Robert McDermott, Chairman of the Prairie State Insurance Cooperative (PSIC), has announced an equity return to members of $1,000,000 from the Worker's Compensation policy year 2015-2016.
PSIC is a full-service insurance and risk management program offered to public schools in North, Northwest, Central, and Southern Illinois. The comprehensive program gives members long-term stability as well as broader coverages and increased limits. In addition to workers compensation, coverages include property & casualty, automobile, excess liability, school board legal, student accident, cyber liability, pollution and more.
The risk-sharing pool purchases traditional insurance in excess of a self-insured loss fund. The specialized nature of the program design offers the potential return of loss fund dollars subject to favorable loss experience. PSIC’s equity return is evidence that the program is well managed and profitable.
PSIC was created in 2006 and currently has 214 members.
The program is administrated by Gallagher, the leading provider of risk management and insurance solutions for Illinois Public School Districts.
ARM of Illinois is the exclusive marketing agent of PSIC. A member of ARM International, the group provides a proven distribution platform for insurers, wholesalers, and program managers. ARM of Illinois has 24 independent agency members operating from locations throughout Illinois.
