I. Wright Risk Management
Wright Risk Management Company, LLC is the program management subsidiary of the Wright Insurance Group. We serve as the management company for several alternative risk-financing vehicles, including the New York Schools Insurance Reciprocal (NYSIR); the New York Municipal Insurance Reciprocal (NYMIR); The New York State Insurance Fund Workers Compensation Safety Group #548; The New York Benefits for Educators and Schools Trust; the New York State Municipal Workers’ Compensation Alliance and the New York State Schools Workers’ Compensation Trust. As a program manager, Wright provides marketing, underwriting, policyholder services, claims and risk management, statutory accounting services and IT support.
Through innovation and creativity, Wright addresses the ever-changing risk needs of its clients. We engage attorneys, nurses, safety engineers, IT specialists, law enforcement professionals, sports and athletic risk managers, investigators, contractors and restoration experts to provide insight into issues facing organizations today.
We have built our reputation by successfully managing reciprocals, pools and insurance companies that have achieved and maintained A.M. Best ratings of “Excellent.”
II. New York Schools Insurance Reciprocal (NYSIR)
Wright Risk Management is proud of its role in the creation and continued management of the New York Schools Insurance Reciprocal (NYSIR). When New York’s public schools faced an insurance crisis in the 1980s, Wright worked with state government on legislation enabling the formation of a reciprocal insurer. With over 340 owner-subscribers, NYSIR is an A.M. Best “A” (Excellent) rated insurer and a model for reciprocal insurance programs throughout the nation. The reciprocal, wholly owned by its subscribers, provides extensive property and liability coverage for member school districts. Policies underwritten include property, inland marine, boiler and machinery, general liability, school leaders’ errors and omissions and excess catastrophic lines of business. NYSIR has posted a five-year combined ratio below 100%.
Wright is responsible for underwriting, statutory accounting, reporting and regulatory compliance administration, claims management, policyholder services, and safety and risk control engineering services. With NYSIR, school administrators have seen their coverage broaden and premiums stabilize, while benefiting from a school-focused risk management program and claims philosophy.
III. New York Municipal Insurance Reciprocal (NYMIR)
NYMIR was created in 1993 by Wright Risk Management in conjunction with municipal officials throughout New York State. Formed to address the unique exposures and risk financing needs of local municipalities, NYMIR is a stable, cost-effective insurance program for New York State’s local governments. NYMIR offers property and casualty insurance coverages, including law enforcement and public officials’ liability. The reciprocal is rated “A” by A.M. Best.
As program manager, Wright Risk Management provides underwriting, claims and risk management, accounting, marketing and regulatory compliance services for NYMIR. Today, NYMIR has approximately over 708 member municipalities throughout New York State, and has posted a five-year average combined ratio below 100%.
IV. New York State Municipal Workers’ Compensation Alliance (Workers’ Comp Alliance)
Wright established the Workers’ Comp Alliance in 1994 on behalf of local municipalities who were searching for an alternative to traditional insurance. It is a non-profit, tax-exempt workers’ compensation plan established solely for the benefit of municipalities and public school districts.
As plan Manager, Wright provides claims services, case management, quality control and cost containment, risk control and safety services, and overall program management for its 214 members.
V. New York State Insurance Fund Workers Compensation Safety Group #584
In 2011, Wright formed NYSIF Workers Compensation Safety Group #584 which is open to NY employers in the retail food business. NYSIF safety groups offer employers committed to safety and risk control for their workplace a fully insured, low cost Workers Compensation alternative to private insurance carrier plans and self insurance. Safety Group #584 offers a 25% upfront premium discount for eligible members and the possibility of significant premium dividends at the end of each policy period.