Hartford Emergency Room Error Attorneys

Insurance: Is Buffett Right About Asbestos Liability?

HIG, pre-announcing 2Q 2011 results, noted an increase in asbestos reserves:

A reserve increase of $290 million, pre-tax, or $189 million, after tax, resulting from the company's annual review of its legacy asbestos liabilities. The increase was primarily driven by higher frequency and severity of mesothelioma claims, particularly against certain smaller, more peripheral insureds.

AIG presumably had to update its reserves prior to the transaction with Berkshire. Berkshire would perform due diligence. David Merkel has lovingly chronicled AIG's reserving practices, which at times have been egregiously slack. Given a very long history of under-reserving, the size of AIG's increase should not be taken as indicative of the industry as a whole.

What is Buffett Thinking?

Reviewing the most recent 10-K, the following excerpts provide a fairly clear explanation of the nature of the the transactions and the reasoning behind them:

In 2010, BHRG (Berkshire Hathaway Reinsurance Group) entered into a reinsurance agreement with Continental Casualty Company, a subsidiary of CNA Financial Corporation (“CNA”), and several of CNA’s other insurance subsidiaries (collectively the “CNA Companies”) under which BHRG assumed the asbestos and environmental pollution liabilities of the CNA Companies subject to a limit of indemnification of $4 billion.

In BHRG’s retroactive reinsurance business, the concept of time-value-of-money is an important element in establishing prices and contract terms, since the payment of losses under the insurance contracts are often expected to occur over lengthy periods of time. Losses payable under the contracts are normally expected to exceed premiums and therefore, produce underwriting losses. This business is accepted, in part, because of the large amounts of policyholder funds (“float”) generated for investment, the economic benefit of which will be reflected through investment income in future periods.

Medical Mistakes That Warrant a Medical Malpractice Lawsuit ...

Many medical mistakes can lead to a medical malpractice lawsuit . Misdiagnosis, delayed diagnosis , mistakes made during anesthesia or a host of other mistakes can make the victim eligible for monetary compensation by means of a lawsuit. The severity of the mistake and the physical outcome of the patient are ultimately what determine the compensation owed to the victim.

Misdiagnosis: A misdiagnosis is when a doctor inaccurately determines that a patient has a specific condition or disease, then later it’s discovered that they in fact have something else. Improper treatment in the form of wrong medication or unnecessary surgery may lead to injury or even death.

Delayed Diagnosis: This is when the attending physician fails to determine the cause of the patient’s illness until it’s too late to provide adequate treatment. The patient does not receive timely medication or surgery and the illness continue to develop. Delays are also caused if a patient is forced to wait in the emergency room too long.

Mistakes in Anesthesia: Anesthesia is the medication that causes a patient to sleep deeply during surgical procedures. Sensitivity to anesthetics isn’t always a known factor and may cause serious problems in some patients. The anesthesiologist is responsible for reviewing all of the patient’s medical history to make sure there will be no adverse affects.

Prescriptions: Mixing medications can cause serious side effects. Doctors must review a patient’s medical records to make sure they don’t prescribe a medication that will cause serious side effects if mixed with something else.

Childbirth: Mistakes during childbirth may cause physical harm to the mother or the child or both. The most common mistakes cause broken bones or brain damage. Sometimes too much force is used or the infant is left in the birth canal too long and suffers brain damage due to lack of oxygen.

These are just 5 of the more common mistakes that warrant a medical malpractice lawsuit. Any time you believe you or someone you care about have been a victim of malpractice or neglect, contact an experienced medical malpractice lawyer to discuss your situation.

What You Should Know

The statute of limitations must also be taken into consideration. All states require that malpractice lawsuits begin within a certain timeframe. Taking action within the allotted timeframe is imperative, if you fail to file suit within the statute you’ll lose your right to recover even if the doctor was negligent.

Lawyers' reports annotated

Atlantic reporter, Second series

The Chronicle, a weekly journal, devoted to the interests of insurance, manufacturers and real estate

West's federal reporter, cases argued and determined in the United States courts of appeals and Temporary Emergency Court of Appeals

South eastern reporter. Second series. Cases argued and determined in the courts of Georgia, North Carolina, South Carolina, Virginia, West Virginia