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.
- Ron Cutter (B&B)
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