West Virginia is prepared to solicit bids from workers’ compensation insurers to provide coverage for its state employees.
The West Virginia insurance department is scheduled to post the request for proposals on its website on Monday, May 23. The winning bidder would the state’s employees with 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, Brickstone President Greg Burton told the state’s Senate Finance Committee 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 last March to help develop the request for proposals after winning a bid to be a consultant on the project. The Eden Prairie, Minnesota-based firm specializes in putting together insurance programs for large corporations and states.
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