McConkey
Captive Insurance Programs
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A
captive is a closely held insurance company, which provides
coverage for and is controlled by its owners or members.
Although this insurance company (the Captive) insures your
organization in a similar manner to that of a traditional insurance
company, there are differences that provide additional stability and
financial benefits.
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Similarities
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The Captive is reinsured just
as a standard insurance carrier, through A+ rated
re-insurers such as Ace Tempest Re or Gen Re.
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Deductibles or Self-Retained
Limits are still in place, similar to policies with
traditional insurance carriers
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Differences
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You keep unused premiums and
earn return off the investment of those dollars
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You have a say in what the
organization (Captive) does; you control your insurance
destiny
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Premium is based on your
individual loss history, not grouped together with your
industry's worst, as the traditional markets do.
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Stable and predictable costs
from year to year as you are distancing yourself from the
fluctuating market of traditional insurance companies.
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Does a Captive Program work well for
everyone?
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NO. A company must
be:
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1) very strong financially
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2) a far better than average performer
in their industry
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3) a leading advocate of safety
measures
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McConkey's background:
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We have been working with Captive
Insurance Programs since 1996, and have been influential in starting
the 6th largest Group Captive in the world, as well as other
current national captives.
We believe this long-term approach to risk management works
very well for the best-managed, safety conscious businesses,
regardless of the traditional insurance market's current cycle.
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