Location: Towson, MD
Thomas Phelan, CPA
President and CEO
Created by the Maryland legislature in 1914, Chesapeake Employers’ Insurance Company has provided workers’ compensation coverage to businesses in the state for more than 100 years. Initially it was an entity of the state, but it has since transitioned into a private, non-stock nonprofit. “The conversion was a major undertaking that impacted every facet of the company [and included] a major rebranding,” says president and CEO Thomas Phelan. “All the many, significant changes were driven by one over-arching goal: to make the transition seamless for all our customers — policyholders, agents, business partners and injured workers.”
Quick Tip: “Success will probably take longer than you think. Don’t become discouraged — anything worth having is worth working for.”
About two months after the conversion, the A.M. Best Co. credit rating agency issued an A- (Excellent) financial strength rating to Chesapeake Employers. “This was a tremendous accomplishment and affirmed that our strategy — to build our financial foundation through disciplined underwriting and prudent asset management, while deepening our management capabilities — has been soundly executed,” says Phelan.