Additional Premium Due/Outstanding LOCs

A national distributor on a Retrospective Rating Plan is billed an additional $1,715,715 in premium due to incurred loss retrospective adjustment.  Letters of Credit (LOCs) being held. 


REAl challenges

Long Term Liability

A manufacturing companies has a 35 year old permanent & total claim with an actuarial reserve of $1.8 million dollars on the books.  No excess cover available.

Claim Run-Off (CRO)

WRAMSCO performed an in-depth review of the open claims, and prepared & implemented resolution strategies. 

Multi Year Audit & Negotiations

WRAMSCO performed a claim file audit for three years, provided negotiations and closure strategies. 

Resolution & Closure

All claims were resolved & closed, and the liabilities were reduced.  A savings of $714,000.


Out of Court Settlement

The insurance company settled out of court for a payment of $225,000 and closure of all retrospective policy years.  A savings of $2,875,000.



Closed Under Authority

Settled claim for $55,000, second injury fund assigned, claim closed under authority - a savings of $945,000. 

REAl results

WRAMSCO

 

Additional Premium Due

A long haul trucking company on a Retrospective Rating Plan is billed an additional $3,100,000 in premium due to incurred loss retrospective adjustment. 

Long Term Liabilities

A national service holding company had divisions with claims open over 15 years with reserves still on the books. 

Multi Year Audit & Expert Testimony

WRAMSCO performed a claim file audit for three years, negotiations and expert testimony.  

Claim Audit

WRAMSCO performed a claim audit and intense negotiations.  Authority at $1 million to settle.

wramsco services

Reduction, Returned LOCs & Closure

An out of court settlement was negotiated to include a reduction in alleged premium due to $420,000, all LOCs returned and all retros closed.  A savings of $1,295,715. 

THE NATIONAL CLAIM & RISK MANAGEMENT CONSULTING FIRM THAT SAVES COMPANIES MILLION OF DOLLARS.