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Excess Insurance incepts, or begins its Coverage, over and above Primary and other underlying Insurance. In an interesting article, Robert S. Schimek, Chief Financial Officer of Chartis (formerly known as AIG's Property and Casualty lines of business, according to the article), is quoted as saying that Excess lines are "among the most complex lines of business to reserve for." Robert S. Schimek, quoted by Mary Williams Walsh, "A.I.G. Posts Loss of $11 Billion on Higher Claims" p. B1, col. 5 (New York Times Nat'l ed., "Business Day" Section, Saturday, February 27, 2010).
Mr. Schimek observed that two (2) lines of Insurance accounted for some 90% of the additional monies which AIG posted to its Reserves on Friday, February 26, 2010: Excess Worker's Compensation and Excess Casualty. Id.
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