PALMETTO PAINT SPECIALTIES INC

4250 SCOTT ST
N CHARLESTON, SC 29405

Talking Points

For the Agent

These are points that might help guide an agent as they look to approach a prospect.

  • Increasing LCM and decreasing market share may indicate carrier is tightening underwriting guidelines and/or has written higher risk accounts that they are less willing to fight for.
Needs Attention

LCM Rate

LCMs have the largest effect on your WC costs. Carriers file LCM's which are multiplied with the state approved Loss Costs for your employment classifications to create your policy rates. Carrier Groups have several Carrier Tier's each with their own filing, allowing their underwriters to price aggressively to overly prudent depending on the risk.

  • The LCM of the Current Carrier is Higher than 76% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
Needs Attention

Market Competitiveness

We measure relative change (when a business chooses a different WC provider), and market share distribution over a rolling 24 months as compared to it's industry and state level activity to determine how competitive carriers are for your class of business.

  • 5% of peers have changed carriers since last year.
  • Of those who changed carriers, 9.8% decreased their LCM vs those who stayed with their current provider who saw a 3.3% increase, a difference of roughly 3x.
  • Current Carrier's market share is in the 75th percentile at 2.7% of the market.
Needs Attention

Business Stats

Policy History

Term Carrier LCM
2023

2.441
2023

1.766
2023

1.985
2022

2.351
2022

1.766
2022

1.940
2021

2.228
2021

1.766
2021

1.743
2020

2.184
2020

1.766
2020

1.743
2019

2.060
2019

1.766
2018

2.060
2018

1.666
2018

-
2018

-
2018
06-30-2017

1.320
2017

1.320
2017

-
2016

-
2016

-
2015

-
2014

-

Contacts

SGIZJ ZIRRVUYMY
Owner
(951) 689-1479
mgehxweica7@ngayvpm.rwl

RTBIT AQTRLBSKA
Benefits Admin
(425) 038-9833
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Qkfm Egeol
Manager
(556) 132-8639
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Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013201220112010
BOY Assets: $ 1,898,892 $ 8,264,538 $ 928,241 $ 1,771,140 $ 778,080 $ 542,868 $ 530,280 $ 818,117 $ 606,605 $ 785,807 $ 681,140 $ 899,333
Liabilities: $ 0 $ 80 $ 7 $ 5 $ 4 $ 7 $ 7 $ 6 $ 7
EE Contrib: $ 174,268 $ 400,866 $ 409,251 $ 427,958 $ 580,435 $ 1,106 $ 76,054 $ 34,238 $ 39,539 $ 6,950 $ 92,857 $ 6,085
Emp Contrib: $ 59,517 $ 76,678 $ 70,474 $ 54,716 $ 49,615 $ 67,136 $ 43,595 $ 72,865 $ 21,737 $ 30,946 $ 78,764 $ 65,833
Income/Loss: $ 261,455 $ 676,007 $ 847,317($ 85,620) $ 683,700 $ 56,448($ 14,746) $ 6,683 $ 89,812($ 663)($ 65,023) $ 99,601
Total Income: $ 495,240 $ 456,853 $ 202,385 $ 628,396 $ 540,508 $ 9,740 $ 506,509 $ 900,069 $ 191,720 $ 39,599 $ 58,261 $ 48,348
Paid Benefits: $ 45,730 $ 18,609 $ 63,529 $ 3 $ 8,666 $ 194,033 $ 9 $ 7 $ 40 $ 56,063 $ 0
Expenses: $ 0 $ 12 $ 6 $ 26 $ 42 $ 7 $ 25 $ 1 $ 7
  Commission: $ 16,271 $ 8,427 $ 313 $ 3,419 $ 2,869 $ 7 $ 15 $ 2 $ 9,512 $ 3,147 $ 5,702
Net Income: $ 433,239 $ 91,693 $ 663,274 $ 899,892 $ 674,953 $ 729,696($ 426,458) $ 507,509 $ 4,721 $ 74,410 $ 45,065 $ 85,588
Net Assets: $ 2,332,131 $ 4,173,473 $ 6,238,604 $ 3,287,416 $ 7,258,362 $ 887,876 $ 591,102 $ 544,549 $ 153,517 $ 307,723 $ 192,138 $ 711,376

Participants

202120202019201820172016201520142013201220112010
Total Participants:569697383831549801330955
Active Part.:55065985258937811e2465
Retired Part.:5c784f41b2ce60488d1e
Deceased Part.:0dc26c629c06544b180aa92

Insurance

No Insurance Coverage

Providers

No Providers

Features

    2A - Age/Service Weighted or new comparability or similar plan - Age/Service Weighted Plan: Allocations are based on age, service, or age and service. New comparability or similar plan: Allocations are based on participant classifications and a classification(s) consists entirely or predominantly of highly compensated employees; or the plan provides an additional allocation rate on compensation above a specified threshold, and the theshold or additional rate exceeds the maximum threshold or rate allowed under the permitted disparity rules of section 401(l).

    2E - Profit-sharing

    2F - ERISA section 404(c) Plan - This plan, or any part of it is intended to meet the conditions of 29 CFR 2550.404c-1.

    2G - Total participant-directed account plan - Participants have the opportunity to direct the investment of all the assets allocated to their individual accounts, regardless of whether 29 CFR 2550.404c-1 is intended to be met.

    2J - Code section 401(k) feature - A cash or deferred arrangement described in Code section 401(k) that is part of a qualified defined contribution plan that provides for an election by employees to defer part of their compensation or receive these amounts in cash.

    2K - Stock bonusCode section 401(m) arrangement - Employee contributions are allocated to separate accounts under the plan or employer contributions are based, in whole or in part, on employee deferrals or contributions to the plan. Not applicable if plan is 401(k) plan with only QNECs and/or QMACs. Also not applicable if Code section 403(b)(1), 403(b)(7) or 408 arrangements/accounts/annuities.

    2T - Total or partial participant-directed account plan - plan uses default investment account for participants who fail to direct assets in their account.

    3C - Plan not intended to be qualified - A plan not intended to be qualified under Code sections 401, 403, or 408.

    3D - Pre-approved pension plan - A master, prototype, or volume submitter plan that is the subject of a favorable opinion or advisory letter from the IRS.