June 28, 2024

PURMIT Board of Trustees Meeting Minutes

PURMIT Board of Trustees Meeting Minutes

June 20, 2024

Trustees Present: Chair Christina McKnight (OSU), Vice Chair Brian Roy (PSU), LeeAnn Case (EOU) Venu Nair (WOU), Rob Patridge (SOU)

Others present: James Parker (Trust Attorney), Reiner Braun, Sid Friedman, Matt Ahrens, Geoff Sinclair, Ron Cutter, Jessica Getman (Brown & Brown), Jared Tripp, Jon Paulsen, Jon Weber, Tim Keefe, Michelle Sikkink, (Berkley Risk), Tonya Evans (EOU), Craig Scukas (PwC)

Call to Order

Chair McKnight called the meeting to order at 9:01 AM.

London Underwriter Meeting

The Trustees discussed the outcomes from the London underwriter meetings, including the importance of speaking directly to the underwriters about PURMIT’s unique and compelling risk story. All told more than 25 underwriting meetings were held over the brief visit.

Financial Statement review

  • Michelle Sikkink presented the financial update as of March 31, 2024.
  • Reiner Braun advised BMS has collected the money from the market to reimburse for BI study and is pending our invoice. Michelle Sikkink will circle back with Reiner Braun to finalize before end of fiscal year.
  • Net position is up approximately $1.5M since same time last year.

Update on PUF account

  • The Trustees discussed the recommendation of Penny Burgess that PURMIT exit the PUF due to increasing minimum balance requirements and improving returns from the Oregon Short Term Fund.
  • James Parker recommended that the Trustees discuss the premium finance function of PURMIT at the board retreat to ensure the members better understand both the cost to PURMIT and benefit to the members of advancing premiums.

Resolution:

Vice Chair Roy moved to terminate the PUF Agreement on or before 7/31/24 and move funds from PUF to OST short term fund. Seconded by Chair McKnight, motion carried unanimously.

PURMIT 2025 calendar

                Jared Tripp led a discussion of the proposed 2025 Board calendar, received feedback, made changes, and will send out place holder invites for all 2025 dates

Executive Session Pursuant to ORS 192.660(2)(f) & (g) entered 9:36 AM

  • Renewal Pricing/Term Update
  • Property placement
  • Ancillary lines
  • PwC Rate Review
  • Initial Allocation Review
  • Claims/Litigation update

The Board exited Executive Session at 11:43

Decisions made related to discussion in Executive Session

Resolution:

Vice Chair Roy moved to authorize Berkley and Brown & Brown to bind coverage as proposed, with the selection of the 2.0 maximum premium factor option for Workers Compensation and the selection of the Security Risk quote from AIG with $5M limits. Individual direct placements are subject to binding by each campus. The Property and Excess Liability programs will be completed during the June 27, 2024 Board of Trustees meeting. Motion seconded by Chair McKnight and approved by 5-0 voice vote.

Legal Items – none

Adjournment – 11:47 AM

Next Board Meeting Date: 6/27/24

June 28, 2024

PURMIT Board of Trustees Meeting Minutes

PURMIT Board of Trustees Meeting Minutes

June 13, 2024

Trustees Present: Chair Christina McKnight (OSU), Vice Chair Brian Roy (PSU), LeeAnn Case (EOU) Venu Nair (WOU), Rob Patridge (SOU), Vivian Chen (OIT)

Others present: James Parker (Trust Attorney), Reiner Braun, Sid Friedman, Matt Ahrens, Geoff Sinclair (Brown & Brown), Jared Tripp, Jon Weber, Tim Keefe, Michelle Sikkink, (Berkley Risk), Tonya Evans (EOU), Penny Burgess, Ben Merris

 Call to Order

Chair McKnight called the meeting to order at 9:02 A.M.

 

Introduction of new Trustee

 

Rob Patridge – SOU General Counsel

 PUF update – Penny Burgess

         Ms. Burgess provided an update and led a discussion regarding the PUF (Public University Fund) Investment Strategy and planned changes to the PUF. Ms. Burgess recommended that PURMIT terminate its PUF relationship in favor of the Oregon Short Term Fund account with Oregon State Treasury by July 31, 2024.

