Retailers Casualty Insurance Company Declares Significant Payout
Retailers Casualty Insurance Company Declares Distribution
The board of directors at Retailers Casualty Insurance Company has made an important announcement regarding its policyholder distributions. A remarkable distribution of $2,500,000 has been declared payable for policies that became effective in 2022. The company has initiated distributions to qualifying policyholders, highlighting its commitment to rewarding loyalty and good performance.
Details of the Distribution
Each policyholder's distribution will be calculated based on their premium and loss ratio. This means that the more successful a policyholder is in managing their risks, the higher their return on investment. For those policyholders who maintained a record of zero losses, the maximum distribution can reach up to 21.3 percent of their standard premium. However, it's crucial to note that eligibility requirements must be met, and future distributions will be determined at the board's discretion, hence will not be guaranteed.
Commitment to Worker Safety
Frank Brame, the chairman of the board, expressed his enthusiasm over these distributions, stating, "Retailers Casualty Insurance Company provides exceptional workers' compensation coverage for our clients, and we are excited to reward those dedicated to ensuring employee safety." This statement resonates with the company's overarching mission—to champion safety and well-being in the workplaces of their policyholders.
Supporting Policyholders through Comprehensive Services
Hank Chiles, who serves as senior vice president for the Southwest Region, emphasized the importance of supporting policyholders. He remarked, "At Summit, we provide our policyholders with comprehensive employee safety and claims management services, making these distributions feasible." This collaboration between Retailers Casualty and Summit Consulting elevates the overall experience for policyholders, contributing to the company's reputation as a leader in the market.
The Role of Summit Consulting LLC
Retailers Casualty Insurance Company is operated under the expert management of Summit Consulting LLC, known for its considerable experience in the workers' compensation sector. With over 40 years in business, Summit delivers a wide array of services, including underwriting, policy administration, claims handling, and loss prevention. Their expertise ensures that policyholders receive top-notch service and support.
Geographical Reach and Operations
Summit Consulting operates across numerous states nationwide, providing expansive service offerings to various businesses. This includes managing operations for multiple workers' compensation insurance companies. As a key player in the U.S. insurance landscape, Summit's reach includes several states, ensuring comprehensive service delivery across the region.
Ongoing Commitment to Policyholders
With offices strategically located in various states, Summit aims to bring exceptional value to its clients. Their mission is to foster sustainable worker environments that enhance safety and productivity while also providing robust insurance coverage. By aligning their practices with ethical and standard business operations, Retailers Casualty and Summit Consulting exemplify what it means to be leaders in the insurance industry.
Frequently Asked Questions
What is the amount declared for policyholder distribution?
The board has declared a total of $2,500,000 for policyholder distribution.
How will the distribution amount be determined?
The distribution will be based on the qualifying policyholder's premium and loss ratio, with the potential reaching up to 21.3 percent for those with no losses.
Who manages the Retailers Casualty Insurance Company?
Retailers Casualty Insurance Company is managed by Summit Consulting LLC, recognized for their expertise in the workers' compensation field.
Why does the company reward policyholders?
The company rewards policyholders to encourage effective risk management and to support their commitment to employee safety and health.
What services does Summit Consulting provide?
Summit Consulting provides underwriting, policy administration, claims management, and loss prevention services to its policyholders.
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