Administaff Renews Workers’ Compensation Program with ACE Group
08 Setembro 2010 - 6:10PM
Business Wire
Administaff, Inc. (NYSE: ASF), a leading provider of human
resources services for small and medium-sized businesses, today
announced that it has renewed its program with ACE Group (“ACE”),
an A+ XV rated property and casualty company, to provide statutory
workers’ compensation coverage for all its corporate and worksite
employees effective Oct. 1, 2010.
Under the terms of the new three-year program, Administaff will
continue to have financial exposure for the first $1 million of
claims per occurrence, which is consistent with the expiring
program. As a new feature of the renewed program, Administaff will
now have additional financial exposure for up to a maximum amount
of $5 million per policy year for claim amounts that exceed $1
million. In addition, the renewed program provides for a $1.6
million reduction in annual program costs paid to ACE.
“We are very pleased to extend our current relationship with ACE
for another three years,” said Richard G. Rawson, Administaff’s
president. “The effective management of our workers’ compensation
program has resulted in a historically low level of claims
exceeding $1 million per occurrence, and no claim exceeding $1.5
million. The lower cost of this new program should more than offset
any claim costs arising from this additional exposure.”
Lockton Companies will continue to provide policy administration
services, and Specialty Risk Services, a division of The Hartford
Insurance Companies, will continue to adjudicate the claims.
Administaff is the nation’s leading professional employer
organization (PEO), serving as a full-service human resources
department that provides small and medium-sized businesses with
administrative relief, big-company benefits, reduced liabilities
and a systematic way to improve productivity. The company operates
51 sales offices in 24 major markets. For additional information,
visit Administaff’s website at http://www.administaff.com.
The statements contained herein that are not historical facts
are forward-looking statements within the meaning of the federal
securities laws (Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934). You can
identify such forward-looking statements by the words “expects,”
“intends,” “plans,” “projects,” “believes,” “estimates,” “likely,”
“possibly,” “probably,” “goal,” “objective,” “target,” “assume,”
“outlook,”“guidance,” “predicts,” “appears,” “indicator” and
similar expressions. Forward-looking statements involve a number of
risks and uncertainties. In the normal course of business,
Administaff, Inc., in an effort to help keep our stockholders and
the public informed about our operations, may from time to time
issue such forward-looking statements, either orally or in writing.
Generally, these statements relate to business plans or strategies,
projected or anticipated benefits or other consequences of such
plans or strategies, or projections involving anticipated revenues,
earnings, unit growth, profit per worksite employee, pricing,
operating expenses or other aspects of operating results. We base
the forward-looking statements on our expectations, estimates and
projections at the time such statements are made. These statements
are not guarantees of future performance and involve risks and
uncertainties that we cannot predict. In addition, we have based
many of these forward-looking statements on assumptions about
future events that may prove to be inaccurate. Therefore, the
actual results of the future events described in such
forward-looking statements could differ materially from those
stated in such forward-looking statements. Among the factors that
could cause actual results to differ materially are: (i) changes in
general economic conditions; (ii) regulatory and tax developments
and possible adverse application of various federal, state and
local regulations; (iii) the ability to secure competitive
replacement contracts for health insurance and workers’
compensation contracts at expiration of current contracts; (iv)
increases in health insurance costs and workers’ compensation rates
and underlying claims trends, health care reform, financial
solvency of workers’ compensation carriers and other insurers,
state unemployment tax rates, liabilities for employee and client
actions or payroll-related claims; (v) failure to manage growth of
our operations and the effectiveness of our sales and marketing
efforts; (vi) changes in the competitive environment in the PEO
industry, including the entrance of new competitors and our ability
to renew or replace client companies; (vii) our liability for
worksite employee payroll and benefits costs; (viii) our liability
for disclosure of sensitive or private information; (ix) our
ability to integrate future acquisitions; and (x) an adverse final
judgment or settlement of claims against Administaff. These factors
are discussed in further detail in Administaff’s filings with the
U.S. Securities and Exchange Commission. Any of these factors, or a
combination of such factors, could materially affect the results of
our operations and whether forward-looking statements we make
ultimately prove to be accurate.
Except to the extent otherwise required by federal securities
law, we do not undertake any obligation to update our
forward-looking statements to reflect events or circumstances after
the date they are made or to reflect the occurrence of
unanticipated events.
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