Letter from CEO Stacy Hammond
UPDATED: July 3, 2024
To our loyal customers,
We have information to share with you regarding the relationship between NASW Assurance Services, Inc. (ASI) and Preferra (formerly NASW Risk Retention Group).
ASI is taking proactive and firm steps to protect our customers. In the interest of transparency, we want to let you know what has been happening at ASI for the last few months. ASI and NASW Insurance Company (NASWIC), ASI’s wholly-owned subsidiary, have been in talks with Preferra to resolve some business disagreements.
However, in the best interest of our customers, we decided to suspend those discussions because of Preferra’s resistance to working with ASI in a good-faith effort. This decision does not affect your insurance coverage. It allows us to focus on moving in a more positive direction to benefit social workers, developing new liability products that will be available to you in the near future. We will keep you updated on the latest developments.
We know that some NASW members and policyholders have been concerned about changes to the insurance companies’ boards of directors. Due to a lack of financial and operational transparency within the former management team of Preferra, NASWIC and ASI, our parent organization, NASW, found it necessary to exercise its legitimate right to restructure the ASI board to gain adequate oversight of the insurance companies and ensure proper board governance.
NASW has put a solid new board of directors in place, focusing exclusively on advocating for social workers. This board includes experienced social workers who are strong leaders in the profession, one of whom is a Social Work Pioneer with experience on an insurance board. Our board is dedicated to your welfare and will prioritize your needs. We want to emphasize the dedication of this new board to serving your needs, as you are the heart of our mission. Visit https://naswassurance.org/board-of-directors/ for more information on our ASI Board Members.
Additionally, we will continue to adhere to industry best practices with board governance and board diversity, including pioneers with the qualifications to be independent thinkers yet have the skill sets to make complex decisions and collaborate with other social workers.
As we navigate this transition, we anticipate that Preferra’s management may continue disparaging NASW’s decision to ensure effective governance and oversight of its insurance companies. However, our dedication to serving the interest of social workers remains unwavering. We are committed to providing you with the best insurance coverage and supporting your professional needs.
Lastly, if you have any questions or concerns about your existing professional liability insurance policy, please contact us at (855) 385-2160 or email us at [email protected]. You may also visit https://naswassurance.org/frequently-asked-questions/ for additional information.
Sincerely,
Stacy Hammond
Interim CEO
NASW Assurance Services, Inc.
