Robert McDermott, Chairman of the Prairie State Insurance Cooperative (PSIC), has announced an equity return to members of $1,634,098 from the Worker's Compensation Loss Fund for policy years 2012-2013 and 2013-2014. This is the largest equity return in the history of the cooperative which started in 2006 and has 217 members.
PSIC is a full-service insurance and risk management program offered to public schools in North, Northwest, Central, and Southern Illinois. The comprehensive program gives members long-term stability as well as broader coverages and increased limits. In addition to workers compensation, coverages include property & casualty, automobile, excess liability, school board legal, student accident, cyber liability, pollution and more.
The risk-sharing pool purchases traditional insurance in excess of a self-insured loss fund. The specialized nature of the program design offers the potential return of loss fund dollars subject to favorable loss experience. PSIC’s equity return is evidence that the program is well managed and profitable.
The program is administrated by Gallagher, the leading provider of risk management and insurance solutions for Illinois Public School Districts.
ARM of Illinois is the exclusive marketing agent for PSIC. A member of ARM International, the group provides a proven distribution platform for insurers and program managers. ARM of Illinois has 23 independent agency members operating from locations throughout Illinois.
