Measured Growth Continues on the Heels of Robust DWP Increase
SAN DIEGO – June 23, 2014 – ICW Group, a leading national multiline property and casualty insurer, announced today it has begun writing work comp insurance in Georgia, Indiana and New Jersey. The move compounds on the company’s robust trajectory—having seen sizeable direct written premium (DWP) increases since 2008, while expanding its footprint in the Midwest, New England and the South. Recently recognized as a 2014 Model Insurer by Celent, the company continues to expand its current capabilities as a regionally focused high-service, high-touch insurer, focused on helping its agents better serve their clients.
“Since the market downturn several years back, our business has outperformed, giving us the confidence, stability and momentum to increase the reach of our comprehensive work comp services,” said Kevin Prior, CEO of ICW Group. “With workplace accidents and workers’ compensation fraud costing businesses billions of dollars a year, we see ample opportunity to help our agents offer their clients a carrier with a solid track record of helping its policyholders achieve fewer claims, less costly claims and lower ex-mods.”
Headquartered in San Diego, the company has a rich heritage of delivering an industry-leading value to California businesses. From 2006-2012, ICW Group partnered with its policyholders to reduce their claims by an average of 12 percent, whereas statewide claims increased by 14 percent. Additionally, the average cost per claim for ICW Group clients is 42 percent less than state average. As a result, ICW Group policyholders’ ex-mod decreased by an average of more than 20 percentage points, over a seven-year period.
“Unlike other competitors that focus solely on price—competing to offer the lowest priced premium possible—we have a service-driven approach, and our benchmarks speak to the benefits our agents and policyholders have come to depend on to drive business performance,” said Prior. “In looking strategically at where to geographically expand our capabilities, we select territories where our value proposition will make the most impact.”
Prior saw new opportunities to offer workers’ compensation insurance due to the above average work comp costs businesses are paying in certain areas. According to a Workers Compensation Research Institute (WCRI) recent study, “Benchmarks for Indiana, CompScope™ 14th Edition,” the costs per claim of medical care to treat injured workers in Indiana were higher than most states and growing rapidly.
A 2012 study by Oregon Department of Consumer and Business Services showed that workers’ compensation premiums paid by New Jersey employers ranked seventh-highest among all 50 states.
As a neighboring state to the company’s entrenched Florida business, offering work comp insurance in Georgia was a logical step for the company. The Georgia market will be headed by Rob DeViere. Beverly Bisazza will oversee the New Jersey market, and Keith Guccione will take the helm of the Indiana market.
“We have phenomenal teams in place—the leaders for each new market have more than 40 years of combined industry experience. Each manager has a successful history of helping agents better serve their clients, and are looking forward to partnering with businesses in their respective regions,” said Prior.
ICW Group currently offers workers’ compensation insurance in 15 states, and was recently named the 21st largest work comp carrier in the U.S. by the National Association of Insurance Commissioners (NAIC).
About ICW Group
Based in San Diego, ICW Group Insurance Companies is the largest privately held insurance company domiciled in California. Quoting more than $3 billion annually, ICW Group represents a group of Property, Auto and Workers’ Compensation insurance carriers, including Insurance Company of the West and Explorer Insurance Company. ICW Group is recognized nationally as an industry leader in helping policyholders achieve fewer and less costly claims, and is committed to meeting the needs of its policyholders and elevating the trusted agents and brokers who advise them. More information is available at www.icwgroup.com.