safe annual report - updated - cottingham & butler€¦ · economy, trucking companies have...

SAFE TRUCKING INSURANCE LIMITED 2016 ANNUAL REPORTSAFE TRUCKING INSURANCE LIMITED 2016 ANNUAL REPORTSAFE TRUCKING INSURANCE LIMITED 2016 ANNUAL REPORTSAFE TRUCKING INSURANCE LIMITED 2016 ANNUAL REPORTSAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED 2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORTSAFE TRUCKING INSURANCE LIMITED 2016 ANNUAL REPORTSAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED SAFE TRUCKING INSURANCE LIMITED 2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT2016 ANNUAL REPORT

LETTER FROM THE PRESIDENTAaron Thomas, President | Safe Trucking Insurance Limited

Dear Shareholder,

Safe Trucking Insurance Limited began the journey in July 2005 and has grown

to 33 total member companies located throughout the United States. The

growth achieved to date refl ects an intelligent and diverse membership that

is proactively involved in charting a safe course to enhance the structure and

stability of Safe Trucking well into the future.

One of Safe Trucking’s greatest strengths is our commitment to safety.

Throughout this annual report, you will fi nd photos and logos of the members.

This group exemplifi es a variety of trucking companies with a wealth of

knowledge and experience brought together for one reason:

To bring some stability and predictability to a volatile cost segment of our

businesses in today’s environment, as well as for the future. Our success is

attributed to our members who contribute their time, ideas and energy to

control losses, manage claims and support the quality growth we have enjoyed.

I would also like to express my appreciation and thanks to our devoted service

partners. Without their hard work and dedication we would not be here today.

Sincerely,

Aaron Thomas, President

EXECUTIVE SUMMARY

HISTORICAL DATACLAIMS & SAFETY METRICS

CAPTIVE BENEFITS

A CULTURE OF SAFETY

NEW MEMBER CRITERIA

HISTORY & MISSION

CURRENT MEMBERSDIVIDEND DISTRIBUTIONSAFETY ACHIEVEMENT AWARDS

MEMBERSHIP PROFILE

BALANCE SHEETS

SERVICE PROVIDERS

11

12

02

14

04

05

22-2307

8-9

10

25

Safe Trucking Insura nce Limited | 1

WHAT ARE THE BENEFITS OF PARTICIPATING IN A CAPTIVE?REDUCE TOTAL COST OF RISK - Membership in a captive requires a significant

commitment to risk management. Rather than a conventional insurance

company profiting from the member’s superior financial condition and risk

management programs and using those profits to subsidize the premiums

of other less attractive companies, members of the captive can reduce their

cost of risk when losses are less than projected.

STABILIT Y OF THE PRICING C YCLE - With the group captive’s buying power and

retention, there is less exposure to market pricing, so the captive avoids the

disruptive underwriting cycles in the traditional marketplace.

OPTIMIZE RISK MANAGEMENT PROGRAM - Loss prevention services are tailored to

meet the members’ individual needs and the cost of these services is included within

the premiums.

CLAIMS MANAGEMENT - Having members included in the claims process yields

a much better result than the insurance carrier dictating claim outcomes.

IMMEDIATE REWARD FOR REDUCING LOSSES - Captive members see the impact of an

improved risk management program through lower premiums and greater dividends.

CASH FLOW MANAGEMENT - In a captive, the member knows what their potential

losses are and can manage the cash flow required to fund those losses in a

more controlled manner.

COVERAGE AVAILABILIT Y - Captives can offer coverage that might not otherwise

be price competitive or available in the commercial markets. CHARLES BAILEY TRUCKING, INC.Cookeville, TN | Member Since 2015


NEW MEMBER CRITERIAThe underwriting guidelines of the company target a selection of high-quality,

commercial trucking companies who are looking to assume risk with other trucking

companies in a controlled environment. Membership criteria focuses on industry

best practices, recognizing that companies committed to quality have satisfied

clients and employees and, as a result, are financially successful over the long-term.

The target market is larger commercial trucking companies with consistent

commitment to training and safety and that have a strong core of key employees

focused on quality and safety as part of the job. The captive prefers to write auto

liability, physical damage, and workers’ compensation for all members.

The following guidelines describe the preferred characteristics of prospective

captive members, but with the understanding that each company is unique and

should be looked at according to its own merits.

