Continued strong investment returns, prudent fiscal management, and falling claims numbers have prompted the Ohio Bureau of Workers’ Compensation (BWC) to recommend another $1.5 billion in premium rebates to Ohio employers this summer, expanding workers' comp savings for employers to $8 billion since 2011.
The rebate, BWC's largest in 20 years, will be voted on at the BWC board's May 24 meeting.
The proposed rebate equals 85 percent of the premiums paid for the policy year that ended June 30, 2017 (calendar year 2016 for public employers).
It would follow $1 billion in rebates issued in 2013, 2014 and 2017, as well as a $15 million rebate in 2016 for counties, cities and other public employers.
Of the proposed $1.5 billion, an estimated $48 million would go to schools and $111 million would go to local government entities. That's on top of $402 million in rebates they have received since 2013 ($125 million for schools, $277 million for others).
With this rebate, BWC will have saved employers $8 billion in workers' compensation costs since 2011 after considering other rebates, credits, greater efficiencies and several rate reductions, including two this year.
If approved, rebate checks will likely be mailed in July and August.
In addition to the rebate, private employers will also see a reduction in their premiums beginning July 1 as a result of a 12 percent reduction approved earlier this year.
The reduction will save private employers $163.5 million on this year's premiums, which are already at their lowest rates in at least 40 years due to a declining number of claims and slow-to-moderate growth in medical inflation.
AmWINS Group, Inc., the largest independent wholesale distributor of specialty insurance products in the United States, has opened an office in Columbus, Ohio.
The team includes Tiffany Buchs, Amy Szana and Chris DeLozier of the AmWINS Access division and Andy Phillips of the Brokerage division.
The Columbus office joins the current Ohio office locations in Cincinnati, Cleveland and Dayton.
J.B. Civille, Cindy Renske and Andrea Jenkins are in the Cincinnati Brokerage division, Lori Ulbrich and T.C. Canterna are in the Cleveland Brokerage division, Angel Lightcap-Grisez is in the Dayton Brokerage division, and Rhonda Goines is in the Dayton Access division.
AmWINS Access is a nationwide delegated-authority business focused on small commercial property and casualty, and personal lines. AmWINS Access provides the capabilities and market access of the largest P&C wholesaler in the United States, combined with local underwriting expertise, industry-leading technology, and access to a wide range of binding authority markets and exclusive products.
AmWINS Brokerage is the largest specialty distributor of property, casualty and professional lines insurance products. Our sales professionals are strategically located throughout the United States to service retail agents with innovative excess & surplus (E&S) lines and specialty insurance solutions.
AmWINS Group, Inc. is dedicated to serving retail insurance agents by providing property and casualty products, specialty group benefit products and administrative services. Based in Charlotte, N.C., the company operates through more than 100 offices globally and handles premium placements in excess of $14 billion dollars annually.
Kevin W. Day, President and CEO of Western Reserve Group (WRG), 1685 Cleveland Rd., Wooster, Ohio, announced that William Galonski has joined as Vice President of Claims and a member of the Operating Committee.
“William brings a depth of Claims leadership and acumen to WRG. He is an excellent fit for our corporate culture.” said Day.
William has served in several claims roles at Grange Insurance most recently as Assistant Vice President – Property Claims & SIU. He began his 15 year tenure with Grange in 2003 as Claims Representative and then Field Property Specialist. William served from 2006 – 2014 as Manager of Property Claims & SIU before his promotion to Assistant Vice President in 2014.
William started his career in Claims in 1999 as a Claims Representative with State Auto Insurance. He is a graduate of The Ohio State University and has the following insurance designations: CPCU, ARM, AIC, and AU.
He grew up in Northeast Ohio where his parents still reside, is an avid basketball fan and still plays, and has a special passion for supporting the fight against cancer.
Mike Humphry has joined The Iroquois Group’s Mid-Atlantic team as a regional manager for southern Ohio and Kentucky.
Humphry’s insurance career, which began in 1980, has included experience in both the independent agency and exclusive agency distribution systems. Prior to joining Iroquois, Humphry worked with Grange Insurance and Nationwide, serving in various roles in sales, marketing, underwriting, and operations. Throughout his career, Mike has worked as a trusted advisor to agents helping them achieve profitable growth.
Iroquois Mid-Atlantic is part of The Iroquois Group®, serving member agencies in eight Mid-Atlantic states plus the District of Columbia. Agencies of all sizes and shapes join Iroquois to increase revenue, profits and agency value – without giving up their independence. For more information, go online to www.iroquoisgroup.com
COLUMBUS, OH - Reed & Baur Insurance Agency (Reed & Baur), a member of Ohio Insurance Agents Association, Inc., was selected by Secretary of State Jon Husted as a featured business for March in the Ohio Business Profile Program.
The Ohio Business Profile featured women-owned businesses for the month of March – also recognized as Women’s History Month. According to Ohio Business Profile, there are “more than 330,000 women-owned businesses in Ohio…In the Buckeye State, these businesses generate more than $43 billion in sales every year.”
Reed & Baur considers meeting the needs of their customers the foundation of their company.
They offer many different insurance options including home, auto, farm, business/commercial, school, and government. Reed & Baur believes that their customers are the purpose for their work and that it is a privilege to fulfill the needs that are brought to them.
Aside from offering courteous and professional service to their customers, Reed & Baur finds it important to give back to their community. They serve many organizations and causes throughout Ohio and their local community.
Reed & Baur thinks Ohio is a great place to do business because of the many different industries, farming practices, construction techniques, and socio-economic needs they can work with.
For more information on the Ohio Business Profile Program, and Reed & Baur’s feature, please visit the Ohio Secretary of State website.