BATON ROUGE, La. --- LCTA Workers’ Comp (LCTA) recently announced its successful conversion from a self-insures’ fund (SIF) to a casualty insurance company. The certificate of authority became effective on Jan. 1, 2016.
“After 25 years as the state’s largest SIF, we felt that converting to a casualty insurance company was part of a natural evolution for us in the workers’ comp industry,” Melissa Campesi, LCTA CEO and chairman, said. “The steps we took were to ensure the future of LCTA and to provide an even better product for our policyholders.”
The conversion was a multiple step process that took approximately one year. During that time, LCTA worked closely with the Department of Insurance to ensure their conversion went smoothly.
“We appreciate how supportive the Department of Insurance was with our conversion and are excited about the future opportunities we now have.” Troy Prevot, LCTA executive vice president, said.
LCTA will continue to exclusively write workers’ comp insurance. The conversion, however, opens up new opportunities for the 25 year old company.
“As a casualty company, we will be able to expand our geographic reach, develop more risk diversification strategies and cover more risk types,” Prevot said.
LCTA will continue to pay dividends to its policyholders.