Prairie State Insurance Cooperative Announces Equity Return

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Robert McDermott, Chairman of the Prairie State Insurance Cooperative (PSIC), has announced an equity return to members of $1,000,000 from the Worker's Compensation Loss Fund for policy years 2011-2012, 2014-2015, 2015-2016, 2016-2017 and 2017-2018. PSIC has returned over $5,500,000 to members since its inception in 2006.

L to R: Michael McHugh, Area Senior Executive VP, RPA; Robert McDermott; Chairman, PSIC; Marcus Henthorn, Area Executive VP, RPA and Byron Given, Area Senior VP, RPA

Prairie State Insurance Cooperative (PSIC), has announced an equity return to members of $1,000,000

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 stability as well as broader coverages and increased limits. In addition to workers compensation, coverages include property & casualty, automobile, excess liability, school board legal, student accident, cyber liability, pollution 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 ability to return equity to members is evidence that the program is well managed and profitable.

Risk Program Administrators (RPA), a subsidiary of Arthur J. Gallagher & Co., provides strategic guidance, industry expertise and custom services to PSIC. RPA is 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 for insurers and program managers. ARM of Illinois has 19 independent agency members operating from locations throughout Illinois.

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Craig Payan