Highlights of CIRMA\u2019s 2019 Annual Meeting of Members

Highlights of CIRMA’s 2019 Annual Meeting of Members

CIRMA achieves new financial and operational milestones

CIRMA held its Annual Meeting on January 25, 2019, with record attendance of more than 240 CIRMA members and strategic business partners. David Demchak, President and CEO, reported on CIRMA’s strong financial and operational performance for the 2017-18 year.

Barbara Henry, First Selectman of Roxbury, Chairman of the Board, CIRMA

Attendees participated in two educational sessions, Legal Pitfalls Municipal Officials Should Avoid and Municipal Cyber Threats. Barbara Henry, First Selectman of Roxbury and Chairman of the CIRMA Board, presided over the Business Meeting and election of the new CIRMA Board of Directors. She was also recognized for her outstanding service and leadership as the Chairman of the CIRMA Board of Directors from 2015 through March 2019.

Financial Results

Demchak reported 2017-18 was a year of very strong financial and operational performance for CIRMA. Total gross premium rose to $98 million; the highest premium level in CIRMA’s history. Members’ equity grew by 12% and reached $146 million, a new milestone. Assets grew by 5% to $383 million, a new high. In addition, for the second consecutive year, CIRMA declared a $5 million Member Equity Distribution to members. “Building financial strength is critical to CIRMA’s vitality and mission to create market stability and savings over the long term for our members,” stated Demchak.

Rate Indications for 2019-20

“We understand your need for budget certainty,” said David Demchak. CIRMA’s rate stabilization programs and long-term rate dependability are excellent examples of what makes CIRMA unique. More than 150 members, with nearly $46 million in premium, participated in CIRMA’s Rate Stabilization Programs in 2017-18. For 2019-20, CIRMA’s rate need is right where its members expect, sharing in CIRMA’s continued success:

• -2.5% Workers’ Compensation pool

• -3.0% Liability-Auto-Property pool

David Demchak, CIRMA President & CEO.

Operational Highlights

CIRMA’s operational accomplishments complemented its financial results. Underwriting created new solutions with expanded coverage and stable pricing demonstrated by rate reductions and strong participation in CIRMA’s rate stabilization program. Claims continued to deliver bottom-line savings — $50 million in managed care savings for the year — while improving customer service approaches and care to injured employees. Risk Management engaged the highest number of employees, more than 14,000, in our training and education programs and provided more than 7,500 hours of consultative services,empowering members to better manage risk.

All producing savings over the long-term and meeting our mission of providing high quality services tailored for Connecticut municipalities.

CIRMA’s Annual Meeting of Members was held in Rocky Hill on January 25th.

Strategic Initiatives

“Our environment is changing broadly, from new and expanding risks to a technology renaissance in the insurance industry. As we look ahead, there is much work to do and much to be excited about,” said David Demchak. To meet the demands of a changing market, CIRMA has developed five integrated strategic initiatives; Talent Management, Technology and Data initiatives that will target implantation of Best in Class technology, building on Financial Strength through effective capital management, expansion of New Product and Consultative Services and a continued focus on Enhancing the Customer Experience. All of these initiatives will enable CIRMA to provide CIRMA members with continued value, expertise, innovation, and market stability long into the future.