NEW YORK MUNICIPAL INSURANCE RECIPROCAL

For Immediate Release: February 22, 2023

Contact:   Kevin Crawford |   This email address is being protected from spambots. You need JavaScript enabled to view it. | 518-465-7552

Town of Ballston Receives Risk Award

At the 2023 Annual Meeting & Training School of the Association of Towns of NYS (AOT) being held this week in New York City, the Town of Ballston was honored with receipt of the New York Municipal Insurance Reciprocal (NYMIR) Risk Management Award which is given annually in recognition of a member town’s commitment to sound risk management, safety, and training efforts. 

The award was presented to Town Supervisor Eric Connolly by AOT President Dennis Powers and NYMIR’s Executive Director Kevin Crawford.  The award’s inscription reads: “In recognition of a commitment to sound risk management, safety and training that makes a difference.”

In presenting the glass crystal award, Mr. Crawford stated that, “Effective risk management requires a team approach, everyone working together to reduce the liability and exposures which are inherent in so many local government operations. Ballston was chosen from among our 947 subscribing members because of the way in which it has managed significant growth and attendant service needs without a hitch.  It’s not every government that can make that claim.  The town has responded favorably to all loss control recommendations and utilizes appropriate risk transfer in all its contracting.  All these efforts are reflected in a loss ratio of 9% which is truly outstanding.   

Supervisor Connolly thanks his fellow town officials and employees who share all the credit for the positive results.   AOT President Powers added, “Ballston has a group of officials and employees who take risk management into account and are proud to do so. Likewise  NYMIR and AOT are proud to recognize their efforts today.”

Ownership: The Foundation of NYMIR

Proudly Celebrating our 30th Anniversary

NYMIR is a licensed, regulated insurer owned by its policyholders - over 900 municipalities across New York State.  In 2023, NYMIR is proud to be celebrating our 30th Anniversary. Together, we have built a strong, fiscally responsible company providing property and casualty insurance to counties, cities, towns and villages, both big and small.

NYMIR is a not-for-profit program. Customer service, knowledge of municipal operations, as well as risk management and aggressive claims defense are the cornerstones of the company - not shareholder returns or corporate earnings targets.

NYMIR has staked its reputation on the highest underwriting standards, a conservative investment philosophy, proactive risk management, and service to its members that is unmatched in the industry. The result is an organization with the financial strength that can produce "operating results that consistently outperform the commercial property and casualty industry, and high policyholder retention" according to A. M. Best.

NYMIR Members' Financial Benefits

Since NYMIR is a not-for-profit insurance company, we are able to share profits with our insureds. Members have received a return of annual Underwriting earnings in 2016, 2017 and 2018. 

Assessability

As a not-for-profit insurer, NYMIR elected from the outset to become an assessable company, rather than to pay into the New York State Guarantee Fund (which covers claims when other insurance companies become insolvent).  By choosing to be assessable, NYMIR has saved its local government members millions of dollars in additional premium.  The combination of an exemption from the Guarantee fund levy, coupled with a conservative capital retention and investment philosophy and reinsurance treaties with the very best A-rated reinsurance partners in the world, guarantees that NYMIR will remain a positive force for the future of all of New York State's local governments.