The Florida Retail Federation Self Insurers Fund converts to RetailFirst Insurance Company

LAKELAND, Fla. (November 22, 2010)—The Florida Retail Federation Self Insurers Fund is pleased to announce that a majority of its members have voted in favor of converting to RetailFirst Insurance Company, a stock insurance company within a mutual holding company system.

William Kundrat, Jr., chairman of the board for the Fund, notes, “The Fund has long been the largest self-insurance fund in Florida, and with this conversion to a mutual insurance holding company structure, we are well positioned to provide our members a broad array of workers’ compensation insurance products and services.

“The conversion aligns with a strategic approach to managing the company more efficiently, competing more effectively, and continuing to build a strong, stable workers’ compensation company for our policyholders,” Kudrat adds. “Our new structure removes the potential of any assessment liability our members may have faced as part of a self-insurance fund.”

Upon conversion, RetailFirst, the new workers’ compensation carrier, insures more than 7,500 businesses throughout Florida and has a policyholder surplus in excess of $100 million. The day-to-day operations of RetailFirst will continue to be managed by Summit Consulting Inc., a workers’ compensation management company with more than 30 years of experience.

“We are excited about the benefits this change brings to policyholders as we continue to deliver top-quality workers’ compensation products and services and responsive customer service,” says Carol Sipe, Summit’s president and CEO. “The transition to RetailFirst will be virtually seamless—insured businesses will continue to receive our innovative claims management and tailored loss control services that are designed to keep their premium costs low and to protect their business and employees.”

The Florida Office of Insurance Regulation approved the plan to reorganize in June 2010, pending a majority of Fund members voting in favor of the plan. The conversion was approved by the board of trustees on November 12, 2010, and finalized with the Florida Secretary of State’s Office on November 17, 2010.

Workers’ compensation business submissions are now being accepted through independent agents in Florida. Information on agency appointments is available by calling Summit’s Agency Relations department at 1-800-282-7648.