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IWIF, Maryland’s largest provider of workers’ compensation insurance, and underwriter of workers’ compensation insurance for 457 employers in Charles County, launched a new name and corporate structure Oct. 1.

As a result of legislation passed by the Maryland General Assembly in 2012, IWIF became Chesapeake Employers’ Insurance Co. and ceased to be an independent state agency.

Chesapeake Employers became a nonstock, not-for-profit, private insurance company authorized to sell workers’ compensation insurance in Maryland only. The governor will continue to appoint the board of directors for Chesapeake Employers.

IWIF’s role in the workers’ compensation market in Maryland is reflected in the 23 percent market share it holds for workers’ compensation insurance in the state, far ahead of its competitors, according to a company news release.

More than 20,000 Maryland employers insure with IWIF. The company, which has assets of more than $1.8 billion, employs more than 375 insurance professionals in Maryland and works with more than 1,400 independent insurance agents.

Thomas Phelan, president and CEO of Chesapeake Employers, said in the release, “Although IWIF’s name is changing, everything that Maryland employers and their employees have come to expect of us will remain unchanged, especially our expertise in workers’ compensation insurance and our commitment to creating safer workplaces. Looking forward, we will mark our steadfast commitment to Maryland employers and their employees as we celebrate our 100th anniversary in 2014.”