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Professional Risk Planners has extensive experience in identifying businesses that can benefit from group captive insurance. We specialize in conducting feasibility studies to determine if a group captive is right for you and provide ongoing support and advice to maximize the benefits of your captive membership.
Businesses that have a good track record of risk management, are financially stable, and are interested in long-term cost savings on insurance premiums are ideal candidates for group captives. Industries that commonly use group captives include construction, manufacturing, healthcare, and transportation, though any industry can benefit.
What makes Group Captive Insurance different? It refers to an insurance company that is owned and controlled by its members, who are typically companies from similar or diverse industries. These members come together to insure their own risks, benefiting from increased control, potential cost savings, and improved risk management practices. Unlike traditional insurance, where profits go to insurers, profits from a group captive are returned to its members in the form of dividends or reduced premiums.
Advantages of Captive Insurance
- Cost Savings: Potential for lower insurance costs through improved risk management and the return of unused premiums and investment income.
- Control: Members have direct influence over underwriting, claims management, and investment decisions.
- Stability: Reduced volatility in premium costs, as pricing is based on the group's own loss experience rather than the broader market.
- Risk Management: Enhanced focus on loss prevention and safety programs, benefiting from shared knowledge and experiences among members.
- Flexibility: Ability to cover unique risks that may be expensive or unavailable in the traditional insurance market.