Executive Session pursuant to ORS 192.660(2)(f), & 192.660(2)(h)

Entered session at 9:33 AM

Out of session at 11:11 AM

No action taken

Adjournment

Meeting was adjourned at 11:13 AM

June 28, 2024

PURMIT Board of Trustees Meeting Minutes

PURMIT Board of Trustees Meeting Minutes

April 11, 2024

Trustees Present: Chair Christina McKnight (OSU), Vice Chair Brian Roy (PSU), Vivian Chen (OIT), LeeAnn Case (EOU)

Others present: James Parker (Trust Attorney), Reiner Braun, Sid Friedman, Matt Ahrens, Geoff Sinclair, Ron Cutter, Jessica Getman, Dennis Eaves (Brown & Brown), Jared Tripp, Michelle Sikkink, (Berkley Risk), Laurie Hager (Snell & Wilmer), Craig Scukas (PWC), Patricia Syquia-McCarthy (SOU), Tonya Evans (EOU), Ben Merris (CRC), Chris Mortifoglio (Rockland)

 Call to Order

Chair McKnight called the meeting to order at 9:04 A.M.

Approval of meeting minutes from 1/23/24

Vice Chair Roy moved to approve the minutes as drafted, second by Chair McKnight, the motion carried unanimously.

 

Broker Update

  • Market Update –
    • Ron Cutter (B&B)
      • Provided an overview of the status and timing of the submission and renewal.
    • Ben Merris (CRC)
      • Discussed the current liability market and expectations heading into the renewal.
    • Sidney Friedman (B&B)
      • Provided updates on market conditions and submission status for lines of coverage other than property and liability.
    • Reiner Braun (B&B)
      • Discussed market conditions, submission status, London underwriter meetings, loss control results, and SOV adjustments.

UM/UIM and PIP update

  • Jared Tripp & James Parker provided a brief overview of the annual PURMIT adoption of the UM/UIM & PIP limit.
    • Motion made by Vice Chair Roy to approve adoption of the policy for 2024-25 as presented, seconded by Chair McKnight, the motion carried unanimously.

K Financial Engagement Letter

  • Jared Tripp discussed renewal of the K Financial engagement to provide audit services on similar terms to the prior year, including detailing the change in cost related to PUF accounting.
    • Vice Chair Roy moved to approve the engagement with K Financial for 2024 as presented, seconded by Chair McKnight, motion unanimously approved.

 

PwC Engagement Letter

  • Jared Tripp discussed renewal of the PwC engagement to provide actuarial services on similar terms to the prior year.
    • Vice Chair Roy moved to approve the engagement with PwC for 2024-25 as presented, seconded by Chair McKnight, motion unanimously approved.

Administrator Update

  • Jared Tripp discussed the draft Board/Risk Council Retreat itinerary for August 14-15.

Break was observed 10:12am

Meeting resumed 10:17am

               

Executive Session pursuant to ORS 192.660(2)(f), & 192.660(2)(h)

Entered session at 10:17 AM

Out of session at 11:50 AM

No action taken

Legal Items – (James Parker)

       None

Adjournment

Meeting was adjourned at 11:51 AM

April 22, 2024

PURMIT Board of Trustees Meeting Minutes

PURMIT Board of Trustees Meeting Minutes

January 23, 2024

Trustees Present: Chair Christina McKnight (OSU), Vice Chair Brian Roy (PSU), Vivian Chen (OIT), Venu Nair (WOU)

Others present: James Parker (Trust Attorney), Ron Cutter, Reiner Braun, Sid Friedman, Matt Ahrens, Geoff Sinclair (Brown & Brown), Jared Tripp, Jon Weber, Michelle Sikkink, Jon Paulsen (Berkley Risk), Laurie Hager (Snell & Wilmer), Craig Scukas, Kevin Wick (PWC), Patricia Syquia-McCarthy (SOU), Tonya Evans (EOU), Jack Lavelle (K Financial), Don Johanssen (PSU)

 Call to Order

Quorum was met and Chair McKnight called to order the January 23, 2024, board meeting for PURMIT at 9:04 A.M.

Approval of meeting minutes from 10/12/23

Vice Chair Roy moved to approve, Chair McKnight Seconded.  Motion carried unanimously.

