Workers’ Compensation Fund to distribute more than $2 million

The NCHA Workers’ Compensation Fund continues to perform favorably, both in financial terms as well as operations. This year’s distributions payable to members will be $2,059,026.  After Department of Insurance approval, the funds should be distributed to fund participants in the fall. The dividend equals 33% of last year’s paid in premium. Moreover, that distribution will bring total distributions of 35% of premium paid in since 2010. This is unheard of in the insurance business and is a credit to our members and the Fund.

The Fund is also pleased to announce 100% renewal retention this year. Fund surplus increased $462,000 over 2016 while maintaining approximately $3.5M as surplus over and above what is required by the Department of Insurance. The Fund’s net premium to surplus ratio is approximately 1.19 to 1 which is a conservative surplus ratio for a workers’ compensation fund.  Reinsurance also remains strong with coverage provided by State National, an A.M. Best “A”rated carrier.

Arthur J. Gallagher & Co, provides the marketing, loss control and consulting services for the Fund. Allied Claims Administration handles the claims. Gallagher will be rolling out new online training for fund members. This is available at no additional cost and includes courses on lifting techniques, defensive driving, and much more.  This program replaces the lift grant for existing members as a result of our Loss Control specialists noting decrease in utility of that program. The lift grant will remain available to new members for their first year in the fund. Should you have any questions concerning the Fund, contact Bill Yaeger at 704-367-7136 or at Bill_Yaeger@ajg.com.

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