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April 19, 2006

Beacon board meeting again today on critical report

Beacon Mutual Insurance Co.’s board of directors is set to meet at 4 p.m. today with a representative from Giuliani Security & Safety, the firm whose report last week detailed “mismanagement and abuse of policyholder funds” dating back years, Beacon spokesman Bill Fischer said this morning.

This is the second time the board of the state’s dominant workers’ compensation insurer has met since the report was released last week by an independent committee headed by former Gov. Lincoln Almond.

On Friday, in the wake of demands by Governor Carcieri, the board suspended, with pay, the company’s chief executive officer, Joseph A. Solomon, and its vice president of underwriting, David Clark.

Fischer said today that the board has indicated those suspensions were “pending further review of the Almond Committee report.”

“It was their intention to conclude that review at this board meeting” today, Fischer said.

Fischer could not say how long today’s meeting might go, but the meeting on Friday lasted nearly nine hours.

The board will meet at company headquarters at One Beacon Centre in Warwick.

Read the report.

Posted by Kate Bramson  at 12:27 PM | Permalink

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