Donation to Resolve Captive Re Dispute

LandAmerica Financial Group Inc., Richmond, Va., has reported an agreement with the Arizona Department of Insurance under which it will resolve disagreements over captive reinsurance transactions by voluntarily contributing $1 million to relief efforts related to Hurricane Katrina.LandAmerica said the "discussions over the propriety and legality" of such arrangements had been resolved "cooperatively and creatively" because the department agreed that no Arizona consumer had paid more for title insurance under captive reinsurance transactions. "We especially appreciate the willingness of the Arizona DOI to seek a creative resolution to our discussions and are grateful for this novel approach in a time of crisis for so many," said Theodore L. Chandler Jr., LandMark's president and chief executive officer. The $1 million will be given to Arizona chapters of the American Red Cross to benefit Arizona citizens and the hurricane victims recently evacuated to Arizona.