SPECIALTY POLYMERS INC

869 OLD RICHBURG RD
CHESTER, SC 29706

Talking Points

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 56% of peers.
  • Shopping around for a carrier that would provide a more competative tier would make sense.
  • LCM Decreased by more than 75% of peers.
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.

  • 10% of peers have changed carriers since last year.
  • Of those who changed carriers, 3.2% decreased their LCM vs those who stayed with their current provider who saw a 2.2% increase.
  • Current Carrier's market share is in the 99th percentile at 12% of the market.
Good

Business Stats

Policy History

Term Carrier Premium LCM
2022

1.362
2022

-
2022

1.550
2022

1.638
2022
03-01-2022

-
2022
03-01-2022

1.742
2021

1.858
2021

-
2021

1.742
2021

1.520
2021

1.681
2020

1.700
2020

-
2020

1.450
2020

-
2020

1.451
2019

2.400
2019

1.600
2019

-
2019

-
2018

1.600
2018

-
2018

2.400
2017

1.600
2017

-
2017

2.400
2016

-
2016

1.600
2016

1.900
2015

-
2015

1.600
2015

1.900
2015

-
2014

-
2014

-
2014

1.600
2014

-
2014

-
2013

-
2013

-
2012

-

Contacts

3b
(506) 309-5778
lrie@zzpcntti.ecw

1
(918) 769-5766
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Manufacturing Executive
(888) 461-6817
rrohufxg@yjpttrey.okp

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President
(510) 742-3399
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Benefits Admin
(450) 589-4764
3280

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Benefits Admin
(656) 909-1513
8618

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Benefits Admin
(728) 481-0639
36c57

Industry Classification

Retirement Benefits

Financials

20202019201820172016201520142013201220112010
BOY Assets: $ 17,407,766 $ 51,057,906 $ 228,114 $ 45,026,920 $ 32,538,784 $ 8,901,181 $ 4,575,715 $ 847,205 $ 4,515,256 $ 2,683,475 $ 7,234,817
Liabilities: $ 0 $ 56 $ 652 $ 3 $ 5 $ 36
EE Contrib: $ 773,548 $ 963,095 $ 7,002,434 $ 659,790 $ 734,991 $ 704,204 $ 405,130 $ 621,696 $ 172,425 $ 850,046 $ 891,157
Emp Contrib: $ 449,539 $ 269,035 $ 974,631 $ 828,116 $ 822,499 $ 664,916 $ 737,066 $ 774,006 $ 174,508 $ 242,105 $ 98,980
Income/Loss: $ 1,831,500 $ 6,503,861($ 933,966) $ 5,381,247 $ 160,077($ 192,892) $ 475,313 $ 4,601,061 $ 607,750($ 38,369) $ 112,468
Total Income: $ 3,253,507 $ 3,099,274 $ 9,412,585 $ 9,238,854 $ 8,647,301 $ 1,350,589 $ 3,124,419 $ 8,403,126 $ 901,830 $ 139,684 $ 342,186
Paid Benefits: $ 1,221,848 $ 907,336 $ 231,900 $ 22,849 $ 595,062 $ 972,397 $ 425,952 $ 387,436 $ 607,100 $ 315,243 $ 375,782
Expenses: $ 0 $ 78 $ 472 $ 80 $ 6 $ 0 $ 5 $ 0 $ 60,000 $ 84
  Commission: $ 50,892 $ 63,824 $ 36,078 $ 1,649 $ 48,761 $ 3,958 $ 77,136 $ 8,054 $ 9,607 $ 9,509 $ 382
Net Income: $ 1,980,767 $ 8,669,939 $ 446,804 $ 9,187,674 $ 446,464 $ 13,945 $ 305,353 $ 1,826,124 $ 592,282 $ 53,460 $ 892,220
Net Assets: $ 19,388,533 $ 18,486,408 $ 66,972,861 $ 96,556,825 $ 93,717,759 $ 20,100,547 $ 1,182,389 $ 5,170,689 $ 564,863 $ 1,973,773 $ 5,128,928

