Insurance Broker and Captive Management Services for the State's Risk Management Program

STATE OF TENNESSEE
TREASURY DEPARTMENT
REQUEST FOR PROPOSALS FOR
INSURANCE BROKER AND CAPTIVE MANAGEMENT
SERVICES FOR THE STATE'S RISK MANAGEMENT
PROGRAM
RFP # 30901-65626
RFP CONTENTS
SECTIONS:
1. INTRODUCTION
2. RFP SCHEDULE OF EVENTS
3. RESPONSE REQUIREMENTS
4. GENERAL CONTRACTING INFORMATION & REQUIREMENTS
5. EVALUATION & CONTRACT AWARD
ATTACHMENTS:
6.1 Response Statement of Certifications & Assurances
6.2 Technical Response & Evaluation Guide
6.3 Cost Proposal & Scoring Guide
6.4 Reference Questionnaire
6.5 Score Summary Matrix
6.6 Pro Forma Contract
6.7 Property Insurance Program as of October 15, 2025
6.8. List of Insurance Policies
6.9. Property Database
6.10. State Captive Insurance Company Legislation
6.11. Feasibility Study
6.12. State of Tennessee Captive's Opinions for Fiscal Years 2023 - 2025
6.13 State of Tennessee Captive Reports for 2023 - 2025
6.14. Cyber Forecasts
6.15. 10-Year Loss Run Reports for Property Program
6.16. Audit Reports for Captive for Years 2023 - 2025
6.17. State of Tennessee Captive's Financials for Years 2024 - 2025
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1. INTRODUCTION
The State of Tennessee, Treasury Department, hereinafter referred to as "the State," issues this Request
for Proposals (RFP) to define minimum contract requirements; solicit responses; detail response
requirements; and, outline the State's process for evaluating responses and selecting a contractor to
provide the needed goods or services.
Through this RFP, the State seeks to procure necessary goods or services at the most favorable,
competitive prices and to give ALL qualified respondents an opportunity to do business with the state as
contractors, subcontractors or suppliers.
1.1. Statement of Procurement Purpose
1.1.1. Insurance Broker of Record Background
Through the State's Risk Management Fund, the State of Tennessee is self-insured against casualty
losses which include, but are not limited to, worker's compensation, general liability, auto liability and
medical malpractice. The State is self-insured for property losses up to its deductible limits, which are
currently: $7.5 million per occurrence for wind events, $10 million per occurrence for earthquake and
flood, and $7.5 million for all other perils. The State is also self-insured for losses sustained to other
State assets up to certain deductible limits and for liabilities resulting from cyber incidents involving a data
breach of personal identifiable information, health information, business account information, and
educational information. The Risk Management Fund is supported by premiums paid by each Tennessee
state department, agency and institution. The required funding is based upon an actuarial study that
reflects risk assessment and estimated losses.
The State purchases multiple blanket commercial insurance policies that provide coverage in excess of
those deductibles each year. The premiums for those policies are paid out of the Risk Management
Fund. The policies cover all Tennessee state agencies and departments, including but not limited to, the
University of Tennessee and the Tennessee Board of Regents. The State uses the services of a
property/casualty broker of record to assist the State in acquiring the policies. The broker of record is
required to take all steps necessary to place the insurance coverage and to otherwise maintain those
policies. The current insurance policies are:
(i) comprehensive, wall-to-wall fine arts;
(ii) government crime with social engineering endorsement;
(iii) comprehensive aviation; and
(iv) stand-alone terrorism.
Stop loss all-risk, replacement cost coverage for all real property and business personal property for all
lines of coverage, including all-risk property insurance, including flood and earthquake as well as
equipment breakdown/boiler and machinery, including quality jurisdictional inspection services, is
provided by the State of Tennessee Captive Insurance Company, which is discussed in Section 1.1.2
below. Stop loss cyber liability coverage is also provided by the State of Tennessee Captive Insurance
Company.
1.1.2. Captive Insurance Manager Services Background
In March 2019, the State's incumbent property insurance carrier issued the State a Non-Renewal Notice
because it was adjusting its financial portfolio and leaving the property marketplace as a result of major
global catastrophic events between 2017 and 2018 (wildfires, hurricanes, flooding, wind, hail, and
earthquakes). The carrier's departure resulted in unstable premiums for all public and private entities
seeking excess property coverage.
