Prairie State Insurance Cooperative Concludes Annual Members Meeting

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The 8th Annual Members Meeting of the Prairie State Insurance Cooperative (PSIC) was held on May 8th in Springfield, Illinois. The PSIC is a Property Casualty/Workers Compensation cooperative writing 138 Illinois school districts.

In light of the current State of Illinois funding issues, we have been able to help all our members control their insurance costs with exceptional coverages

PSIC Chair Robert McDermott reported to the membership a successful 2012-2013 plan year that saw membership grow by 31 new school districts, and reported surpluses in the plan for the current year at $2.7 million through April 30, 2013. McDermott spoke about the success of the PSIC in an Illinois marketplace that has seen rate increases and the traditional insurance carriers tightening underwriting standards in the past year.

McDermott stated, “Since inception of the cooperative with only 16 members, the board made a commitment to provide a quality insurance program to Illinois School District's, and we continue that philosophy today with 138 members. In light of the current State of Illinois funding issues, we have been able to help all our members control their insurance costs with exceptional coverages”.

Mark Schneider of Brennan & Stuart, Inc. was named the PSIC Producer of the Year at the meeting. Mr. Schneider added 8 new member districts in the past year. “The challenge we have faced is asking Superintendents, who wear many hats in their district, to invest the time in understanding our structure and concept versus the traditional insurance marketplace where they pay a premium and the insurance company pays the claims. Our program offers them more control over their costs, enhanced coverages and potential future returns.”

About Prairie State Insurance Cooperative:

The Prairie State Insurance Cooperative (PSIC) is a protected, self-insurance risk management program that gives districts long-term stability in premiums, as well as broader coverages and increased limits. A specialized insurance & risk management program for public school districts in North, Northwest, Central and Southern Illinois, the PSIC offers several property, liability, and employee- and student-related coverage options. The program is administered by Arthur J. Gallagher Risk Management Services, Inc.

About ARM of Illinois:

ARM of Illinois is the regional membership association serving member agencies in the state of Illinois, and is part of the national association of ARM. ARM of Illinois is the sole distribution network for the Prairie State Insurance Cooperative.

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Robert Pegg
ARM
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