 

Introduction of new Trustees

Venu Nair- WOU new General Counsel

 

Broker Update (Brown & Brown)

  • BI study update with Rockland
    • Chair McKnight provided update on Rockland’s work at OSU. Jared Tripp advised Chris Mortifoglio indicated he should have this wrapped up by the end of February and ready to present early March.
  • Market Update – Ron Cutter
    • XS – UE is discussing a move from a single policy covering all members, to issuing seven individual policies covering each member and PURMIT itself. B&B and Berkley to review for potential impacts and response.
    • Market is still hard.
    • AGRIP conference is coming up in March in Nashville, TN. B&B recommends that PURMIT send representation to discuss liability program support with key insurance carriers expected to be in attendance. Chair McKnight and Vice Chair Roy were asked and agreed to attend.
  • Sid Friedman – Ancillary lines
    • Provided an update on the expected marketing plan to account for potential changes to the liability program structure.
  • Reiner Braun – Property
    • The Property market appears to have plateaued. Reinsurance renewals have been more organized this year – meaning there was capacity to fill programs.  Price increases have been slight (0-5%) in other programs placed  The London markets continue to value long-term relationships, look forward to the PURMIT visit, and are trying to diversify their books.
    • Severe convective storms have been 50% of losses this year.

  • Inflation is slowing, but building values are still being looked at.
  • Need to continue what we have been doing with risk management and consider a higher retention to offset rates.
  • Renewal applications
    • Sid Friedman advised new apps are available and should be coming out soon. Early-Mid February with 30-45 day turn arounds.
  • GRC Loss Control inspections discussion
    • Reiner Braun advised PURMIT has funding available from the markets to do inspections; however, part of that will be used for the BI study.  Braun recommended that available funding be used to do fewer inspections with learnings that can be shared across a broader number of buildings.
      • Risk Council is working to ensure that past recommendations are being tracked and closed when completed. Berkley and B&B will also look for other ways to utilize the provided risk management funds.
    • Active assailant/Deadly Weapons protection
      • Jared Tripp advised that CrisisRisk presented at a previous Risk Council meeting, and they offer numerous training webinars and a multitude of wrap around services if there is a threat or crisis event. Also, importantly, CrisisRisk speaks on behalf of the carrier with full authority.
    • London Visit
      • Reiner Bruan indicated he has had some exchanges with some Reinsurers already.
      • The plan is to come in on May 20th, meetings the 21st and 22nd, leave the 23rd Reiner Braun will help coordinate travel logistics for the PURMIT representatives.

Audit results – Jack Lavelle/K Financial

Mr. Lavelle reported that the audit went smoothly and a clean audit opinion was issued.

Financial Review – Michelle Sikkink

Ms. Sikkink noted that at the half-way point of the fiscal year the net position is trending up and the expenses are on budget. 

PUF account continues to return favorable results.

Discussion was had regarding the timing of the April meeting not lining up with financials being available.  As such, the board agreed to review the 2nd quarter financials at the June meeting.

Administrator Update – Jared Tripp

  • Board Retreat and Education Day

This topic was not discussed due to time constraints.

               

Executive Session pursuant to ORS 192.660(2)(f), & 192.660(2)(h)

Entered session at 10:26 AM

Break: 11:11 – 11:18 AM

Out of session at 12:24 PM

No action taken

Legal Items – (James Parker)

None

Adjournment

Meeting was adjourned at 12:24 PM

March 18, 2024

PURMIT Board of Trustees Meeting Minutes

October 12, 2023

Trustees Present: Chair Christina McKnight (OSU), Vice Chair Brian Roy (PSU), Vivian Chen (OIT), Dr. Ana Karman (WOU), Dr. Neil Woolf (SOU), LeeAnn Case (EOU)

Others present: James Parker (Trust Attorney), Reiner Braun, Sid Friedman, Matt Ahrens, Geoff Sinclair (Brown & Brown), Jon Paulsen, Jared Tripp, Jon Weber, Nicole Lofstedt, Michelle Sikkink (Berkley Risk), Laurie Hager (Snell & Wilmer), Craig Scukas (PWC), Katie Vorderstrasse (OSU), Patricia Syquia-McCarthy (SOU), Tonya Evans (EOU)

 Call to Order

Chair McKnight called order the October 12th, 2023, board meeting for PURMIT at 9:10 A.M.

Approval of Agenda

Approved by Chair McKnight

Review and Approval of Meeting Minutes from 6/20/23 and 6/27/23

  • June 20 – time entering exec session is off 1:02
  • June 27 – 9:56 time change

With the above corrections, minutes approved without objection.  Motion by Vice Chair Roy, Second by Chair McKnight.