Due to the unsustainable increases with the State's property premiums, the Treasury Department began
researching an alternative property program structure and engaged an actuary to conduct a feasibility
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study concerning the establishment of a captive insurance company for the State's excess property
insurance coverage.
Based on the results of the feasibility study, the Treasury Department sought legislation to permit the
Tennessee State Treasurer, with the approval of the Tennessee Board of Claims, to create a State
captive insurance company as defined in T.C.A. 56-13-102 for the purpose of insuring the State's
potential losses, exposures and risks. The legislation, which included funding of $17 million towards the
capitalization for the captive, was enacted on May 11, 2021. A copy of the legislation is attached hereto
as RFP Attachment 6.10. Over time, the State projects recouping the startup costs through savings on
both insurance premium commissions and lower rates on excess property coverage.
Based on that legislation, the State of Tennessee Captive Insurance Company (the "Captive") (which is a
nonprofit corporation) was established effective June 2, 2022 by the State of Tennessee as a pure
captive insurance company domiciled in the State of Tennessee. The Tennessee Department of
Commerce and Insurance issued a certificate of authority to the Captive, effective June 15, 2022, which
enabled it to begin insurance operations. With a few slight differences in the legislation, the Captive's
ongoing activities are subject to the provisions of the Revised Tennessee Captive Insurance Act (Title 56,
Chapter 13 of the Tennessee Code Annotated), and other state laws and regulations. The Captive
Insurance Division of the Tennessee Department of Commerce and Insurance, as directed by its
Commissioner, has primary responsibility for regulation of the Captive's activities as a pure captive
insurance company domiciled in Tennessee. On June 15, 2022, the Company began operations to
provide all-risk property insurance and cyber liability to the State of Tennessee. A copy of the feasibility
study, which includes both property and cyber liability is attached as RFP Attachment 6.11.
The Captive is a separate legal entity owned and controlled by the State of Tennessee and insures the
State of Tennessee's potential losses, exposures and risks of the executive, legislative, and judicial
branches of the Tennessee state government including, but not limited to, Tennessee public institutions of
higher education relative to property and cyber liability. The Captive is administratively attached to the
Treasury Department for the purposes of administration and personnel. All funds received by the Captive
are invested and reinvested in the name of the Captive by the State Treasurer to build a larger self-
insurance layer (deductible) to reduce future reinsurance premiums and cover future losses.
The main purpose for creating the Captive is to avoid using traditional commercial insurance companies,
which have been extremely volatile in pricing over the past several years, as the traditional insurance
market no longer meets the specific needs of the State's property and cyber liability insurance programs.
Through the Captive, the State expects to continue (i) reducing its overall costs, (ii) having the ability to
insure difficult risks, and (iii) having direct access to reinsurance markets, which increases the likelihood
of savings in premiums and other costs associated with the purchase of insurance from the traditional
insurance market. The State also expects the Captive to continue having the ability to directly evaluate
the risks of Tennessee state government agencies, departments and higher education institutions, write
policies, set premiums and ultimately either return unused funds in the form of savings, or invest them for
future claim payouts.
The Captive is governed by a Board of Directors, which is comprised entirely by the members of the State
of Tennessee's Board of Claims. The day-to-day captive management services sought under this RFP
are currently being provided by Aon Risk Services South, Inc., which provides general management
services that include policy issuance, program management accounting and regulatory compliance.
The State obtains specialized claims handling, adjusting, and processing services from Sedgwick, an
independent third-party service provider with offices in Nashville, Tennessee for claims covered by the
insurance policies. Fees for these services are paid by the State on behalf of the Captive.
Currently, the Captive only issues the property insurance and the breakdown/boiler and machinery
insurance policies and the cyber liability insurance policies. All other lines of coverage, such as fine arts,
crime, etc., are purchased using traditional commercial insurance companies. Assuming the Captive
continues to be successful, the State might add one or more of the other lines of coverage within the next
several years.
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1.1.3. Insurance Broker of Record and Captive Insurance Manager Services. Through this RFP,
the State intends to procure through one contract the services of a property/casualty broker of
record and a Captive manager.
