ACCG-IRMA Declares Record Dividend of $1.75 million

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ACCG-IRMA DECLARES RECORD DIVIDEND OF $1.75 MILLION

ATLANTA, Ga.  (May 26, 2010) – The Board of Trustees for the Association County Commissioners of Georgia-Interlocal Risk Management Agency (ACCG-IRMA) voted to return a dividend in the amount of $1,750,000 to the ACCG-IRMA membership.  ACCG-IRMA is a non-profit, member-owned property and liability insurance pool designed to meet the insurance needs of Georgia county governments.

"The dividend that we approved is the largest in the program's 23-year history and represents 40 percent increase over last year's $1.25 million dividend," said Charlie Newton, McDuffie County chairman and chairman of the ACCG-IRMA Board of Trustees.  "ACCG-IRMA provides an outstanding service to counties and authorities throughout the state and allows us to cost-effectively manage our insurance needs." 

This marks the eighth consecutive year that ACCG-IRMA has returned a dividend, which is intended to benefit the long-term participants of the insurance program.  Since 1997, ACCG-IRMA has returned more than $11.85 million dollars to the membership.  ACCG-IRMA will return the dividend in the form of a premium credit to members that have participated in the program since the October 1, 2001 – 2002 policy period. 

"The ACCG insurance programs are a valuable benefit available to Georgia counties and authorities," said ACCG Executive Director Ross King.  "The insurance programs continue to offer a stable source of insurance, with unsurpassed claim service, to our membership."

ACCG-IRMA provides a wide range of coverage for its members including property, automobile, general liability, law enforcement liability, crime and other exposures.  Because county governments are responsible for many programs and services not commonly provided by the private sector, such as law enforcement, jails and road maintenance, they require specialized coverage.  The ACCG-IRMA insurance pool allows counties and authorizes to pool their risk in a program designed to meet these unique needs.  ACCG-IRMA was established in 1987 and currently has 146 members, with assets totaling $83.9 million.

According to David A. Paulk, ACCG director of Risk Management & Insurance, ACCG- IRMA is well capitalized despite the current economic conditions.  "The Fund has always operated very conservatively, which has served the membership well, especially during times when the financial markets have been so volatile.  This allows ACCG-IRMA to return a dividend at a time when our county government membership needs it the most."

         To complement the ACCG-IRMA, ACCG also offers Local Government Risk Management Services (LGRMS) to its members in partnership with the Georgia Municipal Association at no additional charge.  LGRMS provides training for county and authority employees on a wide range of loss control topics including legal liabilities, jail exposures and workers' compensation issues.  LGRMS also has two driving simulators that are used to train defensive driving techniques to county personnel.  LGRMS also provides wellness program consultation to counties and authorities that participate in ACCG's Group Health Benefits Program.