eMaxx creates new Arkansas-based insurance exchange
eMaxx, a specialty managing general agent and attorney-in-Fact providing commercial property & casualty re/insurer solutions through policyholder-owned alternative risk insurance programs, has established the eMaxx Reciprocal Insurance Exchange (Reciprocal), domiciled in Arkansas.
Owned by its policyholder Subscribers, Reciprocal will provide commercial property and casualty insurance solutions as both a reinsurer and insurer and will support eCaptiv, eMaxx’s sponsored captive insurance company organized with protected cell structures as a mutual benefit corporation.
“The launch of the eMaxx Reciprocal Insurance Exchange marks an important step in expanding our alternative risk platform,” said Brian McCarthy, chief executive and President of eMaxx Assurance Group of Companies, Inc. “By aligning policyholders as Subscribers and Owners, the Reciprocal supports disciplined underwriting, strong governance, and a variable cost insurance model designed to address social inflation and rising loss costs.”
Participation in the eCaptiv program results in each Member also becoming a Subscriber of the Reciprocal Insurance Exchange. Day-to-day operations of the Reciprocal are administered by an independent Attorney-in-Fact (AIF).
“The eMaxx Reciprocal Insurance Exchange represents the next step forward for Members committed to strong governance, accountability, and loss prevention,” said Michael Penza, President, Samuel Coraluzzo and Chairman, Subscribers’ Advisory Committee, eMaxx Reciprocal Insurance Exchange. “It provides a disciplined structure that aligns long-term participation with shared responsibility.”
Subscribers and Members are required to adhere to defined loss prevention and safety protocols as a condition of participation in the program. These requirements include the use of approved cloud-based dash cameras and telematics; implementation of driver behaviour technology, including cloud-based inward-facing cameras and/or cell phone blocking; participation in monitoring programs and quarterly mandatory training; ongoing motor vehicle record monitoring; maintenance of written progressive disciplinary policies; and consent to share telematics and safety event data through approved technology platforms. In addition, Members are required to participate in the Risk Management Summit, implement light-duty return-to-work programs, and provide timely notification of claims.
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