1.1.3.1. Insurance Broker of Record Services.
The successful respondent will be required to be the State's insurance broker of record by taking
all steps necessary to place through the traditional insurance market the insurance policies listed
in items (i) through (iv) of RFP Section 1.1.1 above and to otherwise maintain those policies.
The broker of record will further be required to access the commercial property reinsurance
market and take all steps necessary to place directly on behalf of the Captive the property
insurance and the breakdown/boiler and machinery insurance policies and the cyber liability
policies. The marketing of the property insurance and the breakdown/boiler and machinery
insurance policies must be completed by the successful respondent by no later than September
30, 2027. The marketing of the cyber liability insurance policy shall be completed by the
Contractor by no later than June 15, 2027. The steps for procuring each of the policies shall
include, but are not limited to, the steps detailed in Section A.2. of the Pro Forma Contract (RFP
Attachment 6.6).
The required insurance coverages listed in items (i) through (iv) of RFP Section 1.1.1 above must
be procured, and insurance binders delivered to the State, on or before June 30 of each year
during the term of the Pro Forma Contract (RFP Attachment 6.6) with policies to follow within
sixty calendar days after July 1 of each such year. The terms of the policies listed in items (i)
through (iv) in RFP Section 1.1.1 above are from July 1 - June 30 of each year. The selected
broker will only be responsible for the renewal of those insurance policies for the July 1, 2027
renewal. The State's current broker will be responsible for providing day-to-day service support
until June 30, 2027.
The required reinsurance coverages for property and equipment breakdown/boiler and machinery
must be procured, and insurance binders delivered to the State, on or before September 30 of
each year during the term of the Pro Forma Contract (RFP Attachment 6.6) with policies to follow
within sixty calendar days after October 15 of each such year. The terms of the property policy
and the equipment breakdown/boiler and machinery policy are from October 15 - October 14 of
each year. The selected broker will only be responsible for procuring the property and the
equipment breakdown/boiler and machinery policies for the October 15, 2027 renewal, with the
State's current broker being responsible for the day-to-day service support for those policies
through October 14, 2027. The required reinsurance coverages for cyber liability must be
procured, and insurance binders delivered to the State, on or before June 30 of each year during
the term of the Pro Forma Contract (RFP Attachment 6.6) with policies to follow within sixty
calendar days after July 1 of each such year. The terms of the cyber policy are from July 1 -
June 30 of each year. The selected broker will only be responsible for procuring the cyber policy
for the July 1, 2027 renewal, with the State's current broker being responsible for the day-to-day
service support for those policies through June 30, 2027.
The insurance broker of record will also provide the following additional services as further
described in the Pro Forma Contract (RFP Attachment 6.6):
* Shop for budget insurance protection for the State's consideration and assist the State, at
the State's option, in procuring the protection policy.
* Advisory services related to the insurance policies, as may be requested from time to
time. The services include insurance contract review, risk assessment, alternative risk
financing review, claims advocacy, and risk control specific to each procured policy.
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* Predictive modeling for disasters that can impact the State's property insurance program
to assist the State in determining the amount of excess property insurance to be
procured.
* Audit the performance levels of the State's workers' compensation third party
administrator ("TPA") against the respective performance goals and criteria set forth in
contract attachment 3 of the contract between the State and the TPA to determine if the
TPA is entitled to an incentive payment and the amount of the incentive. A copy of the
current contract is attached as Contract Attachment 1 to the Pro Forma Contract (RFP
Attachment 6.6). The frequency of the audits is detailed in Section A.4 of the Pro Forma
Contract.
* At the State's request and with respect to the State's property program:
Building valuations
o
Business interruption valuations
o
Flood analysis & flood emergency response planning
o
Property risk control surveys - including recommendations to reduce the risk of a
o
loss
Guidance on fire protection requirements for new occupancies
o
Emergency response procedures - guidelines, testing, templates
o
Business Continuity Planning - guidelines, testing, templates
o
Disaster Recovery Planning - guidelines, testing, templates
o
* Of up to 500 hours each year of professional risk management consulting services not
otherwise set forth above.
