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Group Captive Insurance

In an environment of rising insurance costs, are you left to wondering why there doesn’t seem to be a direct correlation between your claims history and the premiums you pay? It’s not uncommon for businesses with little to no claims history to see double-digit increases in their insurance premiums year over year. In order to combat rising premium costs and better manage risk, many manufacturers are turning to group captive insurance companies.

group captive is formed when a number of different businesses come together to own and operate their own insurance company. The group captive will use a highly-rated insurance company to act as the policy issuing company, and a similarly rated reinsurance company to reinsure the catastrophic losses. By entering into a group captive with other similar companies, businesses can reduce their variation in loss levels, improve their loss forecasting, and ultimately lower the cost of insuring their risks.

Another added benefit is that many companies find that owning their own insurance company forces them to take a proactive approach to managing risk and can allow for insurance coverage specifically tailored to their needs, all while stabilizing the cost of insurance.

If you think a group captive insurance company is a good fit for your company, or if you’re just interested in learning more about the topic, please contact Derek Gray at 502-992-3480 or dgray@blueandco.com.

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