ManagedComp Enters WC Agreement
By Caroline McDonald
NU Online News Service, April 24, 11:14 a.m. EST?ManagedComp, Inc., an underwriter and third party administrator said it has signed a service agreement with Cincinnati-based Mitsui Sumitomo Marine Management (U.S.A.), Inc., a division of Mitsui Sumitomo Insurance Group of Tokyo.
The announcement was made last week. Under the agreement, Woburn, Mass.-based ManagedComp said it would manage workers' comp services including health and safety, claims and case management, beginning in Pennsylvania, New Jersey and Georgia.
"In today's hardening market, the field of quality workers' compensation carriers and service providers is diminishing," Chip Clausen, vice president, strategic business development for ManagedComp told the National Underwriter.
He said the relationship would combine, "the strength of an A++ rated carrier with a TPA that delivers results significantly better than industry averages."
Nancy A. Froude, ManagedComp president and chief executive officer, said that with the hardening workers' comp market, "it's our responsibility to manage our clients' losses by offering them a full set of TPA services backed by solid coverage options."
The relationship with Mitsui, she said, provides "a new, highly rated insurance market for our clients."
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