President and CEO, Tom Phelan’s Vision for
Passage of State’s budget advances conversion of IWIF to Chesapeake Employers’ Insurance Company
Radio spot: For almost 100 years - Talent
Radio Spot: Starting October 1, 2013 - Tom Phelan, President and CEO
Frequently Asked Questions about the conversion
What will change/stay the same Conversion quick guide
Maryland law SB 745 creating the Conversion
Maryland law SB 1301, Budget Reconciliation and Financing Act as it applies to Chesapeake
With the Governor’s signing of Senate Bill 745 in May 2012, IWIF will be
converted to Chesapeake Employers’ Insurance Company, a nonprofit,
non-stock, private corporation effective October 1, 2013. The corporate
mission will be to continue to provide Maryland businesses with a readily
available source of workers’ compensation insurance that features high
quality products and services at a fair price; and to protect workers and employers by championing workplace safety.
That means that Chesapeake will continue to provide the guaranteed workers’ compensation market in Maryland, as well as compete with private insurance companies. The company will operate solely from premium and investment income, as has been the case for IWIF since its creation in 1914. The major benefit of the legislation is that the State will have no future claim to our surplus.
The conversion to Chesapeake will be seamless for our customers and agents. It will be “business as usual.” There is a new name, but the same dedicated professionals, same quality services, and the same commitment to our business model. A major change will be internal, as employees hired on or after October 1, 2013 will be employees of Chesapeake, not the state of Maryland.
Since we offer one line of insurance in one state, we have become workers’ comp experts. This new legislation affords us an opportunity to continue our transformation into becoming the best niche workers’ compensation carrier in the country. Our primary focus is to have knowledgeable employees who provide timely, accurate resolutions to customers with the assistance of state-of-the-art technology and continuously improving processes.
As our organization nears its 100th anniversary, we are financially stronger than ever. On behalf of my coworkers and Board of Directors, I truly thank you for your business and trust in IWIF as we transition to Chesapeake Employers’ Insurance Company.
With best regards,
Thomas Phelan, CPA
President and CEO