1.1.3.2. Captive Insurance Manager Services.
The successful respondent will provide Captive insurance management services and otherwise
serve as the State's Captive insurance manager. The captive insurance manager services
sought through this RFP are detailed in Section A.3 of the Pro Forma Contract (RFP Attachment
6.6). The services include, but are not limited to, taking all steps necessary for the successful
continuation of the State's Captive with timeliness, such that the Captive continues providing stop
loss coverage to the State for property and boiler and machinery/equipment breakdown
coverages/exposures and cyber liability coverage/exposure through the Contract Term. The
successful respondent will perform the day-to-day ongoing management and operation of the
Captive such as policy issuance, program management accounting and regulatory compliance as
described in Section A.3 of the Pro Forma Contract.
The domicile for the captive is the State of Tennessee. Consequently, the successful respondent
must be experienced with and well-versed in the laws, regulations, procedures and policies of the
Tennessee Department of Commerce and Insurance in the continued licensure, and maintenance
of a captive insurance company in the state of Tennessee.
The successful respondent will not serve as the actuarial firm, auditor or claims adjusting
company for the Captive. The State has a separate contract for the performance of the actuarial
services, which is currently with SAS LLC d/b/a Select Actuarial Services. The Treasury
Department's internal audit staff serves as the Captive's auditors and the Tennessee Comptroller
of the Treasury serves as the Captive's outside auditor. As previously explained, the State has a
separate contract with Sedgwick for insurance adjusting services, and all funds of the Captive are
held by the State in the name of the Captive and invested and reinvested by the Treasury
Department's internal investment staff.
The detailed requirements for the services can be found in the RFP Attachment 6.6, Pro Forma Contract.
1.2. Scope of Service, Contract Period, & Required Terms and Conditions
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The RFP Attachment 6.6., Pro Forma Contract details the State's requirements:
Scope of Services and Deliverables (Section A);
Contract Period (Section B);
Payment Terms (Section C);
Standard Terms and Conditions (Section D); and,
Special Terms and Conditions (Section E).
The pro forma contract substantially represents the contract document that the successful Respondent
must sign.
1.3. Nondiscrimination
No person shall be excluded from participation in, be denied benefits of, or be otherwise subjected to
discrimination in the performance of a Contract pursuant to this RFP or in the employment practices of the
Contractor on the grounds of handicap or disability, age, race, creed, color, religion, sex, national origin,
or any other classification protected by federal, Tennessee state constitutional, or statutory law. The
Contractor pursuant to this RFP shall, upon request, show proof of such nondiscrimination and shall post
in conspicuous places, available to all employees and applicants, notices of nondiscrimination.
1.4. RFP Communications
1.4.1. The State has assigned the following RFP identification number that must be referenced in all
communications regarding this RFP:
RFP # 30901-65626
1.4.2. Unauthorized contact about this RFP with employees or officials of the State of
Tennessee except as detailed below may result in disqualification from consideration
under this procurement process.
1.4.2.1. Prospective Respondents must direct communications concerning this RFP to the
following person designated as the Solicitation Coordinator:
Dawn Rochelle, Solicitation Coordinator
Tennessee Treasury Department
Telephone: (615) 253-8770
Email: dawn.rochelle@tn.gov
1.4.2.2. Notwithstanding the foregoing, Prospective Respondents may alternatively contact:
the following individual designated by the State to coordinate compliance with the
nondiscrimination requirements of the State of Tennessee, Title VI of the Civil
Rights Act of 1964, the Americans with Disabilities Act of 1990, and associated
federal regulations:
MaryJo Price
State of Tennessee, Treasury Department
502 Deaderick Street
Nashville, TN 37243-0225
Telephone: (615) 532-0909
Email: maryjo.price@tn.gov
1.4.3. Only the State's official, written responses and communications with Respondents are binding
with regard to this RFP. Oral communications between a State official and one or more
Respondents are unofficial and non-binding.
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1.4.4. Potential Respondents must ensure that the State receives all written questions and comments,
including questions and requests for clarification, no later than the Written Questions &
Comments Deadline detailed in the RFP Section 2, Schedule of Events. Any written questions or
comments must be e-mailed to the Solicitation Coordinator at dawn.rochelle@tn.gov. The State
intends to hold a second round of Written Questions & Comments as detailed in the RFP Section
2, Schedule of Events. During this second round, the State only commits to responding to follow-
up Written Questions & Comments from potential Respondents, which ask for further information
based on a first round State response. For this reason, the State encourages potential
Respondents to ask all of their questions and make all their comments during the first round.
