Arch Insurance Announces Family & Medical Leave Product for Employers as Alternative to Massachusetts State Sponsored Plan
October 10 2019 - 1:00PM
Business Wire
New Arch offering eliminates the need for
employer contributions to the Massachusetts state sponsored plan
through December 2020
Arch Insurance today announced it is offering a Paid Family
Medical Leave (PFML) product to employers in Massachusetts in
response to new state legislation mandating that all employers make
available paid family and medical leave coverage for every worker
in the state.
Recently announced Massachusetts legislation (MGL c.175M)
establishes a system for paid family leave of up to 12 weeks to
care for a family member and up to 20 weeks for an insured’s own
illness, with benefits beginning in 2021.
In accordance with the new law, all people who work in
Massachusetts will automatically be enrolled in the state plan for
PFML coverage. Employers and employees participating in the
state-sponsored coverage are required to submit contributions (via
payroll deductions) to the state starting in Q4 2019 with benefits
beginning Jan. 1, 2021.
The new Arch product, underwritten by Arch Insurance Company, is
a private plan that meets criteria allowing employers to file for
an exemption from the state sponsored plan and eliminating the need
to submit employer and employee contributions to the state fund. To
be exempt from contributions for Q4 2019 and forward, the
application needs to be approved by Dec. 20, 2019.
“Our new plan is an excellent alternative to the Massachusetts
state sponsored plan,” said Thomas Foschino, Arch’s Vice President
of Accident & Health. “Additionally, Arch Insurance has
experience with similar plans in other states.”
Insurance brokers or employers who are interested in learning
more about the Arch Massachusetts PFML plan can visit the Arch
Insurance website.
About Arch Insurance North America
Arch Insurance North America, part of Arch Capital Group Ltd.,
includes Arch’s insurance operations in the United States and
Canada. Business in the U.S. is written by Arch Insurance Company,
Arch Specialty Insurance Company, Arch Excess & Surplus
Insurance Company and Arch Indemnity Insurance Company. Business in
Canada is written by Arch Insurance Canada Ltd.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with
approximately $12.49 billion in capital at June 30, 2019, provides
insurance, reinsurance and mortgage insurance on a worldwide basis
through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a
"safe harbor" for forward-looking statements. This release or any
other written or oral statements made by or on behalf of Arch
Capital Group Ltd. and its subsidiaries may include forward-looking
statements, which reflect our current views with respect to future
events and financial performance. All statements other than
statements of historical fact included in or incorporated by
reference in this release are forward-looking statements.
Forward-looking statements can generally be identified by the
use of forward-looking terminology such as "may," "will," "expect,"
"intend," "estimate," "anticipate," "believe" or "continue" or
their negative or variations or similar terminology.
Forward-looking statements involve our current assessment of risks
and uncertainties. Actual events and results may differ materially
from those expressed or implied in these statements. A
non-exclusive list of the important factors that could cause actual
results to differ materially from those in such forward-looking
statements includes the following: adverse general economic and
market conditions; increased competition; pricing and policy term
trends; fluctuations in the actions of rating agencies and our
ability to maintain and improve our ratings; investment
performance; the loss of key personnel; the adequacy of our loss
reserves, severity and/or frequency of losses, greater than
expected loss ratios and adverse development on claim and/or claim
expense liabilities; greater frequency or severity of unpredictable
natural and man-made catastrophic events; the impact of acts of
terrorism and acts of war; changes in regulations and/or tax laws
in the United States or elsewhere; our ability to successfully
integrate, establish and maintain operating procedures as well as
integrate the businesses we have acquired or may acquire into the
existing operations; changes in accounting principles or policies;
material differences between actual and expected assessments for
guaranty funds and mandatory pooling arrangements; availability and
cost to us of reinsurance to manage our gross and net exposures;
the failure of others to meet their obligations to us; and other
factors identified in our filings with the U.S. Securities and
Exchange Commission.
The foregoing review of important factors should not be
construed as exhaustive and should be read in conjunction with
other cautionary statements that are included herein or elsewhere.
All subsequent written and oral forward-looking statements
attributable to us or persons acting on our behalf are expressly
qualified in their entirety by these cautionary statements. We
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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Media: Arch Capital Services Inc. Greg Hare 336 333
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