Media Tour Update 

BrickStreet President and CEO Greg Burton met with reporters and editors in several West Virginia cities during a weeklong media tour in January to update them on a number of positive steps BrickStreet has taken as a private company. Meetings also were held with a number of Chambers of Commerce and other economic development groups in those areas.

That effort has continued into February with a visit to the Parkersburg Rotary Club. The Parkersburg News and Sentinel quoted the CEO regarding the open market for workers' compensation starting July 1:

"Competition is going to be good for West Virginia. It’s going to drive down the prices and make everybody more efficient, and make the system more efficient. Premiums will go down, which is always a good thing, and benefit levels will be able to stay at the same level that they are now."

Several key points Burton emphasized:

  • BrickStreet is a strong West Virginia company, ready for the open market. We will get stronger as the market opens.
  • We are processing claims efficiently. The average time between receiving a claim and ruling on that claim has been reduced to five business days and virtually all claims are ruled on within 30 days.
  • Our safety programs have been nationally recognized and our Special Investigations Unit has documented more than $6 million in direct savings to policyholders by fighting fraud.
  • Overall, rates have decreased by 27.5 percent, and we have still been able to operate as a successful business. We made a profit in 2006 and are slated to report a profit again for 2007. This is another indication that privatization is working as planned.
  • Once the Surplus Note is paid in full, if BrickStreet makes a profit, we will be able to pay dividends to policyholders. However, until the Surplus Note is paid off, BrickStreet is prohibited by the terms of the note from paying dividends to policyholders.

Other visits are planned in March and April. Burton will address the Governor's Workforce Investment Group on April 7 in Martinsburg, and the Bluefield Rotary Club on April 15. Other media visits for Huntington and Logan are under consideration.