27 July 2018Analysis

Assurance Agency and Michael Maglaras & Company form Vermont PCC

Assurance Agency and Connecticut-based captive consulting firm Michael Maglaras have formed a programme designed to meet the insurance and risk management needs of the senior care industry.

AssureCap Advantage has been organised through the creation of AssureCap Indemnity, a protected cell captive domiciled in Vermont, and focuses on insuring the skilled nursing, assisted living, rehabilitation, and independent living business.

“The AssureCap Advantage programme has been specifically designed to meet the challenges of insuring the exposures of the senior living business,” said Marty Butler, senior vice president and senior living & not-for-profit practice leader at Assurance Agency.

“Our collaboration with Michael Maglaras & Company assures that our existing senior living insureds have the benefit not only of Assurance Agency’s vast experience with managing the risk of senior living communities, but also the more than thirty-five years of captive experience that Michael Maglaras & Company brings to the table.”

Michael Maglaras, principal of Michael Maglaras & Company, added: “AssureCap Advantage is very much a curated programme…we’ve carefully assembled a collaborative team that includes Pinnacle Actuarial Resources, Paul Frank + Collins, AIG Captive Management Services, and Western Litigation, to make certain that senior care facility owners and their staffs can understand their exposures, manage their risks, and have access to the tools they need to improve quality and enhance the care they are pledged to provide. This program will turn this segment of the health care industry around in terms of performance and outcomes...and that process starts now.”