CRM Underscores NY Health Care Trust Financial Strength, Continues Growth of Customer Base

Compensation Risk Managers announced from its Poughkeepsie headquarters that its Healthcare Industry Trust of New York (HITNY) product remains on solid financial ground and continues to provide “high quality, trust-based workers’ compensation insurance to its growing customer base of health care facilities throughout the state of New York.”

CRM said it made the announcement in light of several workers’ compensation reform bills currently being proposed in the state legislature in order to “underscore its solvency – and to avoid confusion with a competitor in the health care trust industry that has received recent attention regarding its administrative difficulties.”

It described HITNY as “a self-funded workers’ compensation trust offered by CRM to New York health care facilities. The trust serves employees of various nursing homes, hospitals and human, adult care and child-care services.” It is endorsed by the New York State Health Facilities Association (NYSHFA), and was formed by CRM to help control the costs of workers compensation for health care facilities without sacrificing safety and claims services.

CRM’ also noted that its “conservative approach to risk management has enabled the company to forge partnerships with industry-renowned insurance underwriters, such as New York Marine and General Insurance Company and AIG.”

CEO Martin D. Rakoff, observed that “while other administrators in the workers’ comp trust industry have recently stumbled, CRM had a record-breaking year in 2003 and is in excellent financial and administrative shape.” He said the company is “poised for continued stable growth in 2004 as more customers recognize the value of our superior health-care trust model.”