Spring Consulting Group has created Bloom Insurance Company, a Delaware-based legal entity that can be divided into cells and rented out to companies and organisations interested in benefitting from a captive funding model to finance their risk.
Spring claims to have brought "risk management to the sharing economy" with this rent-a-captive model, offering businesses the benefit of managing medical stop loss and other risk.
Businesses that rent a cell with Bloom will have access to product offerings from Spring, which provides a marketplace for employee benefit vendors.
Members also have access to Spring’s human capital management system module, which automates HR, payroll and benefits tasks, such as on boarding, time tracking, or compliance.
“We are so pleased to introduce Bloom Insurance Company, a turn-key solution to an often complex financial model,” said Karin Landry, managing partner of Spring Consulting Group.
“We have found that developing an individual captive can seem complicated or even overwhelming to many businesses. Bloom will streamline this process, helping groups and businesses manage their risk through this innovative funding solution, and eliminating a headache for them.”
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Spring Consulting Group, Bloom Insurance Company, Rent-a-captive, Captives, North America