Texas-based Skyward Specialty Insurance Group has expanded its construction portfolio by adding a crane and rigging captive programme, in partnership with eMaxx Assurance Group of Companies, a tech-enabled specialty provider of property and casualty captive solutions.
The two companies have maintained a partnership for more than four years.
The new captive program will target a broad range of coverages including commercial auto, general liability and workers' compensation. In addition, Skyward Specialty offers excess coverage outside of the captive program.
According to the company adding this program to its portfolio will deliver solutions to members to reduce operation costs, have more control over insurance costs when they have favourable loss experience and potentially insulate members from large premium swings. In addition, robust claims and risk management services support clients' efforts to keep losses to a minimum.
"With inflation impacting the cost of claims and ultimately influencing premiums, group captives provide an alternative mechanism where businesses with good experience can offset the impact," said Timothy Kolojay, president of eCaptiv, Vermont Sponsored Captive Insurance Company and operating company of eMaxx.
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