1.4.5. Respondents must assume the risk of dispatching any communication or response to the State.
The State assumes no responsibility for delays in the State's receipt of any communication or
response from Respondents due to technical or other filing delays.
1.4.6. The State will convey all official responses and communications related to this RFP to the
prospective Respondents from whom the State has received a Notice of Intent to Respond (refer
to RFP Section 1.8).
1.4.7. The State will convey official, written responses and communications related to this RFP through
electronic mail to the prospective Respondents from whom the State has received a Notice of
Intent to Respond. The State may also convey such communications by Internet posting. For
internet posting, please refer to the following website:
https://www.tn.gov/generalservices/procurement/central-procurement-office--cpo-/supplier-
information/request-for-proposals--rfp--opportunities1.html.
1.4.8. The State reserves the right to determine, at its sole discretion, the appropriateness and
adequacy of responses to written comments, questions, and requests related to this RFP. The
State's official, written responses will constitute an amendment of this RFP.
1.4.9. Any data or factual information provided by the State (in this RFP, an RFP amendment or any
other communication relating to this RFP) is for informational purposes only. The State will make
reasonable efforts to ensure the accuracy of such data or information, however it is the
Respondent's obligation to independently verify any data or information provided by the State.
The State expressly disclaims the accuracy or adequacy of any information or data that it
provides to prospective Respondents.
1.5. Assistance to Respondents With a Handicap or Disability
Prospective Respondents with a handicap or disability may receive accommodation relating to the
communication of this RFP and participating in the RFP process. Prospective Respondents may contact
the Solicitation Coordinator to request such reasonable accommodation no later than the Disability
Accommodation Request Deadline detailed in the RFP Section 2, Schedule of Events.
1.6. Respondent Required Review & Waiver of Objections
1.6.1. Each prospective Respondent must carefully review this RFP, including but not limited to,
attachments, the RFP Attachment 6.6., Pro Forma Contract, and any amendments, for questions,
comments, defects, objections, or any other matter requiring clarification or correction (collectively
called "questions and comments").
1.6.2. Any prospective Respondent having questions and comments concerning this RFP must provide
them in writing to the State no later than the Written Questions & Comments Deadline detailed in
the RFP Section 2, Schedule of Events.
1.6.3. Protests based on any objection to the RFP shall be considered waived and invalid if the
objection has not been brought to the attention of the State, in writing, by the Written Questions &
Comments Deadline.
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1.7. Pre-Response Teleconference
A Pre-response Teleconference will be held at the time and date detailed in the RFP Section 2, Schedule
of Events. Pre-response Teleconference attendance is not mandatory.
To participate in the teleconference, contact the Solicitation Coordinator, Dawn Rochelle, at (615) 253-
8770 or via e-mail at Dawn.Rochelle@tn.gov for further instructions.
The purpose of the Teleconference is to discuss the RFP scope of goods or services. The State will
entertain questions, however prospective Respondents must understand that the State's oral response to
any question at the Pre-response Teleconference shall be unofficial and non-binding. Prospective
Respondents must submit all questions, comments, or other concerns regarding the RFP in writing prior
to the Written Questions & Comments Deadline date detailed in the RFP Section 2, Schedule of Events.
The State will send the official response to these questions and comments to prospective Respondents
from whom the State has received a Notice of Intent to respond as indicated in RFP Section 1.8 and on
the date detailed in the RFP Section 2, Schedule of Events.
1.8. Notice of Intent to Respond
Before the Notice of Intent to Respond Deadline detailed in the RFP Section 2, Schedule of Events,
prospective Respondents should submit to the Solicitation Coordinator a Notice of Intent to Respond (in
the form of a simple e-mail. Such notice should include the following information:
the business or individual's name (as appropriate);
a contact person's name and title; and
the contact person's mailing address, telephone number, facsimile number, and e-mail address.
A Notice of Intent to Respond creates no obligation and is not a prerequisite for submitting a
response, however, it is necessary to ensure receipt of any RFP amendments or other notices and
communications relating to this RFP.
1.9. Response Deadline
A Respondent must ensure that the State receives a response no later than the Response Deadline time
and date detailed in the RFP Section 2, Schedule of Events. The State will not accept late responses,
and a Respondent's failure to submit a response before the deadline will result in disqualification of the
response. Respondents should be mindful of any potential delays due to technical, or other filing delays
whether foreseeable or unforeseeable.
