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Curated Content Articles of Interest from Around the Web

    Index Shows Only WC Was Q2 Rate Change Outlier

     

    Ivans Q2 Index: Only Workers’ Compensation Saw No Premium Renewal Rate Change

    • The Q2 2024 Ivans Index found that workers’ compensation insurance was the only major commercial line of business that failed to show a year-on-year premium renewal rate increase.
    • General Liability and Workers’ Compensation were the only major commercial lines to experience a decrease in average premium renewal rate compared to Q1 2024, with all other major lines experiencing an increase in Q2 2024.
    • Workers’ Compensation premium renewal rate change averaged -1.28% in Q2 2024, down from Q1 2024 at -0.88%.  (See above graphic.)
    • The quarter began with the lowest premium renewal rate change in April, averaging -2.16%, and reached its highest rate in May, averaging -0.20.
    • Wisconsin experienced a consistently lower premium renewal rate change relative to the quarter average across all three months, beginning in April with -10.31%, -7.63% in May, and ending at -3.02% in June.
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    Shearwater Health Gets Key Accreditation for WC Utilization Management 

    • Shearwater Health said Thursday that it has earned full URAC accreditation for Workers’ Compensation Utilization Management and full URAC Health Utilization Management certification in Pre-Review Screening and Initial Clinical Review.
    • The Nashville-based clinical solutions provider’s URAC accreditation is effective from Aug. 1, 2024, to April 1, 2027, and the certification is effective until Aug. 1, 2027.
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    Utah Brokerage PCF Acquires Texas Insurance Business

    • PCF Insurance Services said Thursday it has acquired the insurance business of the Montalvo Insurance Agency.
    • Montalvo has served southern Texas for 65 years, with a specialty focus on public entities, according to a statement.
    • Lehi, Utah-based PCF includes workers’ compensation solutions in its offerings.
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    Berkshire Hathaway’s Homestate WC Unit Names New Chief Information Officer 

    • The workers’ compensation division of Berkshire Hathaway Homestate Companies said that Marj Hutchings has been named as its new chief information officer.
    • Hutchings has more than 25 years of insurance industry technology experience, including her most recent role as CIO at State Fund,
    • “Her proven track record in technology management and her ability to lead complex projects make her an excellent fit for BHHC as we continue to innovate and expand our capabilities in the workers compensation insurance sector,” said Rob Darby, president and CEO of BHHC Workers Compensation.
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