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

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Presentation on theme: "Yellowstone Insurance Exchange, RRG Annual Subscribers Meeting Annual Update July 10 th, 2007 Coeur dAlene, Idaho."— Presentation transcript:

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

2 Agenda zWelcome y8:45am – 9:45am Risk Management Presentations xManaging in a Crisis S. Yockey, Gritman Medical Center xNational Trends in the Marketplace Stephen Hill, Aspen Re, London, UK

3 Agenda y10:00am – 12:00pm xYellowstone Insurance Exchange, RRG Annual Meeting of Subscribers xSAC Meeting y12:00 pm Box Lunch y1:00 pm Golf at Resort Course y6:30 pm Reception and Dinner (Idaho Room)

4 Financials zRevenue: x2005$2.62m x2006$3.82m x2007 (May)$3.92m zNet Income: x2005$88k x2006$182k x2007 (May)$775.6k

5 Financials zAssets y2005$ 11.8m y2006$16.7m y2007 (May)$26.0m zSubscriber Savings Account Distribution y2005 $107k y2006 $189k z Three Largest Liabilities y2005$7.7m y2006$11.6m y2007 (May)$15.5m ylosses and loss adjustment expense, reinsurance premium payable and accrued expenses

6 Asset Allocation

7 Yellowstone Insurance Exchange RRG - June 2007 Sector Rating Fixed Income Diversification June

8 *Inception date = 10/1/2005 Performance Summary – May 2007

9 Benchmarks – Average 15 Leading P&C Companies zAssets to Liabilities y YIE = $177.00 yAverage = $164.37 zSurplus to Loss Reserves yYIE = $149.41 yAverage = $119.15

10 zSurplus to Net Premiums Written: yYIE = $136.53 yAverage = $112.73 xTop 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 Benchmarks – Average 15 Leading P&C Companies

11 Underwriting – 2007 Renewal y Feedback From January Survey xExposure Definitions helped but slowed the process We are moving the underwriting process in-house Dedicated to Yellowstone xEarlier Renewal Faster Physician information Changes you request xWill take effect 3 rd quarter - 2007

12 Underwriting – 2008 Renewal yMembers 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 xPhysician Renewal app sent every other year – Not 2008 renewal xMid Level renewal app every 3 years – Not 2008

13 Underwriting zPricing: yFor 2007 - On Target y2008 Study under development xProjected rate increase xPricing Dependent on Claims incurred and Reserve Study

14 Risk Management zGoals for 2007 yIncrease visits to membership yEstablish a Video Library yRegional Meetings to Improve Interaction with Members yAction Plan Compliance yImprove - Yellowstone Event System

15 Risk Management

16 zTotal 2006 Occurrences (6/19/07) xTotal Occurrence Entered for 2006 totaled: 5,645 xTop 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 zFor 2008: yContinue Action Plan Compliance yExpand Yellowstone Event System yDevelop Additional Packets for Information

19 Claims zReported Incidents & Claims: yWe currently have 48 open Risk Management files and 140 closed Risk Management files. yWe currently have 17 open claims and 25 closed claim files. yThe breakdown of open claims is as follows: 16 professional liability claims 1 general liability claim. 6 of these are in active litigation

20 Claims z17 Open Claims yMontana - 12 yIdaho – 4 yWyoming – 0 yNM - 1 z2006 - 22 open z2005 - 10 open z 25 Closed Claims yMontana - 16 yIdaho – 5 yWyoming – 4 yNM - 0 z 2006 Closed Claims -4 yMontana - 3 yWyoming - 1

21 Claims zLarger Awards y$250K (MT) - 2006 y$210K (MT) - 2006 zPayments in 2007 zTrouble Spots yRecord Keeping – Documentations xChain of Command yPrivileges xGet the right person for job / community

22 Claims zLitigation Expense yIncreases as the Claim Matures yPart of our Long – Term Strategy yNecessary Expense given the Alternatives

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

24 yIn creating CMC Insurance, the goals were to: xCreate stronger insurance products that generate overall cost savings for association members xProvide a wider product line and stabilize pricing xIncrease retention of membership and generate additional revenue for association equity holders xControl the quality of service partners

25 yThe 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. yProduct focus xEmployment Practices Liability xPhysician & ER Physician Liability xDirectors & Officers Liability

26 xThe agency is focused on the specialized insurance and risk management needs of hospitals and health care related organizations. xThe 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 yStrong member capitalization yLong term commitment yStable growth - Control ySmall to Midsize markets yNo Drift from core competency yPast insurance cycles

28 YIE Goals: yLower the overall exposure and market swings yGenerate cost savings for your hospital in dividends yInstall quality Risk Management Programs yExperience based underwriting critical to success

29 Yellowstone Insurance Exchange, RRG zCommunications y877-580-1100 xForms xContacts xApplications xNewsletters xCompany Information

30 Yellowstone Insurance Exchange, RRG zQuestions

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