Jim Verdi Partner View Bio

 

 

At Lawley, we like to present all options to our clients when it comes to insuring their assets or employees. That is why educating prospective and current organizations about “captive insurance” is critical.

Captives, for both business insurance and health insurance, are a type of self-insurance in which a group of like-minded companies pool money together to insure against their cumulative risk. Captives are unique in the fact that these organizations must “qualify” for the captive with levers such as financial stability, overall wellness programs, reputation, and participation in the captive and sub-committees that captives create to manage details within the group.

We have found that clients have a strong desire to better control their destiny, manage costs and adopt a risk financing approach that enables them to budget current and future insurance costs. Group captive insurance programs for both commercial and employee benefits is a great option for organizations that consistently operate safely.

In one sentence, “captive insurance is a group of businesses that come together to form their own insurance company.”

Captive insurance is designed to reward well-managed companies by:

  • Reducing insurance costs (with premiums based on your loss experience)
  • Recapturing underwriting profits and investment income
  • Improving business risk management and cash flow
  • Providing a means to transfer wealth out of the company

At Lawley, our team of insurance experts can assess your business to determine if captive insurance makes sense for you. If so, we’ll guide you through the process to ensure that you start to recognize the benefits from the program as quickly and easily as possible. Is joining a captive insurance group the right solution for your business? We’ll help you answer that question.