April 23, 2020

LWCC: A History of Elevating Louisiana

WRITTEN BY

GOALS OF THIS GUIDE

Since our opening in 1992, LWCC has served as a champion of Louisiana, promoting safety, security, and stability. A model private mutual insurance provider, today we are the state’s largest workers' compensation carrier, providing coverage to more than 20,000 Louisiana businesses, many of which are considered high risk and would not be able to secure insurance otherwise.

Between 1980 and 1990, Louisiana companies faced sticker shock as workers’ comp premiums skyrocketed nearly 500 percent, driving the system to the brink of collapse. At the end of 1991, the state moved to stave off disaster by establishing LWCC — created via constitutional amendment and legislation to be wholly private — with a goal of helping Louisiana thrive by ensuring a fair marketplace, controlling premiums, and guaranteeing coverage. We will always serve only Louisiana businesses and will always be dedicated to excellence in execution from underwriting to the life-long care of an injured worker.

Within a few months of our 1992 launch, we had repaid our $4.5 million start-up loan.  As a nonprofit private insurance carrier, LWCC never used taxpayer dollars. In April 2004, our board of directors announced the company’s first-ever dividend, distributing $10 million to qualifying policyholders. Over a period of 17 consecutive years, the dividend program has returned $934 million to policyholders, and our members have seen overall rates drop by almost 60 percent. As a result, A.M. Best, a credit rating agency focused on the insurance industry, has consistently reaffirmed LWCC’s “A” (excellent) rating.

In further recognition of our dedication to excellence, LWCC was named by the Ward Group to the Ward’s 50® group of top-performing property-casualty insurance companies for achieving outstanding financial results in the areas of safety, consistency, and performance over a five-year period. The recent designation in 2019 marked the thirteenth time we have been named to this prestigious list of companies.

More recently, in April 2020, LWCC expedited our annual dividend distribution to help those impacted by the COVID-19 pandemic.  $89 million was distributed to policyholders more than a month ahead of schedule.

Why such dedication to excellence?

Simple. LWCC is Louisiana Loyal. Louisiana is our home and we are inspired by our love of it. In fact, our purpose is to help Louisiana thrive, and we are honored to be able to do so. It’s also why  we are bound by the borders of our great state and champion only Louisiana businesses and workers. While other carriers come and go in the face of a fluctuating market, LWCC has always been there to meet the unique needs of Louisiana businesses and their hard-working employees. Always.

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