Actuarial Services

Background

The Washington Schools Risk Management Pool (WSRMP) is seeking proposals from qualified firms to provide actuarial services for a three-year term starting September 1, 2026, with an option for two additional single-year terms. WSRMP aims to ensure financial stability and effective risk management for its member school districts through comprehensive actuarial evaluations.

Work Details

The selected actuarial firm will be responsible for the following services: 1. Conduct four quarterly solvency reports, including data quality assurance tests, estimation of outstanding claim obligations (including Incurred but Not Reported - IBNR), projection of claim costs, evaluation of funding adequacy, and preparation of cash flow analysis schedules. 2. Prepare a rate-setting report at the end of February each year, estimating losses for the upcoming fiscal year, calculating funding rates based on requested confidence levels, and providing loss modification factor calculations for each member. 3. Assist in compliance with audits by providing necessary reports and presentations to the WSRMP Executive Board and Financial Committee during scheduled meetings throughout the year.

Period of Performance

The contract will commence on September 1, 2026, and will last for three years with options for two additional single-year terms.

Place of Performance

The services will be performed primarily at the offices of the selected firm; however, meetings may occur at WSRMP's office located at 6720 Fort Dent Way, Suite 215, Tukwila, WA.

Bidder Requirements

Firms must have been in business as licensed actuaries for a minimum of five years and must demonstrate experience with public entities. They are required to provide a list of at least five public entity clients including one property/casualty self-insurance pool. The firm must also carry professional liability insurance with a limit of $5 million.