (office)203-547-6237, (home)203-521-3192, or Sue Honeyman, (office)203-547-4976, (home)203-397-9233, both of ITT Hartford/
 (ITT)


CO: ITT Hartford Insurance Group, ITT Corp. ST: Florida, Connecticut IN: INS SU:

JL-DJ -- NE001 -- 2082 12/09/93 08:59 EST
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Publication:PR Newswire
Date:Dec 9, 1993
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