CONTACT: Matt Bach
Dir. of Communications
Michigan Municipal League
(734) 669-6317 or email@example.com
FOR IMMEDIATE RELEASE: Feb 10. 2014
Michigan Municipal League Insurance Boards Announce 2014 Member Dividends Totaling $12 Million
ANN ARBOR, Michigan -Hundreds of Michigan communities from throughout the state are expected to share $12 million in dividends for keeping their communities safe for their employees and citizens.
In keeping with the Michigan Municipal League’s mission of providing long-term, stable, cost-effective risk management services to our members, the board of directors of the Michigan Municipal League Liability & Property Pool voted to return $2.7 million in equity to members who renew coverage in 2014. In addition, the trustees of the MML Workers’ Compensation Fund authorized an equity return of $9.3 million as part of members’ July 1, 2014 renewal.
“The fact that our member communities are getting money back shows they are working diligently to make their communities safe places for their employees and residents,” said Michael Forster, director of risk management services for the Michigan Municipal League. “These dividend payments are a continuing example of the benefit of a member-owned program.”
The Michigan Municipal League Liability & Property Pool and the MML Workers’ Compensation Fund are the nonprofit self-insurance programs owned, operated and governed by member communities. Over the long run, they represent the lowest cost insurance alternative for Michigan local governments. Excess contributions—the direct result of the local communities’ cooperative work to control losses—are returned to members through dividends, expanded coverage or improved services.
Remember, these are programs of member communities. The ability to return ownership equity depends on the efforts of the communities. These latest distributions represent premium dollars that would otherwise be lost to out-of-state or out-of-country commercial insurers. The League thanks the member communities for their continued effort to making sure these programs work best for all.
MML Liability & Property Pool Directors:
Chair: Penny Hill
Mayor, City of Monroe
Manager, City of Ionia
Manager, Village of Mackinac City
Mayor, City of Menominee
Mayor, City of Burton
Executive Director/CEO, MML
MML Workers’ Compensation Fund Trustees:
Chair: Elva Mills
President, Village of Lexington
Manager, City of Greenville
Frank Brock, Jr.
Mayor, City of Lathrup Village
Manager, Village of Spring Lake
Mayor, City of Midland
Manager, City of Clare
Manager, Village of Paw Paw
President, Village of Elk Rapids
Manager, City of Durand
Manager, City of Marquette
Mayor, City of Gladwin
Executive Director/CEO, MML
For more information contact Michael Forster, Director, Risk Management Services, (734) 669-6340 or firstname.lastname@example.org.
About the Liability & Property Pool
The Michigan Municipal League Liability & Property Pool provides comprehensive property, general liability, auto liability, public officials' liability insurance and related services to hundreds of Michigan cities, villages, townships and other public entities. We write more than $18 million in premiums, have more than $50 million in surplus and have returned more than $10 million in dividends to our member/owners over the last 4 years. The Pool has remained a financially strong and stable source of insurance and risk management services since 1982. We offer up to $10 million per occurrence for liability, replacement cost property coverage and a host of risk management services that are second to none.
About the Workers' Compensation Fund
The Michigan Municipal League Workers' Compensation Fund is the state's leading provider of municipal workers' compensation and risk management services. The Fund has the lowest rates, the best claims service and the highest historical return of dividends of any insurer in Michigan. The Fund has more than 890 members, $135 million in assets and more than $66 million in net member equity. Efficient administration, effective loss control programs and proactive claims services have resulted in rates that are on average 50 percent lower than those of our nearest competitor.