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Federated
- 1. Federated UpdateChad OgrenSales ManagerFederated Rural Electric Insurance Exchange
- 2. Finance Update Year EndThrough June 20092010 Total Assets $351.7 Million $379.1 Million Surplus $109.9 Million $112.9 Million Net Margins $ 12.5 Million $ 8.5 Million Combined Loss & Expense Ratio 100.9% 98.4% Overhead Expense Ratio 15.2% 14.9%
- 3. Claims Update We received 6,171 new claims through June, 2010. 2010 claim counts are down 8% Included in the new claims reported are 55 public contact claims with 15 fatalities.
- 4. We encourage you to take advantage of the materials that are available to members of the Safe Electricity program. www.safeelectricity.org
- 5. WC Group Retention Program The WC Group Retention Program is about keeping people on the job and keeping them safe. If successful, group members share in the rewards. Since becoming a group retention member in 2004, ALEC members have earned dividends totaling $1.1 million.
- 6. We encourage everyone to share their “Never Again” incidents with their peers.
- 7. Federated Information Security Liability ProgramIs Your Data Safe?
- 8. Loss Control Contributions Each year Federated sets aside a portion of our members’ premiums to be returned to statewide associations in support of the safety and training programs provided. Countrywide $2.3 Million ALEC $ 80,221
- 9. Thank You
Notas del editor
- Direct written premium through June,2010 is up 2.3%. This includes premium on new business with the addition of all four co-ops in the state of New York, one new core electric in Mississippi and one in Nevada.Total assets have increased to $379.1 millionSurplus, Federated’s bank to take care of unexpected events, has increased to $112.9 million. This includes the recognition of $4.4 million of member distributions that were paid in March. Federated’s combined ratio at 6/30/10 is 98.4%. The decline in the combined ratio is from favorable 2010 underwriting results through six months, particularly regarding current accident year claims. Net Margins as of 6/30/10 are $8.5 million.
- We received 6,171 new claims during through the 2nd quarter of 2010. This represents 8% fewer claims this year than during the 2nd quarter of 2009. Included in the claim count are 55 contacts with 15 fatalities as compared to 48 contacts with 13 fatalities at the same time last year. Public contact fatalities reported during the month of June, 2010 were the result of the following: Removing a mouse nest from an electrical box Irrigation system contact Attempt to steal copper Attempt to re-connect service after a non-payment disconnect. Building a fence and raised a pole (twenty feet long) into the overhead.
- This is just another reminder that we must remain vigilant in educating the general public about power line safety. We encourage you to take advantage of the materials that are available to members of the Safe Electricity program. As a member, you have access to radio and television public service announcements, videos, news releases and articles, all of which can be accessed on the Safe Electricity web site. If you’re not already a member of the safe electricity program, we encourage you to learn more by going to www.safeelectricity.org.
- Another resource that I would like to focus on today is the Workers’ Compensation Group Retention Program provided by Federated. This program is not just about dividends, it’s about using the synergy of the group to eliminate or minimize loss exposures. It’s about keeping people on the job and keeping them safe. Approximately, 2% of our claims each year generate about 70% of our claim costs. This handful of claims drives the overall cost of our members’ insurance program. Ultimately, these losses affect the rates charged in the state and the overall cost of our members’ property and casualty insurance program. If we were able to eliminate a good percentage of those large claims each year, not only would this affect the cost of our members’ insurance program, but it would also reduce the unbudgeted costs that must be dealt with on the cooperative level. Since becoming a group retention member in 2004, ALEC members have earned dividends totaling just over $1.1 million. Unfortunately, there were no dividends earned during the 7/1/2010 reporting date for the 2008 and 2009 policy years. You can learn more about losses occurring in the state under the “Reports” tab at www.federatedrural.com.
- We were delighted to have as our guest Mr. Bruce King, CEO of BARC Electric Cooperative, as Federated’s 2010 Annual Meeting Keynote Speaker. Mr. King held the attention of the attendees as he shared his perspective on how a near‐tragic accident turned into something positive at BARC Electric Cooperative. We encourage everyone to view Mr. King’s “Never Again” address that is posted to Federated’s member website. We also encourage everyone to take advantage of a new feature, Federated’s “Safety Knowledgebase.” There you can access online self-study courses, as well as training modules for groups.
- In response to our member’s requests, Federated in an alliance with Lockton has introduced a new Information Security Liability Program that addresses information security risk specific to the rural electric and telephone industry. Coverage provided in conjunction with this program include:Security/Privacy Civil Liability Coverage– An example of this is someone suing you claiming you failed to look after their data appropriately.Employee Privacy Coverage – Extends to protect private information of your employeesRegulatory Defense and Penalties Coverage – One of the two main types of coverage offered that enables a firm to pay for legal costs—including state attorney general costs and civil penalties and fines. Notification Cost and Crisis Management Coverage – This is the second of the two main types of coverage offered that covers most costs associated with IT, attorneys, legal costs and loss of business. To learn more go to www.federatedrural.com and click on the Federated Information Security Liability Program Link.
- The insurance program provided by Federated today, much like the program offered to cooperatives in 1959, is based on safety and loss prevention. Federated continues this tradition by returning a portion of premiums to statewide organizations each year in support of their Job Training and Safety efforts.Federated’s contribution over the first 50 years totals $31.2 million.In 2010, Federated will be returning over $2.3 million to the cooperative family. Federated’s contribution to the ALEC in 2010 was $80,221. That’s dollars kept within the cooperative program!