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Specifically, in this case Chirchirillo took over a "deficiently structured program" end was able to deliver increased limits on extra expense, a concurrent signed and delivered policy form prior to inception, and an improved structure, all despite two losses outstanding, one within a month of binding.
As part of the settlement, BIC agreed to reimburse American Safety Insurance for all paid losses outstanding as of December 31, 2002, and continue to make payments under reinsurance treaties in the ordinary course of business.
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