CHARLOTTE, N.C., Feb. 28, 2014 (GLOBE NEWSWIRE) -- Premier Insurance Management Services, Inc. (PIMS), a wholly owned subsidiary of Premier, Inc. (Nasdaq:PINC), has returned $2,874,497 in annual experience credit payments to the 41 hospitals and health systems that participate in its endorsed excess workers' compensation program.
On January 22, 2014, the experience credit payments (profit sharing distributions) were made from profits posted for policy years 2005-2010. Endorsed by PIMS, Safety National Casualty Corporation (SNCC) provides excess workers' compensation insurance to members of the Premier alliance.
SNCC is a versatile alternative market insurance provider that offers a broad range of risk funding products through insurance agents and brokers. The leading provider of excess workers' compensation coverage to self-insured employers and groups nationwide, SNCC combines exclusive coverage features and comprehensive risk management services.
"Developing cost-saving insurance programs for Premier alliance members is our primary goal," said Robert Dowdy, president of PIMS. "Our excess workers' compensation program has helped hospitals reduce costs through profit sharing, automated cash flow protection and communicable disease endorsement."
PIMS has offered the excess workers' compensation endorsed program to Premier alliance members for 20 years. Active, qualifying policyholders in PIMS' excess workers' compensation program have the opportunity to receive a portion of SNCC's policy year profits based on favorable program experience. Since inception, more than $14.5 million in profits have been returned to members.
About Premier Insurance Management Services Inc. (PIMS)
Incorporated in 1987, PIMS is an Illinois for-profit corporation wholly owned by Premier Inc. PIMS provides contracted management services for American Excess Insurance Exchange, Risk Retention Group (AEIX), and is attorney-in-fact for Premier Insurance Exchange, Risk Retention Group (PRx). PIMS also serves as program manager offering enhanced endorsed programs with leading commercial insurers through a comprehensive portfolio of property, casualty and employee benefit products. Other services include providing claims and risk management assessments and education offerings regarding medical professional liability for hospitals and their physicians. For more information, visit https://www.premierinc.com/insurance.
About Premier, Inc.
Premier, Inc. (Nasdaq:PINC) is a leading healthcare improvement company, uniting an alliance of more than 2,900 U.S. hospitals and nearly 100,000 other providers to transform healthcare. With integrated data and analytics, collaboratives, supply chain solutions, and advisory and other services, Premier enables better care and outcomes at a lower cost. Premier, a Malcolm Baldrige National Quality Award recipient, plays a critical role in the rapidly evolving healthcare industry, collaborating with members to co-develop long-term innovations that reinvent and improve the way care is delivered to patients nationwide. Headquartered in Charlotte, N.C., Premier is passionate about transforming American healthcare. Please visit Premier's news and investor sites on www.premierinc.com; as well as Twitter, Facebook, LinkedIn, YouTube, Instagram, Foursquare and Premier's blog for more information about the company.
CONTACT: Alven Weil, Premier, Inc.; Alven_Weil@PremierInc.com, 704.816.5797