BevCap Captive Group has paid out a $1.8 million dividend to its founding members and early entry partners.
The group, which was founded in 2008 and currently has 25 members across the US, was launched to allow beer distributors to take control of their worker’s compensation, auto liability and general liability insurance.
Bill Falkenhagen, Del Papa Distributing, said: “Our initial expectations when we joined BevCap were strictly over saving money. As it turned out, we have more flexibility and control in our coverages and more involvement in our safety programmes. The added benefit is a significant improvement in our safety and loss control performance.”
“We knew at some point the icing on the cake would be a return of unused premiums through dividends. That time has arrived. In reality we are saving money and making money all at the same time. And the best part is, we get to do it with some of the finest beer people in the industry.”
Lanny Layman, Standard Sales Company, added: “Standard Sales did not really know what to expect upon joining the BevCap Captive Group.
“But we certainly liked the idea of joining with other 'like-minded' fellow beer distributors all hoping to do whatever we possibly could to collectively lower our costs while also having the ability to design our coverages to better meet our company’s needs.
“Today we celebrate the fruition of a great partnership. Standard Sales is very happy to be receiving our first dividend as a founding member of this elite group of business owners. We look forward to sharing even more savings as a result of better claim management and the sharing of best practices with our fellow distributor members.”
BevCap Captive Group, Dividend, North America, Bill Falkenhagen, Lanny Layman