Introduction of new Trustees

  • LeeAnne Case – EOU
  • Dr. Ana Karaman – WOU
  • Dr. Neil Woolf – SOU

Broker Update (Brown & Brown)

  • Renewal update
    • Bound and renewed, pending policy – about 30-60 days for UE
    • Dividends from Saif
  • Ratify email vote for 10/1 UE, Liberty, and AWAC policy renewal
    • The email vote was unanimously approved; however, we recommend an official vote to ratify.
    • There is a change to the allocation model, which will slightly increase the monthly invoicing.  The total increase is $34,182.00.  The major changes were seen in the GLX and ELL policies, coming in combined over $60,000 higher than we had originally projected; however, there was a reduction of close to $30,000 combined on the two excess layers.  Also, there was a $3,336.55 reduction in the bound property premium. 
      • Action: Cover this increase with Surplus funds instead of reallocating to universities.
        • Motion by Vice Chair Roy, Second by Chair McKnight, motion passed unanimously
    • Market Update
      • Property
        • Market is very difficult
          • Increase in convective storms fueling market challenges
          • Vice Chair Roy suggested continued engagement with London Markets on minimal wildfire risk  
    • Update on Deadly Weapons Protection
      • The Risk Council met with Crisis Risk on October 25th.  Crisis Risk provided an excellent overview of wrap around services they provide if an event occurs.  Crisis Risk works directly with the carrier and has authority from the carrier.

Financial Review (Michelle Sikkink)

  • Financial Statement review
    • Update on PUF account
      • This has been a good move, seeing solid gains
    • PSU Building renaming –
      • This premium overcharge is being written off, but we did receive funds from the same year from Brown & Brown so those funds will need to be returned to the schools.

Claims Handling Update – (Jon Weber) – Requesting approval of the language as presented

  • Claims Manual updates
    • Approval of language for Acceptable Counsel Rate (pages 4, 12, 15, 18)
      • Acceptable rate
      • Overages due to procurement on property claims:
        • Cap of $100k then it comes to the board for approval.  Add to provision b.  Remove the “shared” concept (b.i.).  On a “covered claim”
    • Signatures on Property Proofs of Loss (page 10)
    • Berkley oversight in line with member Procurement procedures – see above
    • Adding language for Auto physical damage over the road (page 4) – wording proposed – add a “Period’ after “coverage” and not reference the endorsement.  Remove the rest.
      • Action: Above changes to the claims manual approval with motion by Vice Chair Roy, Second by Chair McKnight, passed unanimously.

Administrator Update – (Jared Tripp)

  • Risk Council update
    • The Risk Council last met September 26th, 2023 and we discussed the current mission of the Council as well as goals it would like to work towards this year.  After considerable discussion:
      • There is no single mission statement; however, the Council agrees their function is to carry out decisions made by the board as well as present risk control ideas to the board.
      • Bi-Weekly meetings
        • To serve as an open forum/sounding board for ideas and procedures (i.e. ask other members how they handle specific coverage matters.  Not so much to come to a consensus where ALL members handle identically, but rather to collaborate so members are aligned. 
        • To provide valuable updates regarding coverages, vendors, etc…to ensure all members are up to date on all current information.
      • The Risk Council would like to re-instate the yearly Risk Council Retreat.
        • This would be scheduled at a different campus each year and would allow for in-depth training on specific coverages.
        • The Risk Council will need an approved annual budget before planning can begin.
    • Chair McKnight would also still like to have a combined Board Trustee/Risk Council retreat
      • Action: Motion to approve $10,000 budget for Risk Council Professional Development retreat made by Chair McKnight, Seconded by Vice Chair Roy. Passed unanimously.

Executive Session pursuant to ORS 192.660(2)(f), & 192.660(2)(h)

  • Entered session at 10:39am
  • Out of session at 11:56AM
    • No action taken

Legal Items – (James Parker)

  • Updated Rate for Trust Attorney – updated to $84,000 annually to account for inflation and costs.
  • Motion to approve made by Vice Chair Roy, seconded by Chair McKnight, approved unanimously.

