Florida Retail Workers’ Comp Fund Becomes Stock Company, RetailFirst

The Florida Retail Federation Self Insurers Fund reported that a majority of its members has voted in favor of converting to RetailFirst Insurance Co., a stock insurance company within a mutual holding company system.

The Florida Office of Insurance Regulation approved the plan to reorganize in June 2010, pending a majority of fund members voting in favor of the plan. The conversion was approved by the board of trustees on Nov. 12, 2010, and finalized with the Florida Secretary of State’s office on Nov. 17, 2010, the company said.

The day-to-day operations of RetailFirst will continue to be managed by Summit Consulting Inc., a workers’ compensation management company that has been a subsidiary of Liberty Mutual Insurance since 1998.

The company said business submissions are now being accepted through independent agents. Information on agency appointments is available by calling Summit’s Agency Relations department at 1-800-282-7648.

William Kundrat, Jr., chairman of the board for RetailFirst, said the new structure positions the company to offer additional workers’ compensation products and services.

“The conversion aligns with a strategic approach to managing the company more efficiently, competing more effectively, and continuing to build a strong, stable workers’ compensation company for our policyholders,” Kundrat said.

RetailFirst insures more than 7,500 businesses throughout Florida and has a policyholder surplus in excess of $100 million.

For more information about RetailFirst, visit summitholdings.com.

Topics Florida Workers' Compensation