Since CompTrust is owned by its policy holders, the program is governed by a Board of Directors consisting of construction industry executives who are AGC Georgia members. The program is financially sound with assets totaling nearly $49 million. Since 1982 when the workers’ comp program was founded, CompTrust covers more than 12,500 employees with an annual payroll of more than $710M. Since inception, CompTrust has given back approximately $36 million in dividends to participating members making this an extremely affordable and valuable service.
For nearly 25 years, AGC Georgia successfully operated the program which was considered one of the state’s longest running self-insured workers’ compensation trust funds. Several years ago, based on participating contractor feedback and a desire to better reflect the changing marketplace, AGC Georgia initiated a comprehensive planning process to convert its original self-insured trust fund called CompTrustAGC of Georgia to a mutual captive. The Georgia Department of Insurance approved this conversion in 2008, and thus its new name. This conversion eliminated the joint and several liability clause and created the opportunity for out of state coverage which is especially attractive to AGC Georgia members doing business in multiple states.
Fast Facts for policy year 2020:
- $25.2M in annual revenue in 2020 for 276 AGC Georgia firms covering over 12,500 employees and annual payroll of $710M.
- 12% annual increase to $48.8M in total assets with liabilities of $25.2M and policyholder equity increasing 20% to $23.5M.
- $1M dividend declared in 2020, bringing total since inception to $35.6M.
- Participants enjoy complimentary safety training and the benefits of a workers' compensation policy that can follow them in 50 states and has the backing of A.M. Best A+ and S&P A+ ratings.
For more details about CompTrust AGC MCIC, click here.