New Record for AGC Retro Three-Year Refunds
AGC Retro received the highest combined three-year Retro refunds ever of $34529551 - bringing the refunds to date at $148 million!
AGC Retro members joined together at recent events around the state to celebrate their shared success in decreasing injuries improving safety in construction and helping employees who are injured return to work. Awards were giving to top performers in a variety of categories.
“As a result of these efforts this year’s first return is a whopping 53% refund enabling 53% of the members in the plan to earn net premium refunds of 60% or more and 70% of the group to achieve refunds over 50%” said Van Hardy AGC Retro Committee Chair. “This is an outstanding achievement when you consider 80% of the members in the plan are paying premiums at lower than average rates to offset claims developed costs.”
Lauren Gubbe added “This is a particularly great year overall as we held close on our second adjustment after our increase from a protest and had an INCREASE on our third adjustment which is so difficult to do since cases are older with higher costs and reserves.”
Gubbe noted “These most recent results in a lot of ways reflect the behavior and experience of our member’s core long-term employees as worker hours have been down the last few years. A key to continued success going forward is to look at ways to translate the safety culture of our companies to their new hires who are the people injured more frequently. We will cover this very subject at upcoming AGC Retro Think Tanks where members will share their best practices in this regard.”
For a complete list of AGC Retro award winners including new additions to the $1 Million Club (Abbott Construction and The Conco Companies) and the Top 5 EMRs (Diamond B Dietrich Trucking Dix Corporation GLY Nutter Underground Utilities Taylor Trucking and Waynes Roofing) click Retro Top Performers.
Photo: Gary Van Cleef of L&I presents ceremonial check to AGC Retro Committee Chair Van Hardy.