September 2011

Parker, Smith & Feek Named “Agency of the Year” by National Underwriter Magazine

09/29/11

Posted by: Greg Collins, Chief Executive Officer

PRESS RELEASE

Parker, Smith & Feek inc., One of the top 50 independently owned Property & Casualty insurance agencies in the U.S., has been named "Agency of the Year" by National Underwriter Magazine.

President and CEO Greg Collins said: "We're very flattered by the recognition. As the only Insurance Broker in the Northwest to have ever won the award, it reaffirms our belief that we are amongst the very best in the industry."

"We do great work every day and have weathered a lot of different storms. It is something the entire company can feel really good about in what is still a very, very tough economy."

The Agency of the Year award recognizes agencies that serve as role models for their peers. This prestigious award evaluates agencies on growth and development, management of client relationships, technology aptitude and efficiency, innovative solutions to sales challenges, and maintenance of brand identity.

For the entire article from National Underwriter - click here

2012 Workers' Compensation Rate Proposal

09/22/11

Posted by: Marty Bask, Principal

Against the recommendations of Washington business groups, L&I is requesting a 2.5% rate increase effective January 1, 2012 in order to increase their contingence reserve.

Below is a copy of the release published by L&I:

TUMWATER – The Department of Labor & Industries has proposed a 2.5 average workers’ compensation rate increase in 2012 – its lowest rate increase in five years. L&I said the proposed increase is a small step toward rebuilding the workers’ compensation reserves without harming the state economic recovery, something the State Auditor and many businesses and workers have said needed to be done. Without the recent reforms, a 10-14 percent rate increase would have been needed to cover costs and begin restoring the reserves. The public is invited to comment on the proposed rate increase at one of six public hearings around the state in October. The final rate decision will be announced in early December. Complete information is online at www dot rates dot wa dot gov.

For the full release visit - The Labor and Industries Website

Parker, Smith & Feek hosts third annual Employee Olympics

09/19/11

Posted by: Peach Pittenger, Wellness Reporter

Sergeant Major Todd Syvrud on the 3k walk course.

Last Friday saw Parker, Smith & Feek host the third annual Employee Olympics. Fifty-five employees participated in our program designed for fitness, fun, and teamwork. Events included a 5K run, 3K walk, hoops ,and a number of games that required just a bit more luck than actual skill—such as the mouse pad discus throw, pool noodle javelin throw, and the ever popular game of ladder golf.

Medals—gold, silver, and bronze—were awarded to individuals in each event, as well as to the overall top three teams. Todd Syvrud of our Benefits department, who is currently on a tour of duty with the US Army, didn't want to miss out on the fun. He completed the 3K walk in on base while decked out in his 100-pound combat dress and gear. His incredible 79 foot mouse pad discus throw not only earned him a gold medal (it’s in mail, Todd), but also led his team to a silver medal.

The annual Olympics are a part of our Workplace Wellness program, Your Choice, Your Future. Parker, Smith & Feek is committed to supporting and encouraging positive, healthy choices for all employees. Our Olympic tradition gives us an opportunity to take a little time to compete and play together.

2012 Workers' Compensation Rate Indication

09/13/11

Posted by: Marty Bask, Principal

Earlier this week, the Department of Labor & Industries presented their actuarial review of the proposed 2012 rates at the Workers' Compensation Advisory Committee meeting. Due to the reforms that were passed last year in the legislative process, the indicated rate for 2012 is, on average, a .3% decrease from the 2011 rates.

However, L&I is proposing to use this opportunity to increase 2012 accident fund rates, ranging from 4.5% to 8%. This increase would make it possible to start rebuilding the combined contingency reserve from its current $563 million level to $1 billion, the minimum level recommended in the department's guidelines for contingency reserves.

Here is a link to L&I's presentation on "Restoring the Contingency Reserve"

L&I will publicize their proposed rate filing for 2012 on September 20, 2011 and public hearings will be held later in October.