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Prosper awards stop‑loss insurance contract, increases deductible to $150,000
Summary
Council approved awarding RFP 2026‑02B for stop‑loss insurance to Evolution Risk Partners, effective Jan. 1, 2026, and approved increasing the town’s deductible from $100,000 to $150,000; staff said the change is expected to yield budget savings to the health fund.
The Prosper Town Council on Nov. 25 approved awarding RFP 2026‑02B for stop‑loss insurance for the town’s self‑funded plan and authorized the town manager to execute documents for coverage effective Jan. 1, 2026, not to exceed $900,000 as presented.
Tony Lewton, who led the presentation, said the town received three firm bids (QBE, Tokyo Marine and Evolution Risk Partners) and staff recommended awarding the contract to Evolution Risk Partners based on evaluation criteria. Lewton apologized that the packet provided to council omitted a final line showing total maximum liability and clarified the budgeted exposure and bid differences: he said an option showed a total maximum liability of about $6.8 million and that renewing with QBE would have been a $7.51 million total maximum liability.
Lewton also explained staff recommends raising the town’s stop‑loss deductible from $100,000 to $150,000. He said actuarial analysis projects about three high‑dollar claims this year, and the deductible change would produce savings that would remain in the town’s health fund if realized.
A finance committee member moved to approve the item; the council voted unanimously to award the RFP and authorize execution of related documents.
