Carhartt Inc. and CorVel Corporation Named Risk Management Team of the Year in 2023 U.S. Insurance Awards

FORT WORTH, Texas, Aug. 15, 2023 — Carhartt Inc., one of America’s leading manufacturers of durable workwear and outdoor apparel, and CorVel Corporation (NASDAQ: CRVL), a national provider of risk management solutions, were named Risk Management Team of the Year during a live award presentation on July 19, 2023, hosted by Business Insurance. The 2023 U.S. Insurance Awards highlights exceptional work by insurance professionals working at companies across the commercial insurance industry including retail brokers, TPAs, insurers, reinsurers and more.

Carhartt’s Safety Team worked to create ergonomic solutions to address potential workplace injuries as a result of changing manufacturing models. CorVel partnered with Carhartt to provide continuous program results as AI-driven VelocityEHS was implemented. Carhartt utilized feedback provided by VelocityEHS Ergonomics to analyze employees performing their duties, modify workstations, and counsel associates on how to avoid repetitive stress injuries.

Due to the work of the risk management team, Carhartt was able to experience a 92% decrease in total incurred claims at their Irvine, KY, sewing facility. The program was so successful that it was also implemented at other facilities.

“We are honored to be selected for this award in recognition of our innovative approach to preventing injuries and safeguarding the well-being of our employees,” said Ashley Arvin, Safety Specialist/WC Administrator at Carhartt. “Our solution combined artificial intelligence technology with individualized interventions for a balanced ‘high tech, high touch’ approach.”

“The work done by the Carhartt risk management team is an inspiring example of pushing the envelope on innovation, combining the power of AI with a personalized approach to injury prevention,” said Michael Combs, CorVel CEO and President.

The Business Insurance U.S. Insurance Awards winners will appear in the September 2023 issue of Business Insurance.

About Carhartt

Established in 1889, Carhartt is a global premium workwear brand with a rich heritage of developing rugged products for workers on and off the job. Headquartered in Dearborn, Michigan, with approximately 5,400 employees worldwide, Carhartt is family-owned and managed by the descendants of the company’s founder, Hamilton Carhartt. For more information, visit www.carhartt.com.

About CorVel

CorVel Corp. applies technology including artificial intelligence, machine learning and natural language processing to enhance the managing of episodes of care and the related health care costs. We partner with employers, third-party administrators, insurance companies and government agencies in managing worker’s compensation and health, auto and liability services. Our diverse suite of solutions combines our integrated technologies with a human touch. CorVel’s customized services, delivered locally, are backed by a national team to support clients as well as their customers and patients.

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All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, statements relating to the Company’s managed care services and the Company’s continued investment in these and other innovative technologies, and statements relating to the Company’s workers’ comp service offerings. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties, and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement, including the risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment.

The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023 and the Company’s Quarterly Report on Form 10-Q for the quarters ended June 30, 2022, September 30, 2022, and December 31, 2022. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.