Chesapeake Employers’ Insurance coverage Co. has filed for an 8% web price lower with the Maryland Insurance coverage Administration (MIA) efficient April 1, 2025.
The nonprofit firm, which is the state’s insurer of final resort, additionally introduced its highest-ever policyholder dividend of $55 million for 2025. It’s the eighth consecutive 12 months that the corporate has declared dividends for its clients. In 2024, the insurer reported $50 million in dividends and decreased charges by 4%.
“Our distinctive nonprofit enterprise mannequin allows us to leverage the bottom value of capital doable to profit our policyholders by returning the corporate’s earnings to clients within the type of dividends and decrease charges,” acknowledged Mark Isakson, the insurer’s president and chief govt officer.
The corporate mentioned it is going to start distributing the 2025 policyholder divided this Could. Dividends are primarily based on efficiency and should not assured. In 2024, practically 97% of the corporate’s policyholders certified for a dividend, based on the corporate.
For 2023, the corporate reported a 27.8 loss ratio, down from 48.5 in 2022. For 2023, the corporate reported that 95% of its insureds reported no office accidents. Its mixed ratio in 2023 was 96.4.
Chesapeake Employers is Maryland’s largest author of staff’ compensation insurance coverage with virtually 19% of the market, based on MIA. It has served because the residual market insurer since since 1914.
Subjects
Carriers
Workers’ Compensation
Maryland
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