News

Trustee meeting recap: PACE finishes fiscal year strong

 Mike Doherty, PACE's chief financial officer, told the insurance pool's trustees at their September 29, 2014, meeting that PACE did very well during the 2013-14 fiscal year. PACE's retained earnings increased substantially and are closer to the target established by the Trust during a capital modeling study performed by the Trust's actuary. Doherty suggested that the major contributing factors are the low property claims numbers this year and the improvement in the liability claims trends. Therefore, because of this drop in claims, Doherty said that now is the time to move forward with increasing earthquake coverage statewide.

In other business, the trustees received an extensive investment update from PACE's investment services company, Russell Investments. Russell Client Executive Greg Coffey briefed the trustees on PACE's investment portfolio and provided educational information about the current state of the global economy and investment styles, strategies and options.

OSBA Director of Communications Tricia Yates presented the PACE Membership Survey, which is part of the trustees' efforts to ensure that PACE is providing the best property and casualty insurance services possible. The survey is available for PACE members' responses through October 31, 2014.

Lisa Freiley, OSBA director of legal and PACE services, updated the trustees on the state of the PACE Pre-loss department. The department took over 240 calls during July and August, ranging in subject from student civil rights and discrimination to termination and worker's compensation.

PACE trainings are now in full gear. Among those discussed were PACE regional trainings, risk management coordinator trainings, standard school safety protocol trainings and boundary invasion toolkit trainings. For more information on these trainings, which are free to PACE members, view the calendar of events.