27 March 2023Analysis

Promethean Risk Solutions hails new employee benefits initiative

Promethean Risk Solutions has created what it has described as an innovative approach to using voluntary employee benefits and other third-party programs to generate profit and share risks.

Promethean was founded in 2022 by market veterans Kirk Watkins and Michael Zuckerman.

According to Promethean its new model does not require the organisation being served to have its own captive insurance company or to join a group captive program. Instead, Promethean utilises its own captive, FairShare, to reinsure the risks, and returns 100% of the net profits to the client.

For those clients with an existing captive insurance company, Promethean can retrocede the risk to the client’s captive.

Promethean said that its leadership team of 5 experts is well-known in the captive insurance industry. Together they have won over 40 awards for their expertise in the insurance and employee benefits areas.

Along with the two founders, the other three on the board of advisors are: David Provost, former deputy commissioner of Vermont’s Captive Insurance Division; Michael Corbett, former chief regulator of Captive Insurance for Tennessee’s Department of Commerce and Insurance and; Courtney Claflin, member of the board of directors of the Captive Insurance Companies Association.

“We are excited to introduce Promethean’s fresh take on voluntary benefits,” said Watkins. “Our unique approach not only generates additional profits for organisations but enriches the lives of employees, tenants, students, alumni, customers, and other stakeholders. We work directly with brokers, captive managers, H.R. professionals, or captive owners. Whether or not an organisation owns a captive, they can still participate in this impactful & profitable program.”

The company recently opened corporate offices in Plymouth Meeting, PA.

“We believe our offerings will be a game-changer,” said Zuckerman. “We are excited to help organisations leverage their resources and generate profits/share risks to benefit their stakeholders. It is a win-win offering.”