Prairie State Insurance Cooperative Announces Equity Return

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Robert McDermott, Chairman of the Prairie State Insurance Cooperative (PSIC), recently announced an equity return to members of $709,360. The return includes monies for property/casualty policy years 2006-07, 2011-12, 2012-13 and 2013-14.

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PSIC is a full-service insurance and risk management program offered to public schools in North, Northwest, Central and Southern Illinois. The comprehensive program gives members long-term cost stability as well as broader coverages and increased limits. Coverages include property & casualty, automobile, excess liability, workers compensation, school board legal, student accident and more.    

The risk-sharing pool purchases traditional insurance in excess of a self-insured loss fund. The specialized nature of the program design offers the potential return of loss fund dollars subject to favorable loss experience. PSIC’s equity return is evidence that the program is well managed and profitable.

Now at 192 members, PSIC expects to exceed 200 members in 2018.

The program is administrated by Gallagher, the leading provider of risk management and insurance solutions for Illinois public school districts.

ARM of Illinois is the exclusive marketing agent for PSIC. A member of ARM International, the group provides a proven distribution platform to insurers, wholesalers and program managers. ARM of Illinois has 24 independent agency members operating from locations throughout Illinois.

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Craig Payan