A Discussion With Washington State Transit Insurance Pool
- Slides: 11
A Discussion With Washington State Transit Insurance Pool December 2017
Background • Domiciled in Washington, D. C. • Owned by sixteen member pools from across the United States • Launched its liability reinsurance program in 2003; workers’ compensation followed in 2005 • Completed its fourteenth year of operations December, 2016 • Ten-member Board of Directors, with term limits 2
Recent GEM Board Member Allen Hatten Director: 2003 to 2017 Board Chair: 2009 to 2011 Innovator and Luminary: ALWAYS 3
Coverage Limits • Workers’ Compensation: $1. 5 M • Liability: $10 M 4
2016 Performance • Net Income: • Year-End Surplus: • Premium: – Gross: – Net: 5 $2. 3 M $25. 2 M $11. 5 M $6. 9 M
Recent Volatility Net Income 2014 $3. 6 MM 2015 2016 ($9. 5 MM) 6 $2. 3 MM
Liability Reinsurance Treaty • GEM has entered into a Liability reinsurance ‘treaty’ with major reinsurance markets, including Lloyd’s of London • As a result, GEM provides Liability limits of up to $10 M • Long-term strategic benefit for GEM and its members 7
Liability Reinsurance Structure External Reinsurance risk transfer Coverage Provided by GEM net retention Self-Insured Retentions GEM Members 8 8
Expected Outcomes of Your Investment in GEM • Stability of risk capacity and risk costs • Long-term relationships with stakeholder partners • A strategic hedge against disruptions in the traditional insurance and reinsurance markets 9
Pooling Our Members’ Financial & Intellectual Resources 10 To safeguard your longterm stability and allow you to control your own destiny.
And finally. .
Washington state transit insurance pool
Nmmip
Introduction of fractional distillation
Insurance proposals fire insurance
Eap washington
Washington state geography
Medicare vs medicaid washington state
Washington rn licensure
Washingtons state tree
Washington state apprenticeship programs
Washington state dairy council
Wheres washington state
