Gevity, a professional employer organization (PEO) that provides HR services to businesses nationwide, recently received a return of $26.6 million of excess workers' compensation collateral from AIG Commercial Insurance. As previously reported, this return of collateral relates to the company's workers' comp policy years 2000 to 2002.
This January return of excess collateral, along with other recently reported workers' comp program cash flow events, have reportedly further strengthened the company's cash and liquidity position.
As of today's date, the company has no outstanding balance on its revolving credit facility and management anticipates no material sustained borrowing position on this facility for the foreseeable future.
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