Associated Risk Managers (ARM) of Illinois, based in Itasca, Ill., announced that the Prairie State Insurance Cooperative (PSIC) has presented its first dividend distribution at its Annual Members’ Meeting, just four years after the program’s inception.
The school districts that were inaugural members of PSIC will share in the $32,407 distribution from the 2006/2007 Plan Year.
Since PSIC was founded in July 2006, its membership has grown from 17 charter schools to 80, with expectations of topping 100 member schools by July 2010.
Administered by ARM, the PSIC is a protected, “non-assessable,” self-insurance risk management program that gives districts long-term stability in premiums, as well as broader coverage and increased limits.
The PSIC is available to ARM Partners to help expand their business and revenue potential.
Robert Pegg, marketing director of ARM of Illinois, said the program has no open claims from its first year, and expects additional distributions from the first plan year.
“Working with Arthur J. Gallagher Risk Management Services’ Public Entity team and Gallagher Bassett Services Inc., we are able to market, administer, and conduct loss control services, and pay claims seamlessly,” Pegg said.
Source: ARM of Illinois
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