1. FINANCIAL STABILITY – The captive is a long-term commitment thus requiring financially solid members.

2. TERRITORY – The captive is currently looking for members countrywide (48 states).

3. FLEETS – Fleet size of 50-500+ units.

4. PREMIUM OF $250,000 – Minimum premium of $250,000 across all linesof coverage.

5. MINIMUM OF FIVE YEARS IN BUSINESS – This allows for the “kinks” of a start-up operation to get worked out.

6. ON-SITE SAFET Y REVIEW – Each prospective member must pass an on-site safety review by the safety services provider to the captive.

HISTORY & MISSIONSafe Trucking Insurance Limited was created in 2005 to enable best-in-class trucking

companies to obtain insurance coverage at affordable rates. The founding members of

Safe Trucking believed that the traditional insurance industry was not responsive to their

commitment to proactive claims management, best-in-class safety cultures and superior

underwriting results. In forming Safe Trucking, the goal was to increase their buying

power in order to provide a competitive insurance alternative that allowed best-in-class

trucking companies many of the same benefits of control generally afforded to only

Fortune 500 companies.

The mission of Safe Trucking is to provide the highest quality insurance protection and

services for its shareholders. By joining together to create sharing of risk, the shareholders

can better control their insurance costs and avoid the volatility of the traditional insurance

marketplace. Additional benefits may be created through the stabilization of premiums

and the improved management of risk through effective loss control.

The company, through the active participation of its shareholders, endeavors to provide

the long-term security of a well-managed insurance company. To meet

this goal, Safe Trucking attempts to retain only those providers of services that the

company believes can meet the highest standards of excellence.

Safe Trucking was founded on the premise that insurance is a manageable cost. By fully

understanding what drives insurance costs, Safe Trucking shareholders are able to directly

impact their premiums and be rewarded for great performance. Through ownership in Safe

Trucking, shareholders have indeed taken control of their insurance destiny.


COMSTAR ENTERPRISES, INC.Tontitown, Arkansas | Member Since 2016

“The team at Comstar Enterprises, Inc. joined Safe Trucking Insurance Limited for the opportunity to learn and share best safety practices, to exchange knowledge with the member network and of course for the opportunity to reduce our insurance costs.”

Don E. Bridges, Controller | Comstar Enterprises, Inc.

DIVIDEND DISTRIBUTIONSafe Trucking Insurance Limited reviews the ability to pay dividends once a year during

the February Board of Directors’ Meeting. At this meeting, the loss activity is reviewed

for all expired underwriting years and compared to the expected remaining liabilities

for that year as determined by an independent actuary. If the board determines

that there is more equity than is needed to pay for future liabilities they may decide

to declare a dividend for specifi c underwriting years. The dividend declaration is

ultimately based on each individual member's performance in that particular year

and will usually just be a portion of the available equity. The board will continue to

review that year and all others every February for further dividends until they close the

accounting on individual years at which time the remaining equity is distributed. Each

member/owner can easily see what their equity is for each of the underwriting years

via the company fi nancial statement.

During the last five years, Safe Trucking has distributed $2,250,301 in dividends

to its owners.

SAFETY ACHIEVEMENT AWARDSSafe Trucking recognizes outstanding achievement in safety and loss control

through the annual presentation of awards. 2016 awards have been presented to the

following companies:

Top Transportation Safety Assessment Score – Brent Redmond Transportation, Inc.

Top Auto Liability Loss Rate – Storey Trucking Company

Top Workers’ Compensation Loss Rate – Storey Trucking Company

Top Overall Safety Scorecard Ranking (The Walt Keeney Award) – Midwest Systems

Most Improved Safety Scorecard Ranking ( The George Maillo Award) – RAM Trucking, Inc.


MEMBERSHIP PROFILESince its inception in 2005, over 30 members have joined Safe Trucking. The

average length of membership today is 5 years. Despite challenges in the

economy, trucking companies have been drawn to the benefits of group captives,

and in the last 3 years there have been 13 new members in Safe Trucking; 5 of

those within the last year. The commodities hauled by Safe Trucking members are

70% dry van, 13% refrigerated, and the remaining 17% spread across containers,

flatbed, and other. Eighteen current Safe Trucking members have 100 or more

power units in their fleet, and the average mileage is 10,500,000 annually. As

an indication of the successful safety strategies employed by captive members,

the average experience modification is .97, and SMS scores are well below the

national thresholds or averages.

