The EIA Board of Directors held their regularly scheduled meetings on March 3rd and 4th. Following the Executive Committee meeting Thursday morning, the afternoon session featured a detailed report from the Bickmore Risk Services (BRS) actuary (John Alltop) explaining the actuarial results for both the EWC and GLI programs (EWC experience was worse than expected, while GLI came in better than expected). Alliant reported on the status of the Property March 31st renewal which, in spite of record losses this year and a corresponding increase in rates on the primary layer, is expected to come in close to flat overall with reductions in pricing on the excess layers. Each member’s actual cost will vary depending on loss experience and other individual factors. Participants also received an update on the use and utility of the Target Safety loss prevention platform.
President Jim Sessions (Riverside County) presided over the Friday Board meeting in near record time. The Board used the actuarial results to set rates for the pool for the 2011/12 year for EWC and GLI. EWC pool rates will increase an average of about 11% and the GLI rates will decrease an average of 4% for schools and 7% for all other members. A routine mid-year budget revision was approved by the Board. Members in attendance received revised premium estimates for all programs for the 2011/12 year.
The highlight of the two-day session was a sparring match between the property brokers and the actuaries. The gauntlet was thrown down Thursday afternoon when Ralph Hurst implied that following the actuarial presentation actually made his property presentation seem interesting. Bickmore (Mike Harrington) responded on Friday morning with the Top 5 reasons you might be listening to a Property presentation (available upon request). Kevin Bibler said something funny about the actuaries, but I don’t remember what. In her Finance Committee report Barbara Lubben indicated that the accountants might be able to compete in this arena and encouraged members who are of that mindset to volunteer for the Finance Committee. Following the investment report by Dan Calabrese, all contenders threw in the towel indicating Dan is in a league of his own. President Sessions was heard to remark, “I don’t see any reason why this shouldn’t continue.”