West Virginia is soliciting bids from workers’ compensation insurers to provide coverage for its state employees.
The insurance department posted the request for proposals on its website on May 23. The winning bidder would provide coverage as of Sept. 1.
BrickStreet Mutual Insurance Co. has been providing insurance to most of the state’s agencies. The various state agencies have a total payroll of about $780 million and are currently covered through roughly 100 different policies.
In March, however, BrickStreet President Greg Burton said that the insurer is substantially scaling back its business due to heavy losses. Burton said the company lost $30 million in the last three years due to claims from state agencies and volunteer fire departments.
Trean Underwriting Managers Limited Liability Co. was hired to help develop the request for proposals. The Minnesota-based firm specializes in programs for large corporations and states.