MEETING MINUTES
Minutes of the Advisory Board Meeting held in San Jose del Cabo, MX February 2nd, 2024.
ATTENDANCE Representatives of participating companies and National Interstate. A list of those persons present is available upon request.
SECRETARY Austin Evans of NIIC acted as Secretary and recorded the minutes.
CALL TO ORDER & OPENING REMARKS REVIEW AND APPROVAL OF PREVIOUS MEETING MINUTES Motion: Upon motion duly made and seconded, IT WAS RESOLVED, to approve the previous meeting’s minutes. REPORT OF THE FINANCE & INVESTMENT COMMITTEE Josh Stoll, National Interstate, presented the report and recommendations of the Finance & Investment Committee, full details of which are contained within the minutes of the Finance & Investment Committee meeting. • We discussed the guaranteed investment return from American Financial Group’s, American Money Management and the 2024 rate level. The guaranteed rate is set at 4.75% for the 2024 year. • We reviewed and discussed the balance sheet and expanded underwriting year summary within the financials, noting the impact of the 2019-2020 underwriting year commutation, causing an expected drop in loss fund balances, retained earnings, and collateral due to Velocity members rolling into program on an extended policy period for that underwriting year. Other items of significance were discussed: Risk Sharing is second to none, currently at .10% of Loss Fund Premiums and consistent with historical performance Investment returns are at all-time highs; North of 7% returns on Loss Fund Premiums. Loss fund assessments up YOY driven by unfavorable loss development in the 21-22 and 22-23 underwriting years. • Motion to approve 11.30.23 program financials: Upon motion duly made and seconded, IT WAS RESOLVED, to approve the unaudited Financial Statements as of 11.30.23 as presented.
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