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CIRMA declares $2.5 M Members’ Equity Distribution for July 2015
A $2.5 Million Members’ Equity Distribution was recommended by CIRMA management and approved by the CIRMA Board of Directors at its March 17th board meeting. Barbara Henry, CIRMA’s newly elected Chairman of the Board, said, “At a time when Connecticut municipalities face uncertain funding, we are very pleased to announce a Members’ Equity Distribution of $2.5 Million to be prorated among our eligible members.” The distribution, the fourth since the program was established in 2011, will be delivered in July, 2015. This year's distribution will raise the total amount distributed under the program to $11.5 Million.
CIRMA's Financial Strength.   Bruce A. Wollschlager, CIRMA President and CEO, said, “CIRMA’s Members’ Equity Distribution Program exists because of CIRMA’s ongoing financial strength. The amount of this year’s distribution is consistent with CIRMA’s long-term goals of maintaining financial strength, member value, and an open market, while capitalizing our growth in premiums.” CIRMA’s recent growth in premiums has been driven by its strong growth in membership--CIRMA has added 34 new memberships in the past three years alone.
   The distribution amount is based on CIRMA's most recent financial results in which CIRMA achieved new highs in Members' Equity of $99 Million and in Premiums of $86 Million. As in previous years of the program, the distribution amount will be charged against CIRMA’s surplus and will have no impact on its revenues.
   To qualify, members must have made eligible contributions to a CIRMA program for three consecutive years: 2013-14, the year of the financial result, 2014-15, the year the distribution is declared, and 2015-16, the year the distribution is to be paid. The Distribution will be delivered to eligible members starting July 27, 2015.

   For more information on the program and the outstanding value of CIRMA membership, please contact Steve Bixler, Vice President for Underwriting, at sbixler@ccm-ct.org.

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