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October 21, 2002 at 08:00 PM
NU Online News Service, Oct. 21, 10:45 a.m. – The Phoenix Companies, Inc., Hartford, says its existing financial provisions are adequate to handle its obligations stemming from a recent arbitration decision related to a failed reinsurance program.
The arbitration panel decision, the terms of which were not specified, was issued Oct. 9, 2002 in connection with the failure of a workers compensation reinsurance program managed by Unicover Managers, South Plainfield, N.J. The Unicover program went bankrupt in 1999.
