RMA advises on new electric vehicle captive

Electric vehicle (EV) technology business Ozop Energy Solutions is to launch extended warranty products for electric vehicles through a new captive insurance company. Delaware domiciled EV Insurance Company (EVIC) is wholly owned by Ozop subsidiary Ozop Capital Partners and will write business as Ozop Plus.

Ozop is advised by RMA, which also helped EVIC file its application with the State of Delaware’s Department of Insurance seeking regulatory approval.

“Ozop Plus is working to respond to not only fill the gap of manufacturer’s warranty but to bring added value to EV owners through an extended warranty product as well as utilizing our partnerships and strengths in the renewable energy market to offer unique and innovative services,” the company said in a statement.

“Among EV owners’ concerns are the EV battery repair and replacement costs, range anxiety, environmental responsibilities, roadside assistance, and the accelerated wear on additional components that EV vehicles experience.”

Ozop Plus had nearly completed the process of creating a warranty that provides electrical vehicle owners with “peace of mind”, it added. RMA will act as the third-party administrator, and it will use a team “including but not limited to traditional carriers” with AM Best financial strength ratings of “A” (Excellent) and issuer credit ratings of “a”.

Ozop invents, designs, develops, manufactures, and distributes ultra-high-power chargers, inverters, and power supplies for a wide variety of applications in the defence, heavy industrial, aircraft ground support, maritime and other sectors.

“We look forward to working with this team of consummate professionals, as Ozop Energy Solutions is committed to providing products to make a positive impact in our country’s evolving energy challenges,” said Brian Conway, CEO. “Ozop Plus will allow customers of our auto dealership partners to provide additional protection for new EV buyers, as well as existing, who are committed to investing in vehicles with lower emissions.”