Consider a captive, urges Hylant

Ohio-headquartered brokerage and risk management firm Hylant has urged risk managers to consider setting up a captive in 2022.

In its list of five New Year’s resolutions for businesses’ risk managers considering a captive is number one.

“Consider whether a captive is right for your company … if you have a good risk record and are tired of rising premiums,” it writes in a piece  published on its website. Companies facing continually risking premiums despite a good risk record and those with risks commercial carriers are unwilling to insure face a dilemma, it notes.

“For some companies, a group insurance captive might be the answer,” it concludes.

Other resolutions going into 2022 include strengthening employment practices risk management in light of “social activism and a highly political climate”, preparing for cyber events and maximising the company’s value for those looking to sell.

It also suggests businesses review their duty of care for employees as they start travelling again when restrictions on travel ease.