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Yellowstone Insurance Exchange, RRG

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1:00 pm Golf at Resort Course. 6:30 pm Reception and Dinner (Idaho Room) Financials ... Liberty Mutual, National Union Fire Ins. ... – PowerPoint PPT presentation

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Title: Yellowstone Insurance Exchange, RRG


1
Yellowstone Insurance Exchange, RRG
  • Annual Subscribers Meeting
  • Annual Update
  • July 10th, 2007
  • Coeur dAlene, Idaho

2
Agenda
  • Welcome
  • 845am 945am Risk Management Presentations
  • Managing in a Crisis
  • S. Yockey, Gritman Medical Center
  • National Trends in the Marketplace
  • Stephen Hill, Aspen Re, London, UK

3
Agenda
  • 1000am 1200pm
  • Yellowstone Insurance Exchange, RRG Annual
    Meeting of Subscribers
  • SAC Meeting
  • 1200 pm Box Lunch
  • 100 pm Golf at Resort Course
  • 630 pm Reception and Dinner (Idaho Room)

4
Financials
  • Revenue
  • 2005 2.62m
  • 2006 3.82m
  • 2007 (May) 3.92m
  • Net Income
  • 2005 88k
  • 2006 182k
  • 2007 (May) 775.6k

5
Financials
  • Assets
  • 2005 11.8m
  • 2006 16.7m
  • 2007 (May) 26.0m
  • Subscriber Savings Account Distribution
  • 2005 107k
  • 2006 189k
  • Three Largest Liabilities
  • 2005 7.7m
  • 2006 11.6m
  • 2007 (May) 15.5m
  • losses and loss adjustment expense, reinsurance
    premium payable and accrued expenses

6
Asset Allocation
7
Fixed Income Diversification June
Sector
Rating
8
Performance Summary May 2007
Inception date 10/1/2005
9
Benchmarks Average 15 Leading PC Companies
  • Assets to Liabilities
  • YIE 177.00
  • Average 164.37
  • Surplus to Loss Reserves
  • YIE 149.41
  • Average 119.15

10
Benchmarks Average 15 Leading PC Companies
  • Surplus to Net Premiums Written
  • YIE 136.53
  • Average 112.73
  • Top 15 Allstate, American Family Mutual,
    American Home, CNA, Farmers, Federal Insurance
    Company, Government Employees Ins., Liberty
    Mutual, National Union Fire Ins. (AIG),
    Nationwide, Progressive, State Farm, State Farm
    Mutual, USAA and Zurich

11
Underwriting 2007 Renewal
  • Feedback From January Survey
  • Exposure Definitions helped but slowed the
    process
  • We are moving the underwriting process in-house
  • Dedicated to Yellowstone
  • Earlier Renewal
  • Faster Physician information
  • Changes you request
  • Will take effect 3rd quarter - 2007

12
Underwriting 2008 Renewal
  • Members Receive Hospital and Excess App by
    09/01/07
  • List of Insured's
  • COI holders
  • List of physicians
  • List of Mid Level
  • Mid Level Physicians with Tail
  • Physician Renewal app sent every other year Not
    2008 renewal
  • Mid Level renewal app every 3 years Not 2008

13
Underwriting
  • Pricing
  • For 2007 - On Target
  • 2008 Study under development
  • Projected rate increase
  • Pricing Dependent on Claims incurred and Reserve
    Study

14
Risk Management
  • Goals for 2007
  • Increase visits to membership
  • Establish a Video Library
  • Regional Meetings to Improve Interaction with
    Members
  • Action Plan Compliance
  • Improve - Yellowstone Event System

15
Risk Management
16
Risk Management
  • Total 2006 Occurrences (6/19/07)
  • Total Occurrence Entered for 2006 totaled 5,645
  • Top Five Issues
  • FALLS (1,398 25)
  • MEDICATION (1,397 25)
  • OTHER EVENTS (1,332 24)
  • BEHAVIOR (811 14.3)
  • TREATMENT/PROCEDURE (267 5)

17
Risk Management
18
Risk Management
  • For 2008
  • Continue Action Plan Compliance
  • Expand Yellowstone Event System
  • Develop Additional Packets for Information

19
Claims
  • Reported Incidents Claims
  • We currently have 48 open Risk Management files
    and 140 closed Risk Management files.
  • We currently have 17 open claims and 25 closed
    claim files.
  • The breakdown of open claims is as follows
  • 16 professional liability claims
  • 1 general liability claim.
  • 6 of these are in active litigation

20
Claims
  • 17 Open Claims
  • Montana - 12
  • Idaho 4
  • Wyoming 0
  • NM - 1
  • 2006 - 22 open
  • 2005 - 10 open
  • 25 Closed Claims
  • Montana - 16
  • Idaho 5
  • Wyoming 4
  • NM - 0
  • 2006 Closed Claims -4
  • Montana - 3
  • Wyoming - 1

21
Claims
  • Larger Awards
  • 250K (MT) - 2006
  • 210K (MT) - 2006
  • Payments in 2007
  • Trouble Spots
  • Record Keeping Documentations
  • Chain of Command
  • Privileges
  • Get the right person for job / community

22
Claims
  • Litigation Expense
  • Increases as the Claim Matures
  • Part of our Long Term Strategy
  • Necessary Expense given the Alternatives

23
  • CMC Insurance Agency was formed in 2007 to
    provide additional insurance products that
    support the core products offered by Yellowstone
    Insurance Exchange, RRG. 
  •  The ultimate goal of CMC insurance is to provide
    one-stop shopping for insurance exchange and
    association members.

24
  • In creating CMC Insurance, the goals were to
  • Create stronger insurance products that generate
    overall cost savings for association members
  • Provide a wider product line and stabilize
    pricing
  • Increase retention of membership and generate
    additional revenue for association equity holders
  • Control the quality of service partners

25
  • The agency brings together considerable insurance
    industry experience to provide a complete range
    of insurance products designed to complement the
    core products of Yellowstone Insurance Exchange,
    RRG.
  • Product focus
  • Employment Practices Liability
  • Physician ER Physician Liability
  • Directors Officers Liability

26
  • The agency is focused on the specialized
    insurance and risk management needs of hospitals
    and health care related organizations.
  • The agency has a firm commitment to provide the
    best possible service utilizing a range of
    insurance products developed for the health care
    industry from leading insurance organizations
    here in the United States and in London.

27
YIE - Key Success Factors
  • Strong member capitalization
  • Long term commitment
  • Stable growth - Control
  • Small to Midsize markets
  • No Drift from core competency
  • Past insurance cycles

28
YIE Goals
  • Lower the overall exposure and market swings
  • Generate cost savings for your hospital in
    dividends
  • Install quality Risk Management Programs
  • Experience based underwriting critical to success

29
Yellowstone Insurance Exchange, RRG
  • Communications
  • 877-580-1100
  • www.yierrg.com
  • Forms
  • Contacts
  • Applications
  • Newsletters
  • Company Information
  • mail_at_yierrg.com

30
Yellowstone Insurance Exchange, RRG
  • Questions
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