![]() The report reviewed the scope of services the broker provides for VLCT PACIF and key service functions and personnel. Upon motion (Frank/Higgins), duly adopted, the board voted unanimously to accept the Financial Statements for the first quarter as presented.įred Satink provided a brief overview of the annual Stewardship Report from Guy Carpenter. However, these costs are still 9.9% under budget through the quarter simply due to timing of budgeted items. Current year general and administrative expenses are up about 8.1% compared to last year, mostly due to increases in direct and indirect costs from VLCT. Revenues are up slightly through the first quarter, or 1.1% above budget, largely due to increased property values and the PC rate increases. Net position is down 5.4% from year-end, primarily due to investment losses. Seth Abbene reviewed the financial statements through the first quarter. Upon motion (Higgins/Wells), duly adopted, the board voted unanimously to accept the Q1 Claims Report as presented. Average costs for both categories were slightly higher compared to the Q1 and all-quarter averages. Worker’s compensation claims frequency was up compared to the Q1 and all-quarter averages, while property/casualty frequency was down compared to the Q1 average and up slightly compared to the all-quarter average. Jill George presented the report of the first quarter claims.
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