A MESSAGE FROM OUR PRESIDENT & CEO

Almost a half-century ago, our founders formed CIRMA with a salient vision: establish a better way to provide stable insurance protections and critical risk management and claims services for Connecticut’s public sector by bringing community leaders together. 

Throughout our history, the CIRMA Community demonstrated strength and stability when our local communities needed them the most. And although the only certainty we can truly rely upon is uncertainty, one constant remains – our mutual commitment to ensuring that, as a whole, we are better together and stronger than ever.

These words have meaning. They are purposeful. They are relevant. And they resonate throughout everything we do.

Better in that CIRMA Community members rely upon each other and work in unison toward common goals and a shared mission for long-term betterment and success.  

Together in that we don’t navigate the landscape alone-– we are here and ready to partner and collaborate in ways that will see our communities through to a brighter tomorrow.

Stronger in that we consistently demonstrate combined strength, fortitude, and unquestionable value across the CIRMA community—and these values converge and amplify to help see us through our most challenging times. The strength of our balance sheet continues to solidify the undeniable power of our combined underwriting excellence, expense management discipline, unmatched claim and risk management expertise, and committed community. To that end, I am both humbled and proud to reflect upon the 2021-2022 fiscal year—in addition to the many accomplishments featured within this Annual Report, the following notable outcomes represent our sustained shared successes spanning over the last five years: 

Over the last five years:  

• Total Assets have grown by $46M
• Our combined ratio results outperformed the industry by 20 percentage points
• Members’ Equity has grown by $77.4M
• Over $21.2M in Members’ Equity was distributed over the last five years, with nearly $42M total distributed over the last twelve years 
• The average rate need was -3.22% for workers’ compensation and -0.12% for liability-auto-property 
• Approximately $124M in medical cost savings have been achieved through CIRMA Managed Care programs
• Almost 102,000 public-entity employees and volunteers participated in CIRMA training

The long-term success we help our members achieve is not created overnight. Our partnership is a sustained endeavor. We take a long-term approach to delivering consistent, competitive, and dependable value to our members, and our accountability for each other has fortified over the years. Our shared mission—our mutual purpose, is the foundation of everything we do and remains critical to our long-term success.

Our unwavering sense of advocacy and accountability for one another will continue to guide us toward a promising future. CIRMA’s strategic imperatives remain evergreen and will continue to provide us with the unified direction we need to perpetuate the delivery of optimal financial and operational outcomes. 

Over the next year, we will continue to focus on the following:

• Building and developing best-in-class talent
• Advancing Capital management strategies
• Leveraging technology and data thru business intelligence and innovation
• Expanding products and services tailored for our members 
• Enhancing our members’ engagement in managing risk

By bringing community leaders together, our founders established a better way to protect Connecticut’s cities, towns, schools, and local public agencies. Our shared mission continues to stand the test of time and defines our roles in helping our members navigate all that can go wrong by remaining committed to doing what is right. My sincere gratitude and heartfelt appreciation go to our community of employees, members, board and committee volunteers, and business partners. 

Thank you for your ongoing investment of time and trust. 

We truly are better, together.