TO: Board of Supervisors
FROM: Executive Office
MEETING DATE: December 14, 2021
DEPARTMENT CONTACT:
Cherie Johnson
PHONE:
463-4441
DEPARTMENT CONTACT:
Emma Saucedo
PHONE:
463-4441
ITEM TYPE: Consent Agenda
TIME ALLOCATED FOR ITEM: N/A
AGENDA TITLE:
title
Approval of Agreement with Granular Insurance in the Estimated Amount of $1,582,000 to Provide a Stop-Loss Reinsurance Policy, Which Includes Specific Excess Loss and Aggregate Excess Loss Insurance Coverage for the County's Self-Funded Health Plan for the Period of January 1, 2022 through December 31, 2022
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RECOMMENDED ACTION/MOTION:
recommendation
Approve Agreement with Granular Insurance in the estimated amount of $1,582,000 to provide a Stop-Loss Reinsurance Policy, which includes Specific Excess Loss and Aggregate Excess Loss Insurance Coverage for the County's Self-Funded Health Plan for the period of January 1, 2022 through December 31, 2022; and authorize Chair to sign same.
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PREVIOUS BOARD/BOARD COMMITTEE ACTIONS:
On February 23, 2021 the Board approved Agreement No. 21-032 with Coefficient Insurance Company.
SUMMARY OF REQUEST:
Each year, Keenan & Associates (Keenan), the County's consultant to the self-funded health plan, markets the stop-loss reinsurance coverage on behalf of the County. Reinsurance protects the County on any claim over the attachment point. Specific stop-loss provides protection against catastrophic or unpredictable losses above the $250,000 individual deductible. For any individual claim exceeding the $250,000 deductible, the reinsurance company pays 100% of the remaining claim.
Only two proposals for reinsurance were received. Four other carriers declined to quote due to uncompetitive rates. The incumbent, Granular Insurance, formerly Coefficient Insurance Company, submitted the most cost effective proposal of the two.
Granular Insurance (Granular) is the new name for the carrier formerly known as Coefficient Insurance Company...
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