In neighboring news:

President and CEO of Texas Mutual Insurance Co., Richard Gergasko, spoke to the Texas House Insurance Committee yesterday in Austin to urge the creation of an assigned-risk pool for the state. The committee is currently assessing the state’s residual workers’ comp market and Gergasko emphasized that a downturn is likely inevitable. Texas Mutual has been the carrier of last resort in Texas since 1994 and was chartered in 1991. Company leadership is working toward full privatization. A bill in the 2013 legislative session would have made Texas Mutual a domestic insurer and implemented an assigned-risk program but it died. Gergasko argued that spreading the risk around the state is better for the state as a whole and reduces the risk to one exclusive group of policyholders.

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