17 January 2023Actuarial & underwriting

Bluestone launches lithium-ion battery captive

BlueStone Advisors, a specialty commercial insurance brokerage firm, has launched a new captive for those involved in the lithium-ion battery market.

The BlueStone Lithium-Ion Battery Captive will help advanced battery companies manage their insurance costs and offer a broader policy with comprehensive and consistent coverage terms.

"We're excited to announce the launch of BlueStone's Lithium-Ion Battery Captive to the advanced battery ecosystem for employers who are adversely affected by rising insurance rates, limited capacity, and shrinking coverage terms offered in today's insurance and reinsurance marketplace," said Andy Royce, president of BlueStone Advisors.

Bluestone said that the market has seen reinsurance rates spike due to global economic uncertainty, geopolitical unrest, and increased catastrophic claims paid to international lithium-ion battery operators with inferior safety standards.

The BlueStone Lithium-Ion Captive is for US employers with sound risk management practices who want more control of their insurance costs, pricing stability, and coverage certainty.