SALT LAKE CITY, UT – At their June 11, 2024, regular meeting, the New Mexico County Reinsurance, Inc. (NMCRe) board of directors elected Roosevelt County Manager Amber Hamilton and Santa Fe County Manager Gregory S. Shaffer to the board. Doing so expanded the number of directors by one member, as the Board accepted the resignation of former Taos County Commissioner Jim Fambro.
“We are thrilled to welcome Amber Hamilton and Greg Shaffer to the NMCRe board of directors and look forward to their expert guidance as we grow this captive reinsurance company into a powerful partner for the NMCIA self-insurance pool,” said President Ron Lethgo.
The Board also voted to hire board member Steve Kopelman as a contract, part-time chief operating officer, as authorized by the NMCRe bylaws. Mr. Kopelman will handle day-to-day operations of NMCRe and will work closely with select New Mexico Counties staff on matters of finance, claims, and risk management.
“Having served 10 years as the risk management director for the New Mexico County Insurance Authority (NMCIA) and as executive director of New Mexico Counties (NMC) for 10 years until his retirement in 2022, Steve is well-versed in all matters of county government, self-insurance pooling and reinsurance. His depth of knowledge will be an asset to our operations,” said President Ron Lethgo.
NMCRe is a captive insurance company domiciled in Utah and is a wholly owned subsidiary of NMCIA. In 2024 NMCRE provides 100% of NMCIA’s reinsurance for both its law enforcement liability and multi-line liability programs. NMCIA capitalized NMCRe in 2022 with a $600,000 investment. Premiums collected from NMCIA in subsequent years combined with investment revenue, and $15,000,000 in additional funding from NMCIA has increased total liabilities and shareholder’s equity of NMCRe as of March 31, 2024 to $24,094,287.
NMCIA is a county insurance pool that provides coverage for workers’ compensation, property, liability, and law enforcement for member counties. The Board of Directors is responsible for protecting the assets of the Pool, approving affordable insurance coverages for its members, and making smart decisions in the best interest of all county members. The Board is comprised of county elected officials and employees representing each of the four geographical districts, each Class A county, and a representative for small, mid-level, and mid-level-high population counties. All 33 New Mexico Counties purchase some of their coverage from NMCIA, with 29 participating in the law enforcement and multi-line coverage programs and 31 participating in the workers’ compensation coverage program.
