Bank of Bird-in-Hand

309 N Ronks Road
Bird in Hand, PA 17505

Talking Points

Experience Mod Rating

Mod is an indication of how risky a company is to insure. It is based on a company's claim history.

  • Experience Mod is in-line with peers, in the 52nd percentile.
  • Mod increased by more than 75% of peers.
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 3rd percentile compared to peers.
  • In the last year, LCM Decreased by 16%. While peers Increased an average of 2%.
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.

  • 7% of peers have changed carriers since last year.
  • Of those who changed carriers, 1.8% decreased their LCM vs those who stayed with their current provider who saw a 1.9% increase.
  • Current Carrier's market share is in the 75th percentile at 5.1% of the market.
Good

Business Stats

Policy History

Term Exp. Mod Carrier LCM
2022

1.075
2021

1.280
2020

1.280
2019

1.280
2018

1.280
2018
11-20-2017

1.484
2017

1.484
2016

1.400
2015

1.400
2014

-

Contacts

Sksuay Ixkzrpt
VP - Controller
(210) 624-4663
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GLII A. AFBWL
Benefits Admin
(050) 591-2159
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Industry Classification

Retirement Benefits

Financials

2021202020192018201720162015
BOY Assets: $ 2,500,011 $ 9,751,675 $ 439,812 $ 712,880 $ 131,032 $ 790,502
Liabilities: $ 0 $ 31 $ 1 $ 9 $ 8
EE Contrib: $ 980,917 $ 887,153 $ 106,733 $ 628,773 $ 889,652 $ 29,405 $ 426,461
Emp Contrib: $ 213,822 $ 149,872 $ 38,053 $ 153,069 $ 40,601 $ 41,157 $ 14,598
Income/Loss: $ 445,733 $ 360,596 $ 226,830($ 93,995) $ 738 $ 57,019($ 9,056)
Total Income: $ 1,640,472 $ 360,294 $ 872,146 $ 490,393 $ 801,054 $ 503,356 $ 671,420
Paid Benefits: $ 374,314 $ 22,108 $ 17,934 $ 75,196 $ 161,409 $ 6,562 $ 652
Expenses: $ 0 $ 9 $ 6 $ 6 $ 7 $ 13
  Commission: $ 34,863 $ 92,420 $ 7,937 $ 8,364 $ 1,902 $ 792 $ 602
Net Income: $ 1,231,295 $ 474,684 $ 471,012 $ 246,213 $ 904,436 $ 126,003 $ 84,727
Net Assets: $ 2,702,900 $ 8,035,054 $ 789,785 $ 970,551 $ 603,320 $ 835,579 $ 723,843

Participants

2021202020192018201720162015
Total Participants:64657670785416
Active Part.:48648362249342
Retired Part.:6c6b9cae67f8a4
Deceased Part.:c32c6c1acccee

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.

    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.

Health Benefits

Financials

20212020
BOY Assets: $ 90,170
Liabilities: $ 192,617 $ 6,092
EE Contrib: $ 0 $ 99
Emp Contrib: $ 929,429 $ 322,903
Income/Loss: $ 185 $ 975
Total Income: $ 929,614 $ 539,900
Paid Benefits: $ 729,907 $ 954,473
Expenses: $ 222,670 $ 939,897
  Commission: $ 61,820 $ 36,243
Net Income:($ 84,783) $ 56,871
Net Assets: $ 0 $ 97,033

Participants

20212020
Total Participants:8309
Active Part.:8369
Retired Part.:89
Deceased Part.:cc

Insurance

No Insurance Coverage

Providers

No Providers

Features

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