FY2003 09/18/2002
July 3, 2002
Mr. Rick Capizzi
Arthur Gallagher & Company
One Boca Place
2255 Glades Road, Suite 400E
Boca Raton, FL 33431
RE: Monroe County Board of County Commissioners, Group #303613
10/01/2002 Renewal Evaluation
Hartford Life has completed the renewal evaluation for the above in-force account for the
upcoming 10/1/02 renewal. We currently underwrite Basic Life, and AD&D coverage, Below we
have outlined the financial results to date and the in-force plan designs,
BASIC LIFE
Benefits
Class 1: AFT EES
Class 2: Retirees
Benefit Flat $20,000
Benefit Maximum $20,000
Guarantee Issue Amount $20,000
Cutback Schedule Class 1: 35'% @ age 70, 50% @ age 75
Class 2: Bv 50% (w aae 70
Disabilitv Provision PW60
Livinq Benefits 12 months
Contributions Employer Paid
Fundinq method Fully Insured / Non Par
Evaluation
The financial results for the period 10/99 - 3/02 are as follows:
Billed Premium $353,808
Common Premium $353,808
Paid Claims $170,000
Waiver Reserves $0
Waitinq Period Reserves $22,796
Incurred Claims $192,796
Incurred Loss Ratio 55.6%
Desired Loss Ratio 80.8%
Volume $30,987,800
Lives 1,609
Credibilitv 54%
In Force Rate .39/$1,000
Manual Rate 0.537/$1,000
Formula Rate 0.392/$1,000
%Chanqe .5%
The Basic Life is running well. We will be maintaining the current Basic Life rate as currently
priced.
Basic Life
AD&D
Current Rate Renewal Rate % Chanqe Volume Monthlv Premium
$.39/1000 $,39/1000 0% $30,987,000 $12,084.93
$.02 /1000 $.02 /1000 0% $27.107,800 $542.16
If you should have any questions or need any additional information please feel free to call me
at 800-249-7184, ext. 5581,
Sincerely,
Melisa McGraw
Melisa McGraw
Account Manager
MONROE COUNTY BOARD OF COUNTY COMMISSIONERS
Administrative Services Department - - Group Insurance Office
1100 Simonton Street, Room 2-268; Key West, Florida 33040
Courier Stop # 1, Gato Building
Phone: (305) 292-4448 Fax: (305) 292-4452
~~~ MEMORANDUM~~~
TO:
Isabelle Disantis, Office of Clerk of Courts
FROM:
Maria Z. Fernandez, Group Insurance Administra
DATE:
September 23,2002
RE:
Renewal The Hartford Life Insurance policy F
-
~
~-
At the Monroe County BOCC meeting of September 18, 2002 the policy
renewal with The Hartford Life Insurance Company for FY 2002-2003 was
approved.
Enclosed please find copy for your records.
If you have any questions or require additional information, please do
not hesitate to contact me at ext. 4448.
cc: Finance Department
BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date:
September 18. 2002
Division: Manal,!ement Services
Bulk Item: Yes ----K-
No
Department: Group Insurance
AGENDA ITEM 'WORDING: Approval to renew with The Hartford Life Insurance for our
Group Life and Accidental Death & Dismemberment prOl,!ram October 1. 2002 throul,!h
September 30. 2003.
ITEM BACKGROUND: Hartford Life Insurance policy oril,!inallv secured in FY 2000.
PREVIOUS REVELANT BOCC ACTION: BOCC directed on March 13,2001 that a ReQuest
for Proposals be done. On January 16. 2002 BOCC I,!ranted approval of recommendations
rel,!ardinl,! the proposals received for Group Life Insurance (The Hartford Life Insurance) from
the RFP distributed Julv 13. 2001.
CONTRACT/AGREEMENT CHANGES: Term only (October 1. 2001 - September 30. 2002).
Rates remain the same.
STAFF RECOMMENDATIONS: Approval
TOTAL COST: $160.755.00
BUDGETED: Yes ~ No
COST TO COUNTY: $160,755.00
REVENUE PRODUCING: Yes
No-X AMOUNTPERMONTH_ Year
APPROVED BY: County Atty _ OMB/Purchasing _ Risk Management_
DIVISION DIRECTOR APPRO V AL: j~ =z- c:::::?]Ja.. ~---
James L. Roberts
DOCUMENTATION:
Included X
To Follow_
Not Required_
DISPOSITION:
AGENDA ITEM #
Revised 2/27/01