Massachusetts-based managing general agency Energi Insurance Services has established a new group captive for energy clients within fuel distribution, energy transportation, energy construction, renewable energy, agricultural cooperative, and utilities segments.
This is the second group captive formed by Energi, the previous formed in Vermont in August 2018 in partnership with Texas-based insurance holding company Houston International Insurance Group (HIIG).
Vermont-domiciled eCaptiv PC2-IC captive programme is aimed towards energy companies with less than $250,000 in primary casualty premiums.
“The eCaptiv programs allow Members to exit the traditional insurance market,” said Richard Metivier, senior vice president of sales and distribution. “Members have the ability to establish their own insurance company similar to many Fortune 500 companies.”
Energi’s two group captive programmes now have over 40 members and over $18 million in gross written premium.
Both programmes offer up to $5 million in limits for general liability and commercial automobile and statutory limits for workers compensation.
Paul Wendt, president of Ken Wendt's Propane Gas Service, commented: “As a middle market company in the energy industry, we were seeking alternative insurance solutions to combat the current trends that are impacting our business today. The eCaptiv programs provide us with the opportunity to control our own destiny with other like-minded businesses like our company.”
Energi, Energy, Group captive, Vermont, North America