Participants

20202019201820172016201520142013201220112010
Total Participants:16223339484839693051919025699134
Active Part.:147471785648130980505 3716659
Retired Part.:10793165d e2
Deceased Part.:ebe2709bc8571be2913

Insurance

FMNOMBJQ AOFOKGESL ZZRVOAX
Renewal:12-31-2020
Covered:162
PENSION_EOY_SEP_ACCT_AMT: 12409899PENSION_PREM_PAID_TOT_AMT: 0

Retention: $ 0
Claims: $ 0
Loss Ratio:
Exp Rated Premium $ 0
Non-Exp Rated Premium: $ 0
Commission $ 0
Fees $ 0

Providers

ZBTMJHGA TMVJULYKC TQATY
BAMFRLROB POIRHPMFSF OHLFBLYHUOInvestment advisory (plan)
Consulting fees
Compensation:$39,981
Relation:NONE
SDMJCSFJ YDMVJLMUI AUQNGClaims processing
Recordkeeping and information management (computing, tabulating, data processing, etc.)
Custodial (other than securities)
Direct payment from the plan
Compensation:$33,526
Relation:NONE

Features

    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.

    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.

    3H - Plan sponsor(s) is (are) a member(s) of a controlled group (Code sections 414(b), (c), or (m)).

Health Benefits

Financials

2020201920182017201620152014
BOY Assets: $ 0 $ 1 $ 33 $ 1 $ 9
Liabilities: $ 0 $ 22 $ 7 $ 2 $ 6
EE Contrib: $ 0 $ 2
Emp Contrib: $ 0 $ 3 $ 3 $ 57
Income/Loss: $ 0 $ 76 $ 346 $ 4 $ 94
Total Income: $ 0 $ 22 $ 9 $ 36 $ 6 $ 562 $ 27
Paid Benefits: $ 0 $ 229 $ 8
Expenses: $ 0 $ 868 $ 8 $ 1 $ 8 $ 22
  Commission: $ 0 $ 4 $ 4 $ 4 $ 4
Net Income: $ 0 $ 72 $ 53 $ 7 $ 4 $ 528
Net Assets: $ 0 $ 33 $ 49 $ 9 $ 398

Participants

2020201920182017201620152014
Total Participants:151102115204849632587
Active Part.:151443130403356830645
Retired Part.:ea118d3dec
Deceased Part.:fa0bcbf90c2

Insurance

YZOJCDP PGDAGPTQN IQHOWZKQGQ UQ AETNFH
Renewal:12-31-2020
Covered:279
  1. Health
  2. Vision
  3. Prescription Drug
  4. PPO Contract

Retention: $ 0
Claims: $ 0
Loss Ratio:
Exp Rated Premium $ 0
Non-Exp Rated Premium: $ 1,719,131
Commission2.3% $ 39,500
Fees0.05% $ 924
Brokers
ZZJT CMXGRUAST WNWPUWT
Renewal:12-31-2020
Covered:40
  1. CRITICAL ILLNESS

Retention: $ 0
Claims: $ 0
Loss Ratio:
Exp Rated Premium $ 0
Non-Exp Rated Premium: $ 14,220
Commission15% $ 2,133
Fees0% $ 0
Brokers
EUIY OBXU CZTXZYCZO TESLEFL XF UQJKFCY
Renewal:12-31-2020
Covered:151
  1. Life Insurance
  2. Temp. Disability Insurance
  3. Long Term Disab. Ins
  4. ACCIDENTAL DEATH AND DISMEMBERMENT,ACCIDENT

Retention: $ 0
Claims: $ 0
Loss Ratio:
Exp Rated Premium $ 0
Non-Exp Rated Premium: $ 194,964
Commission14.75% $ 28,760
Fees0% $ 0
Brokers

Providers

No Providers

Features

    4A - Health (other than vision or dental).

    4B - Life insurance.

    4D - Dental.

    4E - Vision.

    4F - Temporary disability (accident and sickness).

    4H - Long-term disability.

    4L - Death benefits (include travel accident but not life insurance).