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SUBJECT: CITY OF LOUISVILLE 2024 INSURANCE RENEWAL <br />DATE: JANUARY 18, 2024 PAGE 2 OF 2 <br />were very comparable but given staff satisfaction with Pinnacol coverage and service, the <br />decision was made to stay with the incumbent. Pinnacol offers a dividend on our premium. <br />Based on current loss ratio trends, we believe our 2024 dividend will be roughly $40,000. <br />FISCAL IMPACT: <br />Excluding the Wind/Hail Buy Down, the premium renewal for Property and Casualty with <br />Traveler's is $938,086 for 2024 vs. $825,299 for 2023. The workers' compensation <br />coverage with Pinnacol is $262,411 for 2024 vs $197,982 for 2023. <br />Item <br />2024 Budget <br />2024 Actual <br />Under <br />Budget/(Budget <br />shortfall) <br />Property and Casualty <br />$1,195,240 <br />$ 938,086 <br />$ 257,154 <br />Worker's Comp <br />$163,166 <br />$ 262,411 <br />($ 99,245) <br />Total — all lines of <br />$1,358,406 <br />$1,200,497 <br />$ 157,909 <br />coverage <br />Attachment: <br />1. Loss History <br />2. Marketing Results <br />3. Program Comparison <br />CITY COUNCIL COMMUNICATION <br />7/67 <br />