Meadowbrook/TPA Associates, a third-party administrator of self-insured workers’ compensation programs, announced that it is distributing $4,023,874 in dividends to 520 Massachusetts businesses who are members of the self-insured groups the company manages.
Meadowbrook’s bulletin noted that this is especially welcome news “at a time when most employers are struggling with rising workers’ compensation costs and the ability to secure coverage.” It is also another indication of the monetary advantages that can be achieved by companies who choose to obtain their coverage through an alternative market solution.
The groups Meadowbrook manages are: the Commonwealth Transportation Compensation Corporation (trucking), the Wholesale/Retail Suppliers Compensation Corporation (wholesale/retail), the Graphic Arts Compensation Corporation (printers, graphic arts), the Construction Industries Compensation Corporation, the Manufacturers of Massachusetts Compensation Group, the Independent Schools Compensation Corporation, and the Self Insured Lumber Businesses Association.
The bulletin noted: “Self-insurance groups are made up of employers in similar industries who pool their resources to insure one another’s workers compensation exposure as an alternative to traditional insurance or the state-sponsored workers’ compensation pool. The members own the group and earn 100 percent of the underwriting profits and investment income. Each group contracts with Meadowbrook/TPA Associates to provide program management and a variety of operational services. All of the groups have been in operation since the early 1990’s, and have a strong record of performance for their members.”
Meadowbrook/TPA’s executive VP James Mahoney commented: “We are pleased to see such a tangible reminder of what we already know; self-insurance is an effective way for quality employers to reduce their workers’ compensation costs and take control of their insurance program. Through hard and soft insurance markets, the self-insurance groups have delivered value to their membership. With the significant changes in the Massachusetts workers’ compensation market, interest in self-insurance has never been greater.”
Further information on joining an existing self-insured group, or forming a new group, contact Rick O’Brien at (781) 933-4151 or robrien@meadowbrook.com.
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