Next Board Meeting Dates

  • January 23th, 2024
  • April 11th, 2024
  • June 13th, 20th, 27th
  • October 10th, 2024

Adjournment

  • Meeting was adjourned at 12:01pm
March 18, 2024

PURMIT Board of Trustees Meeting Minutes

June 27, 2023

Trustees Present: Chair Christina McKnight (OSU), Vice Chair Brian Roy (PSU), Lara Moore (EOU), & Greg Perkinson (SOU).

Others present: James Parker (Trust Attorney), Reiner Braun, Sid Friedman, Ron Cutter (Brown & Brown), Jon Paulsen, Jared Tripp, Michelle Sikkink, Jon Weber, & Nicole Lofstedt (Berkley Risk).

Call to order –

Chair McKnight called order the June 27th, 2023 board meeting for PURMIT at 9:02 A.M.

Executive Session Pursuant to ORS 192.660(2)(f) & (g)

Entered executive session at 9:02 A.M.

      Exited executive session 9:56 A.M.

Regular Session resumed 11:56 A.M.

The Board discussed the potential use of surplus to offset a portion of the pricing increases anticipated at the July 1 renewal. Vice Chair Roy moved to approve the adoption of the 2023-24 Allocation Model using $500,000 of surplus to offset annual costs.  Second by Trustee Moore. Motion passed unanimously.

The Board discussed the options presented for Active Assailant coverage. Vice Chair Roy moved to authorize Brown & Brown to bind as recommended and presented. Additionally, Berkley and Brown & Brown may use up to an additional $33K over presented in the event that Everest does not agree to the recommended terms.  Second by Trustee Perkinson. Motion passed unanimously.

The Board discussed the options on Social Engineering coverage. Trustee Perkinson moved to approve Brown & Brown to bind coverage on Excess Social Engineering coverage of $5M and change to allocation model in accordance with the change.  Second by Chair McKnight. Motion carried unanimously.

Adjournment –

Meeting adjourned at 10:00 A.M. PT. The next BOT meeting is October 12th, 2023 at 9:00 AM

March 18, 2024

PURMIT Board of Trustees Meeting Minutes

June 20, 2023

Trustees Present: Chair Christina McKnight (OSU), Vice Chair Brian Roy (PSU), Vivian Chen (OIT), Lara Moore (EOU), & Greg Perkinson (SOU).

Others present: James Parker (Trust Attorney), Reiner Braun, Sid Friedman, Ron Cutter (Brown & Brown), Jon Paulsen, Jared Tripp, Michelle Sikkink, Jon Weber, & Nicole Lofstedt (Berkley Risk).

Call to order –

Chair McKnight called order the June 20th, 2023 board meeting for PURMIT at 1:02 P.M.

Approval of Minutes –

      Vice Chair Roy motioned to approve May 4th, 2023 and June 13th, 2023 meeting minutes.  Second by Chair McKnight.  Motion carried unanimously.

London Trip –

      Mr. Braun updated the board on the London market meetings.

Executive Session Pursuant to ORS 192.660(2)(f) & (g)

Entered executive session at 1:02 P.M.

      Exited executive session 3:46 P.M.

Regular Session resumed 3:46 P.M.

  • Chair McKnight moved to approve the allocation of an additional $25,000 from the legal budget to pay Snell & Wilmer for ongoing costs of MOC.  Second by Vice Chair Roy. Motion carried unanimously.
  • Vice Chair Roy moved to authorize Brown & Brown to bind the renewal quotations as recommended.  Second by Chair McKnight. Motion carried unanimously.

Adjournment –

Meeting adjourned at 3:50 P.M. PT. The next BOT meeting is June 27th, 2023 at 9 A.M. PT.

March 18, 2024

PURMIT Board of Trustees Meeting Minutes

June 13, 2023

Trustees Present: Chair Christina McKnight (OSU), Vice Chair Brian Roy (PSU), Vivian Chen (OIT), Lara Moore (EOU)

Others present: James Parker (Trust Attorney), Reiner Braun, Sid Friedman, Ron Cutter (Brown & Brown), Jon Paulsen, Jared Tripp, Michelle Sikkink, Jon Weber (Berkley Risk), Laurie Hager (Snell & Wilmer), Tonya Evans (EOU)

Call to order –

Chair McKnight called order the June 13th, 2023 board meeting for PURMIT at 9:03 A.M. Pacific

Executive Session Pursuant to ORS 192.660(2)(f) & (g)

Entered executive session at 9:02 A.M.

      Exited executive session 10:06 A.M.

