PHH Arval Recovers Over $27 Million in 2004 For Corporate Clients Through Subrogation of Vehicle Collision Claims
— PHH Arval, a subsidiary of PHH Corp., announced on April 14 that for CY 2004, the company's Vehicle Accident Services division recovered more than $27 million for its clients in collision claims.
In addition, the company reported that in the month of February 2005, PHH's Subrogation team recovered over $3 million for its clients – more than $400,000 more than any previous monthly PHH record. Also, according to Arbitration Forums, Inc., a provider of intercompany arbitration services:
For every dollar paid to Arbitration Forums in adjudicating subrogation claims, PHH recovered nearly $61. The industry average is a recovery of $30 for every dollar paid to Arbitration Forums.
PHH recovered 75 percent of the total dollars sought in arbitration. The industry average is 58 percent.
PHH won 80 percent of cases adjudicated in 2004. The industry average is 48-52 percent.