Md. guaranteed comp fund renaming as Chesapeake Employers' InsurancePosted On: Sep. 26, 2013 12:00 AM CST
Maryland's Injured Workers' Insurance Fund on Thursday said it is reminding the public that it will convert to Chesapeake Employers' Insurance Co. on Oct. 1 as part of its move to become a private insurer.
Towson, Md.-based Chesapeake will become a nonstock, nonprofit, private insurer after Maryland Gov. Martin O'Malley signed legislation in May 2012 allowing it to stop operating as an independent state agency.
The governor will continue to appoint the insurer's board of directors.
It will continue guaranteeing workers comp coverage in Maryland, as well as compete with private insurers, according to company documents, which also state that it holds a 23% share of Maryland's workers comp market and has more than $1.8 billion in assets.
“Although IWIF's name is changing, everything that Maryland employers and their employees have come to expect of us will remain unchanged, especially our expertise in workers compensation insurance and our commitment to creating safer workplaces,” Thomas Phelan, the insurer's president and CEO, said in a statement. “Looking forward, we will mark our steadfast commitment to Maryland employers and employees as we celebrate our 100th anniversary in 2014.”