Hanover Stone Partners (HSP) has created WorkersComp Guard, a national practice group to help employers manage workers’ compensation costs.
The new practice group, led by Barry Thompson, will work in collaboration with employers on solutions to reduce costs and improve claim outcomes.
It will also provide strategies and methods to assess employer safety culture and practices, evaluate risk financing options, implement best claims management practices, and leverage data for programme measurement and more effective resource deployment.
John Kelly, managing director of HSP, commented: “For employers throughout the US workers’ compensation represents the largest component of their overall casualty cost of risk, and has become a growing source of pain due to a number of variables that has resulted in double-digit increases in many jurisdictions.”
“Under Barry Thompson’s leadership, the new practice will leverage the diverse and specialised expertise of our risk advisors and partner firms throughout the US to help clients manage complex workers’ compensation issues and control costs.”
Thompson added: “In an operating environment marked by thin margins, C-level management is realising that a measurable impact on workers’ compensation costs can improve overall financial performance.”
In addition to leading the new practice group, Thompson is president of Risk Acuity, a consulting firm specialising in workers’ compensation, which he founded in 2002.
