ONTARIO, Calif. (6/18/10)--C-U First Ltd., a credit union-owned and operated workers’ compensation program, returned an additional $350,000 to its policyholders in 2009. For the first three policy terms, the program has returned 29% of premiums to date. Program members also experienced a premium rate decrease of 60% since the program's inception in 2004, said the California Credit Union League. The C-U First Insurance Program chooses the loss control specialist and third-party claims administrator, allowing the member credit unions to manage and control their workers’ compensation losses. Artex Risk Solutions administers the captive and domicile management, while Gallagher Bassett provides claims management and loss control services. Discover Re, a Travelers Company, provides the insurance policies and the excess re-insurance portion of the program. Since each participating credit union’s workers’ compensation premium and future distributions are based on their individual performance, the claims and loss control services are critical. “The results are evident as the group has had an average loss ratio of 19.07% since the program’s inception,” said Sylvia Fath, California league senior vice president of business services. The program also recently welcomed SkyOne FCU, Hawthorne, to the program. Participants include:
* AltaOne FCU, Ridgecrest; * American First CU, La Habra; * Burbank City FCU, Burbank; * Christian Community CU, San Dimas; * CoastHills FCU, Lompoc; * California and Nevada Credit Union Leagues, Ontario; * First Financial CU, West Covina; * Fresno County FCU, Fresno; * Orange County’s CU, Santa Ana; and * Pacific Marine CU, Camp Pendleton.