TOWER METALWORKING FLUIDS CO

4300 S TRIPP AVE
CHICAGO, IL 60632

Talking Points

For the Agent

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

  • Premium decrease and carrier tier change may indicate competitive situation and incumbent prevailed.
Needs Attention

Premium

Worker's Comp premium is based on two key factors - the LCM your carrier has filed to use, and the total payroll you run over the policy term, which is multiplied by the rate to determine premium. Comparing premium to businesses in the same industry and of similar size can indicate how fair your WC insurance provider's costs are relative to the market.

  • Premium is Higher than 82% of peers.
  • In the last year, premium Increased by 46%. While peers Increased an average of 5%.
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 Very Good, in the 1st percentile compared to peers.
Good

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.

  • 20% of peers have changed carriers since last year. Those who did, saw a 2.3% decrease in premium vs those who stayed with their current provider had a 6% increase.
  • Current Carrier's market share is in the 99th percentile at 10.7% of the market.
Good

Business Stats

Policy History

Term Carrier Premium LCM
2023

1.450
2023

1.400
2023

1.200
2022

-
2022

1.450
2022

1.503
2022

1.592
2022
11-01-2022

1.000
2022
11-01-2022

-
2022
11-01-2022

1.490
2021

1.000
2021

-
2021

-
2021

1.490
2021

1.450
2021

1.695
2021

1.592
2020

-
2020

1.991
2020

2.039
2020

2.010
2020
11-01-2020

-
2020
11-01-2020

1.946
2020
11-01-2020

1.940
2019

-
2019

2.196
2019

2.185
2019
11-01-2019

-
2019
11-01-2019

2.115
2019
11-01-2019

2.080
2019
11-01-2019

2.164
2018

-
2018

2.655
2018

2.115
2018

2.001
2018

2.130
2018
11-06-2018

-
2017

-
2017

2.655
2017

-
2017

2.001
2017

2.108
2016

-
2016

2.001
2016

2.056
2015

2.001
2015

-
2015
11-06-2015

-
2014

2.001
2014
11-06-2014

-
2013

-

Contacts

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Benefits Admin
(273) 903-8619
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Benefits Admin
(093) 151-9165
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Benefits Admin
(460) 659-8622
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Benefits Admin
(919) 645-3439
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Benefits Admin
(269) 615-9887
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Benefits Admin
(070) 373-5257
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Benefits Admin
(343) 707-6613
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President
(157) 302-7215
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President
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Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013201220112010
BOY Assets: $ 7,462,343 $ 9,405,822 $ 7,374,435 $ 9,904,228 $ 5,455,604 $ 7,894,557 $ 1,398,354 $ 7,165,378 $ 7,020,431 $ 9,664,943 $ 497,755
Liabilities: $ 3,567,575 $ 287,891 $ 183,942 $ 168,941 $ 4,111,936 $ 9,420,088 $ 8 $ 2,398,957 $ 2,461,568 $ 9,932,845 $ 522,727 $ 5,786,917
EE Contrib: $ 0 $ 6 $ 25 $ 1 $ 447,766 $ 2 $ 2 $ 2 $ 94
Emp Contrib: $ 640,974 $ 4,125,614 $ 421,536 $ 549,649 $ 293,138 $ 316,747 $ 33,690 $ 957,642 $ 298,690 $ 417,717 $ 147,100 $ 88,949
Income/Loss: $ 775,160 $ 188,696 $ 5,397,436 $ 820,307 $ 216,549($ 36,170)($ 2,120) $ 18,595 $ 2,607,822 $ 2,491,318 $ 327,217 $ 868,203
Total Income: $ 1,416,134 $ 33,250 $ 8,884,621 $ 9,023,743 $ 874,101 $ 436,512 $ 923,562 $ 474,688 $ 402,942 $ 7,880,482 $ 12,229 $ 20,311
Paid Benefits: $ 3,229,089 $ 2,282,696 $ 234,253 $ 450,925 $ 17,847 $ 196,138 $ 8,223 $ 305,290 $ 629,155 $ 127,074 $ 917,505 $ 99,610
Expenses: $ 71,112 $ 28,077 $ 59,681 $ 84,639 $ 30,998 $ 56,671 $ 57 $ 769,998 $ 447,446 $ 491,543 $ 563,515 $ 592,315
  Commission: $ 303 $ 6 $ 15 $ 75 $ 0 $ 4 $ 563 $ 1 $ 84 $ 3
Net Income:($ 1,884,370) $ 397,836 $ 4,604,794 $ 202,035 $ 9,286 $ 56,179 $ 426,285 $ 11,731 $ 3,984,312 $ 6,732,113 $ 435,897 $ 792,399
Net Assets: $ 5,577,973 $ 7,419,865 $ 8,317,834 $ 9,428,551 $ 5,144,868 $ 9,799,446 $ 972,285 $ 284,276 $ 634,439 $ 8,641,839 $ 8,963,992 $ 58,875

Participants

202120202019201820172016201520142013201220112010
Total Participants:337608965750547206244188
Active Part.:307888016018274858141368
Retired Part.:1514849640988
Deceased Part.:c0052458395

Insurance

No Insurance Coverage

Providers

No Providers

Features

    2E - Profit-sharing

    2I - Stock bonus

    2P - Leveraged ESOP - An ESOP that acquires employer securities with borrowed money or other debt-financing techniques. A completed Schedule E must be attached to a Form 5500 filed for an ESOP.

    3I - Plan requiring that all or part of employer contributions be invested and held, at least for a limited period, in employer securities.