NFG#2 Federal Credit Union

1303 Pennsylvania Ave West
Warren, PA 16365

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 in-line with peers, in the 47th percentile.
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.

  • 2% of peers have changed carriers since last year.
  • Current Carrier's market share is in the 95th percentile at 3.5% of the market.
Good

Business Stats

Policy History

Term Exp. Mod Carrier LCM
2022

1.850
2021

1.850
2020

1.429
2017

1.429
2016

1.429
2015

1.429
2015
11-21-2014

1.539
2014

-
2013
11-21-2013

-
2012

-
2011

-
2010

-
2009

-

Contacts

Peal Rqaai
CFO
(961) 820-6474
gibmdj@yigzfts.cyz

GPRPFE S SGOK
Benefits Admin
(370) 570-6790
0d1

Industry Classification

Retirement Benefits

Financials

202120202019201820172016201520142013201220112010
BOY Assets: $ 451,525 $ 640,854 $ 373,297 $ 150,701 $ 137,364 $ 283,334 $ 232,201 $ 653,392 $ 805,123 $ 408,081 $ 989,620 $ 576,156
Liabilities: $ 0 $ 91 $ 7 $ 72 $ 7 $ 4 $ 5 $ 1 $ 2
EE Contrib: $ 11,413 $ 42,459 $ 2,564 $ 6,980 $ 1,976 $ 8,432 $ 36,276 $ 36,469 $ 95,435 $ 50,218 $ 48,641 $ 18,683
Emp Contrib: $ 17,982 $ 53,777 $ 19,983 $ 77,583 $ 32,689 $ 87,104 $ 2,852 $ 59,923 $ 3,238 $ 74,869 $ 39,974 $ 56,869
Income/Loss: $ 74,033 $ 38,919 $ 62,152($ 37,106) $ 40,554 $ 11,032($ 8,468) $ 19,149 $ 11,298 $ 7,185 $ 9,826 $ 29,704
Total Income: $ 103,428 $ 87,580 $ 3,307($ 201) $ 14,462 $ 98,894 $ 92,680 $ 73,678 $ 24,021 $ 57,674 $ 43,897 $ 54,868
Paid Benefits: $ 0 $ 24,925 $ 6,935 $ 99,093 $ 501 $ 20,278 $ 52,271 $ 8 $ 38,671 $ 3
Expenses: $ 0 $ 288 $ 640 $ 180 $ 887 $ 700 $ 72 $ 7 $ 1 $ 4 $ 2
  Commission: $ 0 $ 7 $ 8 $ 5 $ 43 $ 8 $ 6 $ 537 $ 17 $ 5
Net Income: $ 103,428 $ 34,992 $ 47,583($ 91,427) $ 3,780 $ 35,125($ 25,521) $ 35,612 $ 1,421($ 50,687) $ 9,954 $ 78,672
Net Assets: $ 554,953 $ 369,048 $ 775,510 $ 584,277 $ 396,078 $ 811,729 $ 958,236 $ 450,010 $ 740,351 $ 774,593 $ 506,803 $ 77,905

Participants

202120202019201820172016201520142013201220112010
Total Participants:814368299236
Active Part.:50511364b 82c348ca50
Retired Part.:9c919d9 8e72923cdcc9370
Deceased Part.:3a6992a13be084af9a

Insurance

No Insurance Coverage

Providers

No Providers

Features

    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.

    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.

    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.

    2E - Profit-sharing

    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.