S A F E T R U C K I N G B Y R E G I O N

S M S B A S I C S C O R E S

Members

Approximate mileage

Power Units

Captive Average

Threshold

National Average

Unsafe Driving

28.75

60/65

50

West

12

20%

21%

Hours of Service

35

60/65

50

Midwest

8

32%

25%

Northeast

0

4%

0

Vehicle Maintenance

37.9

75/80

50

South

13

38%

54%

Canada

0

1.5%

0

C A P T I V E M E M B E R M A P


C AP TIVE MEMBER S TATE S

NON C AP TIVE MEMBER S TATE S

15

100+

STATES REPRESENTED BY CAPTIVE MEMBERS

EIGHTEEN CURRENT SAFE MEMBERS HAVE

POWER UNITS IN THEIR FLEET

70%commodities hauled by safe

trucking members are dry van, 13% refrigerated, and 17% spread across containers,

flatbed, and other

September 20162,592,517

17,204,917

11,995,894

2,000,000

412,432

126,308

3,061,038

13,128,469

259,766

50,781,341

6,742,670

23,405,020

0

46,000

1,271,485

67,449

31,532,624

1,140,000

17,841,195

(5,903,696)

6,171,218

19,248,717

50,781,341

September 2015 2,256,912

12,929,077

9,952,187

1,400,000

0

100,200

1,776,351

12,490,135

182,694

41,087,556

5,200,083

21,302,827

92,303

0

972,747

129,347

27,697,307

870,000

13,544,054

(4,144,701)

3,120,896

13,390,249

41,087,556

ASSETS

Cash & Cash Equivalents

Investments

Investments - Trust Account

Loss Funds

Reinsurance Balances Receivable

Deductibles Reimbursable

Claims Indemnification Receivable

Provisional Claims Indemnifications

Accounts Receivable & Prepayments

Total Assets

LIABILITIES

Case Reserves

IBNR Reserves

Reinsurance Balances Payable

Commutation Payable

Premium Deposits Repayable

Accrued Expenses

Total Liabilities

SHAREHOLDER’S EQUITY

Investment from Safe Trucking Holdings

Contributed Surplus

Less: Letters of Credit

Retained Earnings

Total Shareholders’ Equity

Total Liabilities and Shareholders’ Equity

BALANCE SHEETS AS OF SEPTEMBER 2016 | STATED IN US DOLLARS EXECUTIVE SUMMARY AS OF SEPTEMBER 2016 | STATED IN US DOLLARS

Number of Shareholders

Investment Income (Loss)

Net Income (Loss)

Total Assets

Shareholders’ Equity

Earned Premium

Total Incurred Losses

Incurred Loss Ratio

Incurred Loss Ratio Including Claims Indemnifications

Claims Indemnifications As a % of Earned Premium

Operating Costs As a % of Earned Premium

Fiscal Year Ended9/30/2012

20

$128,861

$416,848

$14,795,556

$6,126,339


25

($66,803)

($102,697)

$23,223,040

$7,842,876


27

$177,721

$259,630

$30,718,543

$9,577,461


29

$501,916

$1,655,943

$41,087,556

$13,390,249


38

$609,515

$3,212,487

$50,781,341

$19,248,717

2011/2012U/W Year

$7,045,377

$3,933,063

55.82%

45.47%

10.35%

50.77%

2012/2013U/W Year

$12,236,338

$5,636,370

46.06%

40.29%

5.77%

49.54%

2013/2014U/W Year

$15,707,779

$7,958,153

50.66%

43.44%

7.22%

46.95%

2014/2015U/W Year

$19,708,430

$8,198,709

41.60%

33.76%

7.84%

48.29%

2015/2016U/W Year

$25,049,754

$7,058,563

28.18%

23.05%

5.13%

45.88%


HISTORICAL DATA AS OF MAY 2017

LOSS FUND

$2,280,355

$2,144,881

$2,467,958

$2,643,401

$3,647,530

$6,377,058

$8,527,910

$10,410,924

$13,627,598

$15,854,306

PREMIUM

$4,527,606

$4,051,928

$4,356,540

$4,961,727

$7,045,378

$12,236,339

$15,707,778

$19,714,909

$24,699,462

$28,444,251

MILES

85,890,001

76,499,926

50,578,153

70,191,079

83,942,417

160,317,734

187,468,516

272,464,074

341,238,707

378,879,945

PAYROLL

$15,998,024

$10,557,358

$8,350,138

$10,751,830

$36,978,037

$59,224,372

$68,477,504

$75,184,309

$88,531,272

$103,315,240

YEAR

2007/08

2008/09

2009/10

2010/11

2011/12

2012/13

2013/14

2014/15

2015/16

2016/17* *Projected

CLAIMS & SAFETY METRICS• In 2016 CBCS closed 651 liability claims, and 358 of those claims were closed with no payments to claimants (55%).

