Frequently Asked Questions
Why did the Preferra Insurance Company RRG change its name?
The Preferra Insurance Company RRG, Inc. (Preferra) is an industry leader providing best-in-class insurance products to social workers and behavioral health professionals.
Our mission as an insurance company remains the same: to be the leading liability insurance company for social workers, behavioral health professionals, and related allied health professionals. In that mission, our board of directors guides our program to retain the best available policy benefits and coverage support while seeking ways to increase these options.
You spoke. We listened. We wanted to address brand confusion from policyholders surrounding NASW in the Risk Retention Group’s company name. A name change helps provide clarity for our policyholders to better understand what we offer and how we are able to serve you for your professional liability insurance needs.
What does a name change mean for the risk retention company?
Simply, the change is in name only. There are no changes to the service, product support, prices, discounts or benefits offered to its policyholders. This decision aligns with our commitment to offer the best possible options for our policyholders to continue to grow, thrive for our policyholders, and inclusive to all policyholders we serve and make available a variety of product offerings that will benefit the policyholder base.
The organization advocates for the benefit of policyholders by keeping expenses low and passing the savings to its policyholders through low premiums, focusing on long-term price stability, added custom policy benefits and reinvests resources back into the program for the benefit of the policyholders to stay current with professional needs.
What does a name change mean for me?
There is no material change to your liability insurance policy and its support. We simply changed the company name. This does not change your coverage, policy benefits, or premiums.
You will remain an owner of the program and a member of the Risk Retention Group. Social workers and insurance industry professionals on the Board of Directors will continue oversight of the program to maintain the quality of the products and services we offer and continue to operate efficiently.
Does the insurance company continue to be mutually owned by policyholders?
Yes. The policyholders are the owners of the company, and the ownership and control remain with the risk retention group (RRG) members which is you, the policyholder.
Renaming the company does not change your role as an owner of the liability insurance (RRG) program; however, it does eliminate confusion surrounding functions unique to membership of your professional association with NASW and shows the clear mission of the insurance company (RRG) to carry out the risk management education supports, advocacy and important defense resources used to protect our professionals.
Will the company still be a Risk Retention Group (RRG)?
Yes. We renamed the risk retention group. The Professional Liability Insurance Program remains structured as a Risk Retention Group. It is owned by its policyholder members, authorized by federal law, regulated by the District of Columbia Department of Insurance, Securities and Banking, and reinsured by The Swiss Re Group and Lloyd’s.
It remains rated among the highest in the nation by A.M. Best, the world’s largest, most authoritative company issuing financial strength ratings to insurance companies, with an ‘Excellent’ financial strength rating. It includes additional financial backing from Swiss Re and Lloyd’s. Why is this important? Because it affirms that the company is growing, stable, and solid, exemplifying its commitment to high-quality, customized products for its policyholder owners.
Were certificates issued by Preferra Insurance Company RRG, to reflect the new name?
Yes, at your policy renewal, you received notice that the new certificates will reflect the new risk retention group name and accepted by managed care companies.
What do I need to do now?
There is nothing you need to do. Your coverage remains in place with no changes. You might notice later in the year that the policy documents, policy contract (our coverage promise) and corresponding content will be exactly the same for the exception of the risk retention group name on the bottom of your policy contract.
What do I need to do when it is time to renew my policy?
There is nothing you need to do. Your renewal notices will be sent to you when it’s time to renew your policy. Your notices will simply include the familiar reference to your long held liability insurance program with the new name and logo as a part of the materials, Preferra Insurance Company RRG.
Are there changes to customer service if I have questions about my policy?
No. There are no changes to your liability insurance policy customer service center at 888-278-0038 or [email protected].
Who do I call if I have general questions about the name change?
If you have additional questions about the name change, please call us at 888-278-0038 or email [email protected] for assistance.
To read about our name change announcement (click the button above). If you have any additional questions, please call us at 888-278-0038, email [email protected].