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Companies both large and small are having an increasingly difficult time finding and affording traditional insurance policies to cover their risks and assets. Premiums are increasing at a steady clip, making insurance coverage nearly cost prohibitive for most companies, leaving them vulnerable to catastrophic loss. Some companies have risks that are difficult or impossible to cover.
Find out more about captive laws, regulations, incorporation and formation process. Discover why over 150 companies opted to form their captives.
There are five basic types of captive insurance. The first is the most prevalent, the Single Parent Captive, in which an insurance or reinsurance company is formed simply to insure the risk of a parent company or its affiliates, which are not insurance companies. The Association Captive is an insurance company which is formed and owned by an industry, trade or service group strictly for the benefit of its members. The Group Captive is owned by a group of companies and provides them with a captive insurance company for a shared insurance need.
