Financial Stability Rating® (FSR) Assigned to Illinois Public Risk Fund
Columbus, Ohio, June 16, 2021 – The Illinois Public Risk Fund has received a Financial Stability Rating® (Pool) of AAA from Demotech, Inc.
Illinois Public Risk Fund (The Fund)
The Illinois Public Risk Fund (The Fund) is an Illinois general nonprofit corporation whose charter was issued on January 3, 1986. The Fund was established and operates to protect its members against liability or loss in the areas of worker’s compensation and related employer’s liability under Illinois law. The Fund has approximately 700 members, all of which are public agencies, local public entities, school districts, or other local governmental bodies existing under Illinois law. The Fund is not an insurance company subject to state regulation, because it is organized and qualifies as an intergovernmental risk management association or a joint self-insurance pool within the meaning of the Illinois Worker’s Compensation Act and the Illinois Intergovernmental Cooperation Act.
The Fund essentially functions as a mutual company where its members have joined together by contract to establish a cooperative program of risk management and loss coverage for governmental operations. The Fund’s members may participate in the return of surplus contributions or dividends based upon the experience of the Fund and the individual members. Returns of net assets or dividends and other related programs are determined by the board.
Administrator: Boyle, Flagg and Seaman
Auditor: CliftonLarsonAllen LLP
Current Financial Stability Rating®: AAA
Financial Stability Rating® initially assigned: 1993
About Demotech, Inc.
Demotech, Inc. is a financial analysis firm specializing in evaluating the financial stability of regional and specialty insurers. Since 1985, Demotech has served the insurance industry by assigning accurate, reliable and proven Financial Stability Ratings® (FSRs) for Property & Casualty insurers and Title underwriters. FSRs are a leading indicator of financial stability, providing an objective baseline of the future solvency of an insurer. Demotech’s philosophy is to review and evaluate insurers based on their area of focus and execution of their business model rather than solely on financial size. Visit www.demotech.com for more information.