Connecticut insurer returns over $72,700 to the town, school board

CIRMA presented a check to town officials last month. From left is Fiona Porto, vice president of CIRMA; Assistant Director of Municipal Finance Heidi Meade, Human Resources Director Craig Hirsh, Colleen P. White, senior underwriter of CIRMA; and First Selectman Ken Kellogg.

MONROE, CT — The town of Monroe and the Monroe Board of Education received a total of $72,739 from the Connecticut Interlocal Risk Management Agency this year, a share of CIRMA’s latest $5 million Members’ Equity Distribution. Over the past 11 years, the agency put nearly $37 million in equity back in the hands of its members.

“CIRMA’s Members’ Equity Distribution program continues to affirm the organization’s deliberate and disciplined approach to creating member value and substantiates its long-term financial strength,” said Matthew Knickerbocker, chairman of CIRMA’s board of directors. “Over the past year, CIRMA further distinguished its many competitive advantages, dispelling a common assumption that one insurer is as good as another.”

Over the life of the program Monroe received a total of $459,246 in distributed Members’ Equity.

With 362 members across the Constitution State, CIRMA is the leading provider of workers’ compensation, liability, auto and property insurance coverages to Connecticut public entities. CIRMA is also the only insurance provider that returns equity to its members — not shareholders, according to a press release from the agency.

“The strength of our balance sheet is undeniable, and despite unprecedented market conditions, CIRMA continues to see consistent, top-tier financial results across the board,” said David Demchak, CIRMA’s president and CEO. “Our overall financial strength routinely exceeds expectations as we continue to strike a perfect balance between risk and reward. CIRMA’S deliberate execution of our financial and operational strategies continues to drive our ability to distribute equity back to our members.”

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