Sun Life, a provider of insurance and asset management services, has partnered with Pareto Captive Services to offer a stop-loss group captive solution.
The new stop-loss group captive solution, Legend Re, will be available for January 1, 2018, policy effective dates.
The solution is designed to reduce claims volatility for small and medium self-funded employers or fully-insured employers transitions to self funding.
According to Sun Life, employers in a group captive are typically under 500 employees, and are committed to wellness and cost containment programmes in order to keep health care costs lower.
"Captives allow employers to pool together to share a portion of their self-funded risk, reducing claims volatility and making them a viable option for small and medium employers looking to self-fund their medical benefits," said Brad Nieland, vice president, stop-loss, Sun Life Financial US. "The partnership will draw on Pareto Captive's expertise in the client education, formation and ongoing management of group stop-loss captives, and the strength of Sun Life's stop-loss product and services."
Andrew Cavenagh, managing director of Pareto Captive, added: "Working with Sun Life as our stop-loss fronting carrier partner on this new program brings added value to both organisations' services.”
Sun Life, Pareto Captives, Group captives, Stop-loss, North America