Biltmore Company wins Outstanding Captive Award at CICA 2022
Biltmore Company was awarded the Outstanding Captive Award at the Captive Insurance Companies Association (CICA), taking place in Tucson this week (March 6-8).
The award is presented to a captive insurance company or risk retention group that has shown creative uses for a captive, been successful in managing the captive in terms of net results and usefulness to its owners, has prevailed over difficult times or situations, and has gained acceptance, recognition, and a positive reputation among rating agencies, regulators and colleagues in the captive industry.
The Biltmore Company oversees the operations of a National Historic Landmark, America’s Largest Home, once the private estate of George Vanderbilt; a winery, on-site hotel properties, numerous restaurants serving estate-raised food, event and meeting venues and more.
Since its beginnings in 2014, Biltmore’s captive insurance program has enabled the organization to improve coverage for an uncommon risk profile. Today Biltmore manages 35 lines of insurance ranging from deductibles on key commercial policies to risk policies including business interruption, event cancellation, cellular devices, and many other business-risk exposures.
Biltmore’s captive insurance program was especially beneficial during the COVID-19 pandemic when North Carolina mandated business closures. Through its business interruption, loss of business income, event cancellation and other key insurances in their captive program, Biltmore was able to continue operations once they were cleared to re-open and pay claims quickly and efficiently from the captive.