Message from the Executive Director

joe-300Joseph Goncalves – Executive Director

“It was 20 years ago today…”  That was how the Beatles began what would become one of their most recognized and ground-breaking albums1. Well, it wasn’t exactly today, but 20 years ago a group of another kind ‒ a band of administrative leaders from 54 school districts across New York State ‒ came together to play their own ground-breaking parts in forming what is still the only school insurance reciprocal in the country: NYSIR.

And with a little help from our friends, we’ve managed to do much more than just “get by.” NYSIR’s successively improving annual results over the past two decades have made it one of the most respected insurers of public schools in the industry, and our 2008 numbers have only added to that reputation.

From a strong combined ratio of 90.3 to net investment earnings of 4.25 percent, the New York Schools Insurance Reciprocal ended a sharply recessionary 2008 by recording a full slate of solid financials. It was, in fact, one of the top three most successful years in our history. And that, we hope, is music to the ears of more than 335 current NYSIR subscribers.

Back in 1989, at its inception, NYSIR made a promise to its original subscribers that over the years we would build in not only wider, more in-depth coverage, but enhanced services and risk management. And we have kept our word. In its 20th anniversary year, NYSIR offers standard coverage that includes replacement cost for buses and first-party asbestos removal following a covered loss. Our services also encompass such extras as a five-year asset inventory appraisal for every member school district and online bus driver 19-A license status reports and data management services through License Monitor Inc. Risk management seminars have expanded, as well, to include swimming pool safety, boiler maintenance and sports liability issues.

NYSIR has kept its word, and we’re proud to note that our original member school districts have kept the faith… remaining tried-and-true NYSIR subscribers since the very beginning. That’s a 20th anniversary gift whose value cannot be measured, no matter how many actuaries you assign to the case.

A lot can happen over two decades, but one thing has never changed ‒ the NYSIR vision. It was the right company for New York public schools in 1989, and it remains the right company for New York public schools in 2009. And to borrow from yet another old Beatles tune… It’s getting better all the time.

 
1. Sgt. Pepper’s Lonely Hearts Club Band