The circuit judge presiding at the trial, if he or she deems the verdict excessive, may, on motion for a new trial filed by the losing party, indicate the amount of the excess. Thereupon, if the losing party offers to file and enter of record a release of all errors that may have accrued at the trial if the prevailing party will remit the amount so deemed excessive and the prevailing party refuses to remit the amount so deemed excessive, the verdict shall be set aside.