United Methodist Insurance Repays Portion of Investments
Monday, February 18, 2019
Nashville, TN – The United Methodist Insurance (UMI) Board of Directors is pleased to announce that after a review of 2018 year end financials, UMI is in a position to make a return of capital payments to surplus note holders in the first quarter of 2019. The repayments, in the amount of $358,050, represent about 15% of the investment from each organization in the United Methodist Property and Casualty Trust (UMPACT), the predecessor insurance company to UMI. Checks were issued to the surplus note holders last week. Though the decision was not made in relation to any rate structure, it is made possible due to reduced capital needs associated with transitioning from being a risk bearing captive insurance company.
The annual conferences that invested are: Alabama-West Florida, Indiana, Louisiana, Memphis, Mississippi, New Mexico, New York, North Carolina, North Georgia, Northern Illinois, North Texas, Oklahoma, Oklahoma Indian Missionary, Oregon-Idaho, Peninsula-Delaware, and West Virginia. The General Board of Global Ministries (GBGM) was also an investor.
Mike Plesko, President and CEO of United Methodist Insurance, said “The Staff and Board of UMI take seriously the fiduciary responsibilities to the investors and supporters of UMPACT. We are determined that when we are able, we will work faithfully to return those investments.”
For more information or questions about UMI, contact Sid Gray, Vice President and Treasurer of UMI at email@example.com or 615-369-2345.