• In 2016 Safe Trucking realized net savings of 58.2% off of billed charges, or net savings of $1,161,198 on 1,586 bills.

• Through November of 2016 the net savings for Safe Trucking was 55.8%, or $1,187,426 on 1,948 bills.

•With Telephonic Nurse Case Management (NCM) in workers’ compensation claims Safe Trucking achieved net savings of $278,386 on 40 closed cases in 2016.

• For liability claims there are no open claims whatsoever from the 2005/2006, 2006/2007, 2008/2009, 2009/2010 and 2010/2011 policy years.

• There are two workers’ compensation claims still open from the 2007/2008 policy year.

CROSBY TRUCKING, INC.Mt. Sidney, Virginia | Member Since 2015

“We appreciate the control we have as far as claim decisions, as well as the training and be able to rely on the "best practices" derived from other carriers. The availability of forms and training aids is a huge benefit to a smaller carrier.”

Jonathan Berry, President | Crosby Trucking, Inc.


DEDICATION TO A CULTURE OF SAFETYSafe Trucking partners with Safety Management Services Company (SMSC) to ensure

that all members are working towards a common set of safety standards and goals.

The safety consulting services are provided through a series of onsite visits, webinars

and other scheduled “touches” throughout the course of the underwriting year. An

annual safety audit (GAP analysis) serves as the starting point for all members and is

used to establish individualized company plans aimed at continuous improvement.

As a way to gauge each member’s safety results, a semi-annual scorecard is created to

provide the membership a transparent and competitive way to see how they stack up

to their best-in-class partners. This serves many functions:

• Clearly identifi es the leading safety conscious partners

• Allows a collaborative eff ort to inquire about best practices across businesses

• Friendly competition and awards

• Targets areas for improvement and tracks progress made

RISK CONTROL WORKSHOPS:

Semi-annual educational workshops are held at various locations throughout the

United States to keep safety at the forefront of all members. A broad spectrum of

safety experts, attorneys, insurance professionals, and claims experts headline the

workshops and highlight real life case studies to emphasize the importance that

proper safety and claim procedures play within the captive.

NUMBERS TELL THE SAFET Y STORY FOR SAFE TRUCKING:

• The average GAP Analysis score has increased 13% over the last 10 years.

• WC claims have steadily trended downward since 07/08 with a 10 year average of1.905 per million $ of payroll.

• No members have below a “Satisfactory” FMCSA rating.

KEENEY TRUCK LINES, INC.Maywood, California | Member Since 2006

“Best business decision that I have made in the last ten years.”

Dan Hubbard, President & CEO | Keeney Truck Lines, Inc.


MASTER TRANSFER COMPANY, INC.Brooklyn Park, Minnesota | Member Since 2016

“For Master Transfer, Safe Trucking is the next logical step in the evolution of safety program standards. Peer review and networking among the highest quality companies continues to raise the bar for self evaluation, safety awareness, and placing the best and most eff ective safety culture disciplines of the industry into practice through ongoing education and performance review.”

Mark Master, President | Master Transfer Company, Inc.

MID CONTINENT TRUCKING COMPANYDenison, Iowa | Member Since 2015

“The first year we had a few claims so I was able to have multiple conversations with my claims representatives. At all times we were kept informed, and our questions were answered. Unlike other insurance companies, these people work for and with you, and it shows. We are well into our second year and couldn’t be happier with our decision to join Safe Trucking.”

Paul Cromwell, Safety & Risk Manager | Mid Continent Trucking Company


OUTWEST EXPRESS, LLC.El Paso, Texas | Member Since 2015

“Safe Trucking has allowed us to reap the benefits of our team’s dedication to safety and accountability. Knowing that we are part of a group that holds themselves to the same high standards has given us great piece of mind.”

Michael Puzio, President | Outwest Express, LLC.

TQ LOGISTICS, INC.Marietta, Georgia | Member Since 2011

“The biggest benefit we have seen since joining the captive is how our claims are handled. CBCS provides us with a single point of contact and they work with us as a team to evaluate claims and determine when to pay and when to fight.”

Andy Beeston, President & CEO | TQ Logistics, Inc.


WAYNE SMITH TRUCKINGMorrilton, Arkansas | Member Since 2015

“After being frustrated with the standard markets for trucking insurance and seeing continuous increases in premiums regardless of loss history, we investigated the Safe Trucking captive as an alternative to the Standard Market. Once we understood the model and its benefits and met the other members, we realized we would be joining with transportation companies focused on safety, self-improvement, and controlling risk, which in turn, all control cost.”

