Avizent Introduces New Risk Sharing Captive for Restaurant Industry
Program helps turn premiums into profits; provides “Entrée” and “Appetizer” options
COLUMBUS, Ohio (August 10, 2010)—National claims and risk management service provider Avizent announced today the launch of the Restaurant Franchise Captive Program II, an innovative risk-sharing captive for restaurant franchisees covering all lines of business – workers’ comp, auto liability, general liability and property. The program is backed by a national A-rated carrier, which issues the policies and provides the reinsurance. Avizent is also partnering with Concordis Group Inc., a leading financial holding company, to share the risk for the new restaurant captive.
“Our newest program highlights the reality that captives today are not just for the hard market,” notes Rick Stasi, Chief Operating Officer at Avizent Alternative Risk. “Our program gives brokers the chance to offer their clients more value-added services and gives organizations that are not familiar with captives the opportunity to participate. Plus, analysts believe the hard market is coming, so now is clearly the ideal time to move forward with a captive arrangement.”
Under Avizent’s first restaurant captive program, participants assumed all of the risk. The new program offers two options based on the level of risk. With the “Entrée” option, participants assume 100% of the risk, and in return, secure profits returned if the program is well-managed. The “Appetizer” option gives participants the opportunity to share one-third of the risk, along with Avizent and the broker, and secure the potential of receiving 50% of the profits returned from premiums.
Nationally Recognized Houston Independent School District Taps Avizent for Workers’ Comp TPA Services
Award-winning workers’ comp program manager values company’s commitment to innovation
COLUMBUS, Ohio (April 13, 2010)—National claims and risk management service provider Avizent announced today that it has been selected by the Houston Independent School District (HISD) to manage its workers’ compensation claims. HISD, with more than 300 schools and 31,000 employees, is the seventh largest public school system in the nation and the largest in Texas.
“Our goal is simply to create the best possible programs for our employees while we carefully manage tax payer dollars,” notes Tom Dolan, Manager of HISD’s Workers’ Compensation Program. “The District’s programs are innovative, dynamic and non-traditional. We needed a vendor who was willing to work with us to expand our workers’ comp program, and develop new and even more innovative approaches. Avizent fits the bill as a company willing to work with us to create a true partnership for success.”
Since the early 1990s, HISD has been known as one of the nation’s leading innovators in workers’ comp programs. Prior to starting its workers’ comp initiatives, the District followed the trend of other municipalities in Texas experiencing skyrocketing double-digit medical cost increases and an average lost time of 22 to 23 weeks. “It wasn’t a pretty picture,” recalls Dolan.
Avizent Unveils Newly Enhanced Loss Control Services, Continues Efforts to Help Employers Ensure Compliance and Reduce Workplace Accidents
COLUMBUS, Ohio (March 9, 2010)—Employers nationwide are recognizing that the federal government intends to expand and strengthen Occupational Safety and Health Administration (OSHA) authority, and ensure strict adherence to industry-specific guidelines. National claims and risk management service provider Avizent is preparing for these changes by expanding its in-house Loss Control program to serve clients nationwide.
“The federal government is committed to improving workplace safety and ensuring that OSHA guidelines are followed to the letter,” noted Thomas Watson, CEO of Avizent. “With our new Loss Control services, we’ll work with employers to develop the training programs they need to help them meet stricter safety requirements and achieve compliance.”
Avizent’s Loss Control team has more than 20 years of experience developing customized programs for employers of all sizes. They will work in conjunction with Atlanta-based Risk Consultants, Inc. (RCI) to provide site-specific evaluations as well as web-based training programs. The team’s Loss Control services will focus on helping businesses to achieve regulatory compliance and create the safest possible work environment for their employees.