Regular Session:

No decisions were made related to Executive Session. The next BOT meeting is June 20th, 2023 at 1 P.M. PT.

Adjournment –

Meeting adjourned at 10:07 A.M. PT.

March 18, 2024

PURMIT Board of Trustees Meeting

PURMIT Board of Trustees Meeting

January 24, 2023

Minutes

Trustees Present: Chair Christina McKnight (OSU), Vice Chair Brian Roy (PSU), Greg Perkinson (SOU), Lara Moore (EOU), Vivian Chen (OIT).

Others Present: James Parker (Trust Attorney), Reiner Braun, Matt Ahrens, Andrew Pickles, Sid Friedman, Ron Cutter (BB), Craig Scukas (PwC), Jon Paulsen, Will Phomtalikhith, Michelle Sikkink, Jon Weber (Berkley Risk), Taylor Marsden (K Financial), Craig Scukas (PWC). 

Call to Order

Chair McKnight called the meeting to order at 9:05 a.m. 

Approved of Board Meeting Minutes from 11/09/22

Minutes were approved without objection, with the addition of the proposed education session for Council members and Trustees.

K Financial – Financial Audit Report

Mr. Marsden presented the auditor’s report and responded to Board questions.

Financial Review

Ms. Sikkink presented the 12/31/2022 PURMIT financial statements and took questions from the Board.  Ms. Sikkink noted that Berkley is reviewing and updating authorized signatures for all PURMIT bank/treasury accounts. 

Capital Adequacy Assessment

Mr. Scukas presented the proposed contract and work requirements for the capital adequacy assessment project.  The Board accepted the proposal without objection, subject to confirmation from Mr. Parker of the final legal terms.

Claims Handling Update

Mr. Weber led an extended discussion with the Board on proposed changes to the claims handling manual.

  1. The Board provided feedback to Berkley Risk on establishing a new outside counsel reimbursement rate that will be effective 1/1/2023.  Berkley Risk will change the wording in the claims manual and present it at the next board meeting for final approval and adoption.
  2. The Board discussed the interplay of property adjustment cost estimations imposed by the property insurance market, recommendations of Mr. Weber, and individual member university procurement rules.  The Board asked for additional recommendations from Berkley, Brown & Brown, and Trustees.

Brown and Brown Market Update

Mr. Braun discussed the current state of the property market and anticipated challenges going into the 7/1/23 renewal.

Risk Control Surveys

40 locations have been identified for Risk Control visits and valuations.  Another 15 will be identified and Universities will be notified.  The visits will be scheduled shortly and Berkley will work with the universities as the visits are completed.

London Reinsurance Market Visit

Mr. Braun noted that the PURMIT market meetings have provided significant improvement in the terms and conditions of the property placement over time and encouraged PURMIT to continue with its current level of engagement.  For the 2023 renewal, the PURMIT delegation will be meeting with the London markets on May 23rd and 24th.  Mr. Braun will be working on the presentation and the information meeting will be scheduled shortly.  The delegation is expected to include two Board members, Brown & Brown, Berkley Risk, and Mr. Parker.

Legal Items

Mr. Parker provided an update on the proposed project to develop an MOC for PURMIT as early as the 2023 renewal.  After discussion, the Board unanimously approved the engagement of Ms. Hager of Snell & Wilmer in Portland to provide legal counsel on the project, using a portion of the pre-existing legal budget.

Mr. Weber and Mr. Parker discussed the pending forms providing annual confirmation of lower UM/UIM limits selected by the members.

Executive Session

The Board adjourned the regular meeting and went into Executive Session to address

documents and information relating to attorney-client privileged communications and trade

secret documents. The executive session was held pursuant to ORS 192.660(2)(f) and ORS

192.660(2)(h).

The Board exited Executive Session at 11:29 p.m.

Final Decisions Related to Executive Session Discussions

No final decisions were made related to Executive Session.

Review of the PURMIT Calendar

The next PURMIT Board Meeting will be may 4th at 9:00 am in the Brown and Brown Portland office.  The board strongly suggests and in person meeting if possible, however, a Teams Meeting option will be provided. 

Adjourned

                The meeting adjourned at 12:10 pm.

March 18, 2024

PURMIT Board of Trustees Meeting

November 9th, 2022

Minutes

Trustees Present: Chair Christina McKnight (OSU), Vice Chair Brian Roy (PSU), Vivian Chen (OIT), Ryan Hagemann (WOU).