Neil Corder, Operations | Wayne Smith Trucking

WHITACRE LOGISTICS, LLC.Portage, Ohio | Member Since 2016

“Joining Safe Trucking has given us many opportunities to work with our peers on proactive approaches to our industry’s challenges. The captive keeps us looking forward with a mindset of continuous improvement.”

Jon Willard , Controller | Whitacre Logistics, LLC.



Crosby Trucking, Inc.Member Since 2015

Rapid Courier & Freight IncMember Since 2008

Arnold J Thomas & Sons IncMember Since 2009

Noble LLCMember Since 2014

EZE Trucking/Patterson Motor Freight IncMember Since 2012

Rocha TransportationMember Since 2012

Charles Bailey Trucking IncMember Since 2016

Pan American Express IncMember Since 2010

Comstar Enterprises, IncMember Since 2016

RAM Trucking IncMember Since 2008

Aggressive Transport Ltd USAMember Since 2008

Neal Trucking, Inc.Member Since 2015

Lee Jennings Target Express IncMember Since 2006

TQ Logistics IncMember Since 2011

Midwest SystemsMember Since 2011

White Oak Transportation IncMember Since 2014

Hercules Forwarding IncMember Since 2011

Storey Trucking Company IncMember Since 2012

Master Transfer Co, Inc.Member Since 2016

Wayne Smith TruckingMember Since 2015

Crum Trucking IncMember Since 2012

RLT IncMember Since 2007

Brent Redmond Transportation IncMember Since 2006

OutWest Express LLCMember Since 2016

Food Express, Inc.Member Since 2005

South East Carriers, IncMember Since 2017

Load One LLCMember Since 2012

Transportation Services IncMember Since 2014

Rains & Sons Transportation, LLCMember Since 2016

Keeney Truck Lines IncMember Since 2006

Styer Transportation CompanyMember Since 2013

Mid Continent Trucking Co.Member Since 2015

Whitacre Logistics, LLCMember Since 2016

SERVICE PROVIDERS

COTTINGHAM & BUTLER

Cottingham & Butler is the primary broker and consultant to the captive.

Cottingham & Butler is directed by the captive Board of Directors to

ensure that the service providers properly manage the operations of the

company and execute the decisions of the captive’s Board of Directors.

ALLEN LAWRENCE & ASSOCIATES

Allen Lawrence & Associates has served as a production partner for

the captive since being formed in 2005. Located in Canoga Park, CA,

they look for prospective member/owners who fi t the underwriting

guidelines that the captive has laid out. They provide traditional

brokerage services to the members/owners that they produce on behalf

of the captive.

TRAVELERS

Travelers is the policy-issuing carrier. They issue all policies for the

captive and take care of all the legal requirements of providing

insurance. Travelers also provides the specifi c excess and aggregate

reinsurance for losses in excess of the captive’s retention, thereby

protecting the captive from catastrophic losses.

ARTEX RISK SOLUTIONS (CAYMAN)

Artex serves as the Off shore Captive Manager responsible for

maintaining the accounting records of the captive, preparing

fi nancial statements, serving as Assistant Corporate Secretary,

and maintaining the corporate and statutory records, including

the minutes of all board meetings.

COTTINGHAM & BUTLER CLAIMS SERVICES (CBCS)

CBCS provides the claims administration, thus handling the

settlement of all claims under the policies.

COTTINGHAM & BUTLER SAFET Y MANAGEMENT SERVICES

Cottingham & Butler Safety Management Services provides risk control

services and works with each member to develop standards and goals

for their individual loss control purposes.

KPMG

KPMG (Cayman) serves as the captive’s tax advisor, conducts the

annual audit of the captive, and issues the audited fi nancial statements.

PINNACLE ACTUARIAL RESOURCES, INC.

Pinnacle acts as the independent actuarial resource for the captive.

They provide loss fund estimates for both current and prospective

members as well as IBNR estimates for the captive.

COMERICA

Comerica Bank serves as the primary banking relationship for the

captive providing depository, custodial, and letter of credit services.

HEBER FUGER WENDIN

HFW acts as the investment advisor to the captive. They also manage

the captive’s investment portfolio subject to the captive investment

policy approved by the Board of Directors.

MCDERMOTT, WILL AND EMERY

McDermott, Will, and Emery Law Offi ces provide the captive

with legal advice as needed.


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