CCIG commits to captive manager partnership
Broker CCIG has unveiled a dedicated partnership to support the growth of an established group captive insurance program for companies across the country.
Instead of navigating what it describes as an increasingly volatile traditional insurance market to obtain coverage, group captives “unite companies with a shared commitment to safety, risk management and financial oversight to create and fund their own insurance program”.
CCIG said it will provide companies throughout the country with the opportunity to play an active role in managing their insurance costs with their group captive offering.
"Group captives are an extension of our clients' entrepreneurial spirit, and we're proud to partner with a captive manager that provides an established track record of successful, profitable and stable group captives which we can now offer to clients," CCIG President Andrew Mahoney said.
"Clients who already take the initiative to manage their costs through robust safety programs and risk management strategies can further capitalize on additional savings not available in the traditional marketplace."
It noted that a successful group captive contains highly vetted members whose stability builds a peer group environment. The group's members have the benefit of sharing best practice ideas and learn from other highly profitable and safe firms that a traditional insurance relationship cannot provide.
Mahoney said that CCIG's captive manager partnership includes a myriad of industry-specific group captives. He added that a construction-specific group captive has gained attention from clients already, having produced approximately 27% of returns on premium and distributed more than $45 million in premiums back to captive members in its 20 years of existence.
CCIG's practice area leader of safety, Gary Glader, was instrumental in creating the construction captive offering in 2003. Glader said group captives can be a game-changer for participating businesses.
"Group captives provide a competitive edge for sophisticated companies who are ready to maximize their financial investment in insurance," Glader said. "Not only do companies benefit from a built-in network of peers with a common goal, it can also drive phenomenal business results for participating companies."