Others Present: Patricia Syquiam (SOU), James Parker (Trust Attorney), Reiner Braun, Matt Ahrens, Andrew Pickles, Sid Friedman, Ron Cutter (BB), Craig Scukas (PwC), Jon Paulsen, Will Phomtalikhith, Michelle Sikkink, Jon Weber (Berkley Risk).

Call to Order

Chair McKnight called the meeting to order at 1:02 p.m. 

Meeting Minutes from the 06/16/2022, and 06/27/2022 29th, 2022 Board of Trustees Meeting were discussed. Vice Chair Roy moved to approve the minutes as presented, seconded by Chair McKnight, and unanimously approved.

Wholesale broker Ben Merris from CRC Insurance services introduces himself. Mr. Merris noted that he works primarily on excess casualty placements in the public entity market. He noted that losses have been steadily increasing due to social inflation, and nuclear verdicts. He noted that the excess market is slowing down, and is able to get more quotes back on the placements to drive the price in PURMIT’s favor. Mr. Merris also mentioned other structures available in order to obtain coverage, and that PURMIT should explore these options at the next renewal.

Chair McKnight requested that the Risk Council make recommendations for PURMIT if they were to adopt their own memorandum of coverage for casualty. Berkley will lead the Risk Council through this project.

Capital Adequacy Assessment

                Craig Scukas from PwC presented a Capital Adequacy Assessment for PURMIT, and estimated that the cost would is estimated to be around $60,000. Mr. Scukas mentioned that the study is good for three to five years, and can be used to justify increasing or decreasing member contributions.

PURMIT Trustees requested a formal agreement outlining the terms of the assessment to be presented at the next meeting.

Broker Updates

Reiner Braun presented property market updates. Mr. Braun mentioned that the GRC loss control inspections PURMIT completed were valuable in the renewal. He also mentioned that the PURMIT is preparing to complete these inspections again before the upcoming renewal, and mentioned that the carriers will cover the cost. Mr. Braun noted that the market overall is expecting a rate increase due to all the natural catastrophes that have recently occurred. He concluded his presentation by mentioning that premium is increasing, and capacity is shrinking.

Financial Review

Michelle Sikkink (Berkley Risk) presented the June 30th, 2022 financial report. Ms. Sikkink discussed the balance sheet portion of the financial statement, noting an increase in Trust assets and liabilities. Mrs. Sikkink also mentions that the investment income is still relatively low in comparison to prior years due to market conditions. Finally, Mrs. Sikkink mentioned that PURMIT’s financial position is above the Oregon statute’s regulatory requirement.

Administrator Updates

                William Phomtalikhith from Berkley provided an update on the Risk Council. He mentioned that all schools were able to meet the submission deadlines that were set in the Risk Council Meetings, completed the RMPC program for a 6% premium credit, and worked on loss prevention projects to mitigate losses. Mr. Phomtalikhith concluded his presentation by asking the PURMIT Trustees if there are any additional tasks for the Risk Council to take on.

                Chair McKnight suggested an education day where vendors, brokers, or carriers can come present what they do for PURMIT to further the knowledge of the Risk Council members, and Trustees. Berkley will lead the Risk Council in planning this meeting.

                Jon Weber presented loss scenarios to the Trustees that require exceptions for reimbursement from PURMIT. The Trustees agreed that PURMIT should be settling losses within the PURMIT layer in favor of the member, and requested Berkley to update the claims manual to allow exceptions for this. Berkley will present updates at the next meeting.

Legal Items

                James Parker presented the Treasury Banking Agreement Amendment that would allow PURMIT to invest in the Public University Fund which was previously approved in the prior meeting. The Trustees agreed that since the Public University Fund agreement was approved, this is also approved.

Executive Session

The Board adjourned the regular meeting and went into Executive Session to address documents and information relating to attorney-client privileged communications and trade secret documents. The executive session was held pursuant to ORS 192.660(2)(f) and ORS 192.660(2)(h).

                The Board exited Executive Session at 4:59 p.m.

Final Decisions Related to Executive Session Discussions (if any)

                The Board made no decisions related to executive session.

Board Meeting Schedule

                The next PURMIT board meeting will be scheduled for January 24th at 9:00 a.m. Pacific.

Adjourned

                Meeting adjourned at 5:09 p.m.