Connecticut Commercial Auto Profit-Sharing Plan
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1 Connecticut Commercial Auto Profit-Sharing Plan 2017
2 Key Elements Seven Key Elements 1 This is a one-year profit-sharing plan. 2 Only paid losses, not loss reserves, are used in the calculations. 3 There is a minimum earned premium requirement. 4 The plan has a pre-determined target loss ratio. 5 Losses are capped. 6 There is a renewal retention threshold for eligibility. 7 Growth Bonus/Penalty. 1 This is a one-year profit-sharing plan: Each year, the plan resets premium and losses to zero on January 1st. Years with poor results do not linger and penalize the agency for additional years. 2 Only paid losses, not loss reserves, are used in the calculations: This approach eliminates the concern agents have about loss reserves being modified to lower profit-sharing payments. Reserves and IBNR (Incurred but Not Reported) amounts are not included. Additionally, paid losses will be reduced by salvage and subrogation recoveries received during the current calendar year. 3 There is a minimum earned premium requirement: An agency s voluntary commercial auto earned premium must be equal to or greater than $100,000 in 2017 to be eligible; or the agency s voluntary commercial auto earned premium must be equal to or greater than $50,000 and the agency s voluntary private passenger auto earned premium must be equal to or greater than $250, The plan has a pre-determined target paid loss ratio: The maximum paid loss ratio for 2017 that will earn profit sharing is 54.99%. 5 Losses are capped: For claims with a loss date before January 1, 2008, the net paid losses and allocated loss adjustment expenses paid are capped at $50,000 per claim. For claims with a loss date on or after January 1, 2008 and before January 1, 2014, the net paid losses and allocated loss adjustment expenses paid are capped at $100,000 per claim. For claims with a loss date on or after January 1, 2014, the net paid losses and allocated loss adjustment expenses paid are capped at $250,000 per claim. 6 There is a renewal retention threshold for eligibility: The agency s renewal retention must be 85% or greater; this will be measured as renewals offered against renewals taken. 7 Growth Bonus/Penalty: The following factor will be applied to the bonus percentage based upon a comparison of the in-force premium on 12/31/2016 and 12/31/2017 (round to the nearest 10th of a percent - i.e. 87% is.90): In-Force Premium Change Factor 80% % % % % 1.10 >110% 1.15 If the in-force premium change is greater than a 20% decrease, the agency is not eligible for profit sharing. continued...
3 Plymouth Rock Assurance Corporation ( Plymouth Rock ), will pay each insurance agency with which Plymouth Rock has an Agency Agreement currently in force ( Agency ) a percentage of the gross profits that Plymouth Rock earns on commercial automobile insurance business written through the Agency for calendar year 2017, determined as follows, provided that the Agency has met the threshold for earned premium written through Plymouth Rock in such calendar year. Definitions The term Agency Profit-Sharing Loss Ratio for a Calendar Year means the sum of Agency s Paid Losses, divided by the sum of Agency s Earned Premium. The term Agency s Earned Premium means the sum of earned premium, on commercial policies written through the Agency for a Calendar Year times 0.65, plus earned premium, on such policies for the preceding calendar year times 0.25, plus earned premium on such policies for the second preceding calendar year times The term Agency s Paid Losses means for a Calendar Year all losses paid during such year on business produced by the Agency, plus applicable allocated loss adjustment expenses paid minus salvage and subrogation payments received on such business during such year. For purposes of this calculation each paid loss with a loss date on or after January 1, 2014 that is in excess of $250,000 shall be capped at $250,000 per claim. No such claim shall ever contribute more than $250,000 to the Agency Profit-Sharing Loss Ratio. Each paid loss with a loss date on or after January 1, 2008 and before January 1, 2014 that is in excess of $100,000 shall be capped at $100,000 per claim. No such claim shall ever contribute more than $100,000 to the Agency Profit-Sharing Loss Ratio. Each paid loss with a loss date prior to January 1, 2008 that is in excess of $50,000 shall be capped at $50,000 per claim. No such claim shall ever contribute more than $50,000 to the Agency Profit-Sharing Loss Ratio. The term Calendar Year means the calendar year for which a Profit Share is determined hereunder. The term Profit Share means the amount of money payable to Agency for a Calendar Year as determined under this Agreement. The term Retention Rate means the number of policies renewed divided by the number of policies offered during the Calendar Year. The term Profit Sharing Factor shall be determined by the agency s Earned Premium and the Agency s Profit Sharing Loss Ratio. Calculation of Profit Share The Agency s Profit Share for a Calendar Year is determined by multiplying the Agency s Earned Premium by the Profit Sharing Factor, and then multiplying the product by the applicable Growth Bonus/Penalty. The Profit Share to which the Agency is entitled under this Plan for a Calendar Year shall be paid to the Agency no later than four months following the close of such year. Miscellaneous Provisions This Profit-Sharing Plan supersedes any other agreements between Plymouth Rock and the Agency relating to profit-sharing, which are terminated. This Profit-Sharing Plan shall have a term of one year commencing on January 1, This Profit- Sharing Plan shall not be applicable to any Agency if, prior to the date that Profit Share is payable under the Plan, either the Company or that Agency has given notice to the other of its intent to terminate the Agency Agreement between them. continued...
4 Calculation Plymouth Rock s Commercial Auto profit-sharing calculation is straightforward. The steps listed below show how the formula works. 1 Determine the Agency s Earned Premium by summing the factored portions of the three most recent years earned premium as indicated below: A. Current year earned premium multiplied by 0.65 B. First year prior earned premium multiplied by 0.25 C. Second year prior earned premium multiplied by 0.10 Agency s Earned Premium (A+B+C) 2 Determine the Agency s Paid Losses by taking the sum of the agency s calendar year paid and the associated allocated loss adjustment expenses paid, and subtract from that total all recoveries received during the current calendar year. If applicable, the total is capped accordingly. A. Calendar year paid losses and ALAE B. Recoveries from current calendar year Agency s Paid Losses (A-B) 3 Determine the Agency s Profit-Sharing Loss Ratio by dividing the Agency s Paid Losses by the Agency s Earned Premium. A. Agency s adjusted paid losses for profit-sharing (2 above) B. Agency s Earned Premium (1 above) Agency s Profit-Sharing Loss Ratio (A/B)
5 4 Determine the Agency s Profit Share factor based upon the Earned Premium and the Profit Sharing Loss Ratio from the table shown below. (Note that the factors shown below are percentages e.g. 1.6 =1.6%) Earned Premium (000) > < Determine the Agency s Base Profit Sharing Amount by multiplying the Agency s Earned Premium by the Agency s Profit Sharing Factor. A. Agency s Earned Premium (1 above) B. Agency s Profit Sharing Factor (4 above) Agency s Earned Premium (A x B) 6 Determine the Growth Bonus/Penalty by dividing 2017 In-force premium by 2016 In-force premium. A. Agency s 2017 In-force Premium as of 12/31/2017 B. Agency s 2016 In-force Premium as of 12/31/2016 Agency s Growth Bonus/Penalty (A/B) 7 Determine Final Profit Sharing Amount by multiplying the agency s Base Profit Share Amount by the agency s Final Growth Bonus/Penalty. Agency s Final Profit-Sharing Amount (5 x 6)
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