Captive Insurance Isn’t Just for Big Business
Smaller insurance brokers often overlook the efficient captive alternative, but the experts at Hilb Group know the complexities and benefits. We will show you how even a small businesses can control and stabilize insurance costs through this effective mechanism.
What Is a Captive Insurance Program?
A captive is a privately owned insurance company that covers a specific business. It issues policies, collects premiums, and pays claims just like a commercial insurer, but does not offer insurance to the public.
The owners can be a single business, multiple businesses, or organizations (group captive) as well as an industry association, its members, or both (association captive). Captives are insurers owned by the insured and created for the main purpose of funding the owner’s risks that actively participate in decisions influencing its underwriting, operations, and investments.
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What We Do
We work with sophisticated business owners and executives as well as their trusted advisors, to develop and design captive insurance programs for organizations that want the benefits of a captive insurance program such as sharing in the investment income and underwriting profit of their own insurance program, asset protection, building assets, better claims management and loss control, and tax advantages.
How Are We Different From Our Competitors?
Many insurance brokers and agents in our field claim they are in the captive insurance business but are not directly involved in all aspects of the captive insurance program cycle. They just pass off business owners to an unaffiliated organization to handle all the details of developing, planning, and operating a captive. We don’t do that.
We identify suitable businesses and organizations, whether individual, group, or associations, for captive insurance programs and work with them to create a unique program for those businesses or organizations. Captive services include:
- Captive consulting and risk analysis
- Feasibility studies
- Capital and collateral evaluation
- Access to a first-class provider network
- Captive partnering
- Captive licensing and formation
- Captive management
- Underwriting and policy administration
- Financial reporting
- Annual compliance and regulatory management
How Can We Help You?
Smaller insurance brokers often overlook the efficient captive alternative, but our licensed insurance professionals at Hilb Group will explain the nuances of captives, their economic advantages and risks, conduct a comprehensive risk assessment, and help clients determine if a captive is viable risk management. We will show you how even small businesses can control and stabilize insurance costs through this effective mechanism.
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