Manchester Municipal Risk Management Authority


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Developing, Communicating Plans to Reopen During and After Pandemic; Managing Inmate Expectations a Key Component of Effective Jails

Board Approves $45.1 Million Distribution

Posted: Thursday, February 26, 2015

** SPECIAL ANNOUNCEMENT **

At its February 20th meeting, MMRMA’s Board of Directors acted to declare a $45,152,750 distribution of excess net assets to current renewing MMRMA Individual and State Pool Members. The Board also approved the 2015 Net Asset Policy Report, including the results of the most recent capital adequacy analysis, which determines the necessary net assets needed. This will be our ninth, and largest ever, distribution of excess net assets to current renewing Individual and State Pool members. With this distribution, MMRMA has distributed over $194,000,000 to its renewing members since 2006. The following table shows a history of these distributions:

 

This distribution is the largest component of an over $54,000,000 deployment of excess net assets for the benefit of our membership this year. Examples of other uses of excess net assets include:

  • Michigan Vehicle Assessments – Excess net assets are used to pay the Michigan Catastrophic Claims Association (MCCA) and Michigan Assigned Claims Plan vehicle assessments for members. It is estimated that we will pay more than $3,200,000 in assessments on behalf of the membership this year.
  • Risk Avoidance Program (RAP) Grants – Excess net assets of $1,000,000 are allocated to fund RAP for the upcoming year. RAP Grants are awarded through MMRMA’s Membership Committee.
  • Data Breach Coverage – In July 2013, MMRMA began providing Data Breach Coverage to all Individual and State Pool Members. This coverage will continue to be supported with excess net assets.
  • No Fault Automobile Coverage – Excess net assets are used to provide members with enhanced no fault automobile coverage. With Michigan having one of the most costly no fault statutes in the nation, this is a significant benefit.
  • Coverage for Volunteers – Excess net assets are used to underwrite liability coverage for volunteers.

Once again, this is very good news for members and, based on the distribution rules adopted by the Board, most members will receive their share of this distribution following their membership renewal.

MMRMA’s ability to provide these benefits to its members is a direct reflection of strong performance results over a sustained period of time. Many factors contributed to these favorable results, including better than expected loss trends in recent years, member responsiveness to risk control recommendations, good management practices by members that resulted in fewer losses, and, most importantly, outstanding investment results through June 30, 2014. However, the most central factor that allows MMRMA to deploy excess net assets is the long-term commitment that members have made to MMRMA. Without your loyalty and ongoing support of this fine organization, these benefits would not be possible. Thank you.

 

 




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Michigan Municipal Risk
Management Authority

14001 Merriman Road
Livonia, MI 48154
734.513.0300
800.243.1324

MMRMA has been a leader in municipal risk since 1980 and remains committed to meeting the ever-expanding challenges faced by its membership. MMRMA's risk control services are designed to help its members identify, prevent, and mitigate losses through on-site surveys, training, and other services. MMRMA also provides its members with premier claims and legal services, sound financial management, and essential news on the latest developments in public risk management.


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