Washington, D.C. (PRWEB) September 19, 2012
Ullico Inc., the only labor-owned insurance and investment company, announced today that the partnership between its affiliate Ullico Casualty Company and The West Virginia Workers’ Compensation Consortium, a captive insurance program for 30 union contractors in W.Va., has received the Risk Innovator award from Risk & Insurance Magazine.
“On behalf of everyone at Ullico, we are honored to receive this distinguished award from Risk & Insurance,” said Edward M Smith, president and CEO of Ullico Inc. “The West Virginia Workers’ Compensation Consortium’s success demonstrates how unions and management can work together to provide a cost-effective and quality workers’ compensation program.”
In a profile that appears in the Sept. issue, Risk & Insurance cited the captive’s unique underwriting strategy, its strategy to position the captive as a joint labor-management initiative and the creation of a captive “troubleshooter” to communicate the goals, processes and objectives of the program to both contractor/members and construction workers.
In addition, Steve White, director of the Affiliated Construction Trades of W.Va., was also named as co-winner of the award.
The West Virginia Workers’ Compensation Consortium was formed in 2009 in the wake of the state’s privatization of the worker’s compensation system. To take part in the program, eligible contractors agree to implement extensive risk management and loss controls, but they actively participate in the operation and management of the captive. All members contribute capital in addition to the premiums they pay as policyholders. In return, the contractors enjoy competitively priced insurance premiums that can remain consistently stable over time.
To learn more about the West Virginia Workers’ Compensation Consortium, visit http://youtu.be/nTG82hT151Y.
About Risk Innovator™:
The Risk & Insurance® Risk Innovator™ Award recognizes individuals across different industries who have, in the past year, demonstrated innovation and excellence in risk management. These key individuals see risk differently and have resolved risk-related problems in a unique or innovative way. They view risk not only as a threat, but also as an opportunity for their organizations.
About the Publication:
Risk & Insurance® published 12 times a year, focuses on thought-provoking, leading-edge, strategic articles about risk management and commercial insurance. The magazine identifies emerging issues and personalities in risk management and covers property-casualty insurance, insurance brokerage, alternative risk, reinsurance, business continuity, catastrophes, workers’ compensation, enterprise and operational risk, disability management and employee benefits.
For 85 years, Ullico has been a proud partner of the labor movement, keeping union families safe and secure. From insurance products that protect union members and leaders, to investments in building projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees, businesses and investments. For additional information, visit http://www.ullico.com.
For more information, contact:
Ben C. Hardaway
Senior Media Relations Manager