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2. RFP SCHEDULE OF EVENTS
2.1. The following RFP Schedule of Events represents the State's best estimate for this RFP.
EVENT TIME DATE
(central time zone)
1. RFP Issued October 1, 2026
2. Disability Accommodation Request Deadline 2:00 p.m. October 6, 2026
3. Pre-response Teleconference 10:00 a.m. October 7, 2026
4. Notice of Intent to Respond Deadline 2:00 p.m. October 8, 2026
5. Written "Questions & Comments" Deadline 2:00 p.m. October 19, 2026
6. State Response to Written "Questions &
October 26, 2026
Comments"
7. Technical Response and Cost Proposal Deadline 2:00 p.m. November 2, 2026
8. State Completion of Technical Response
November 13, 2026
Evaluations Sections B and C
9. State Schedules Respondent Oral Presentations
November 16, 2026
(Respondent Finalists Only)
10. Respondent Oral Presentations (Respondent November 18 - November 19,
8:00 a.m. - 4:30 p.m
Finalists Only) 2026
11. State Completion of Technical Response
November 19, 2026
Evaluations
12. State Opening & Scoring of Cost Proposals
November 20, 2026
(Respondent Finalists Only)
November 23 - November 24,
13. Negotiations (Optional to the State) 4:30 p.m.
2026
14. State Notice of Intent to Award Released and
December 15, 2026
RFP Files Opened for Public Inspection
15. End of Protest Period December 22, 2026
16. State sends contract to Contractor for signature December 23, 2026
17. Contractor Signature Deadline 2:00 p.m. December 30, 2026
2.2. The State reserves the right, at its sole discretion, to adjust the RFP Schedule of Events as it
deems necessary. Any adjustment of the Schedule of Events shall constitute an RFP amendment, and
the State will communicate such to prospective Respondents from whom the State has received a Notice
of Intent to Respond (refer to section 1.8).
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3. RESPONSE REQUIREMENTS
3.1. Response Form
A response to this RFP must consist of two parts, a Technical Response and a Cost Proposal.
3.1.1. Technical Response. RFP Attachment 6.2., Technical Response & Evaluation Guide provides
the specific requirements for submitting a response. This guide includes mandatory requirement
items, general qualifications and experience items, and technical qualifications, experience, and
approach items all of which must be addressed with a written response and, in some instances,
additional documentation.
NOTICE: A technical response must not include any pricing or cost information. If any
pricing or cost information amounts of any type (even pricing relating to other projects) is
included in any part of the technical response, the state may deem the response to be
non-responsive and reject it.
3.1.1.1. A Respondent should duplicate and use the RFP Attachment 6.2., Technical Response
& Evaluation Guide to organize, reference, and draft the Technical Response by
duplicating the attachment, adding appropriate page numbers as required, and using
the guide as a table of contents covering the Technical Response.
3.1.1.2. A response should be economically prepared, with emphasis on completeness and
clarity. A response, as well as any reference material presented, must be written in
English and must be written on standard 8 12" x 11" pages (although oversize exhibits
are permissible) and use a 12 point font for text. All response pages must be
numbered.
3.1.1.3. All information and documentation included in a Technical Response should
correspond to or address a specific requirement detailed in the RFP Attachment 6.2.,
Technical Response & Evaluation Guide. All information must be incorporated into a
response to a specific requirement and clearly referenced. Any information not meeting
these criteria will be deemed extraneous and will not contribute to evaluations.
3.1.1.4. The State may determine a response to be non-responsive and reject it if:
a. the Respondent fails to organize and properly reference the Technical Response
as required by this RFP and the RFP Attachment 6.2., Technical Response &
Evaluation Guide; or
b. the Technical Response document does not appropriately respond to, address, or
meet all of the requirements and response items detailed in the RFP Attachment
6.2., Technical Response & Evaluation Guide.
3.1.2. Cost Proposal. A Cost Proposal must be recorded on an exact duplicate of the RFP
Attachment 6.3., Cost Proposal & Scoring Guide.
NOTICE: If a Respondent fails to submit a cost proposal exactly as required, the State
may deem the response to be non-responsive and reject it.
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