Frequently Asked Questions
Notices were sent to parties whose names are in PBSIC’s records as being shareholders of the company.
PBSIC is a District of Columbia risk retention group whose policyholders were issued shares in the company at the time their policies were issued. PBSIC entered “runoff” in 2010 and stopped issuing new policies at that time. Since then, it has been administering the policies it issued by adjusting and settling valid claims. On September 21, 2023, a meeting of the shareholders was held, and they voted in favor of disbursing the PBSIC’s surplus in accordance with a Share Redemption/Repurchase Plan to redeem all issued and outstanding shares of the company. Essentially, the company is winding down and disbursing its remaining assets in excess of expenses.
Calculations follow the same formula for all shareholders based on adjusted surplus as of July 31, 2023. Surplus was adjusted to reflect remaining runoff expenses. Each shareholder will receive a portion of the adjusted surplus based on the shareholder redemption liability established in 2011.
It depends on how many shares you hold and how long you were a policyholder. Please note that most shareholders are entitled to receive only a nominal amount.
Yes, complete the Payment Information Form found on the left sidebar of the website (HERE).
There will be no change to claims handling. All claims presented will continue to be handled in the same manner. Disbursement of the surplus will not affect PBSIC’s ability to pay claims because PBSIC has obtained reinsurance for all of its policy liabilities.
Please contact Atticus Administration to discuss any unique circumstance.
You can contact Atticus Administrators by phone at: 1-800-731-4947 or by email at: ShareholderRedemptionPBSIC@atticusadmin.com.