26 March 2024news

Artex launches new group captive

Artex Risk Solutions has launched a new group captive designed to address risks for transportation, trucking for hire, convenience store operators and petroleum marketers.

The group captive is a homogenous insurance company that will provide coverage for workers’ compensation, auto liability and auto physical damage.

“The US transportation industry has experienced pockets of reduced insurance and risk management options in recent years due to labor shortages, supply chain challenges and a distressed insurance market,” said Martin Hughes, executive vice president, specialty risk transfer for Artex in North America. “The new group captive addresses a need for alternative risk solutions in the space.”

Artex added that the primary service partners are:

·        Captive Consultant and Manager: Artex Risk Solutions

·        Insurance Provider: Midwest Employers Casualty/Carolina Casualty, member companies of Berkley

·        Claims Administration and Loss Control: Gallagher Bassett and Carolina Casualty

·        Claims Advocacy: Artex Risk Solutions

Artex said that as with all group captive solutions, the objectives of the program are to provide the participant owners with the ability to take control of their insurance program through quality claims and loss control services, to retain underwriting profits and investment income and reduce the cost of insurance. By joining together to create true sharing of risk, group captive participants have the ability to control and stabilise the cost of insurance over time.

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.