28 November 2016Actuarial & underwriting

EXCLUSIVE: Artex launches new group captive for smaller businesses

Command, Artex Risk Solutions' new group captive, will offer its members better ability to improve their control of insurance cost through a captive, Amanda Klimaski, captive director at Artex told Captive International in an exclusive interview.

According to Klimaski, Command will enable participating companies to achieve the advantages of a group captive that have traditionally only been available to larger companies.

The Artex Analytics service is included for all Command members to help reduce overall claims costs. Klimaski said that the analytics team acts as an extension of the member’s own internal staff, monitoring and managing the handling of an incurred loss in conjunction with the claims management and loss control services provided by Gallagher Bassett.

“We are hopeful that Command will introduce a network of new broker partners for Artex, as well as provide an additional solution for our existing broker partners and their current or prospective clients,” added Klimaski.

“A common concern associated with a group captive comprising small to mid-sized companies is the potential for increased risk sharing amongst members.”

To avoid these risks, Klimaski stressed that strong underwriting guidelines and steady participation growth are key solutions to help Command and small-mid captive markets succeed. She also said that the group captive will have access to a large pool of prospective members by utilising the Artex broker network.

“In working with our broker partners, we saw a need for a group captive that could serve those small to mid-market companies who pay less than $300,000 in premium. Many companies of this size have a great safety record and minimal loss experience, but limited options for loss sensitive programs,” Klimaski said.

“We partnered with some of the best service providers in the industry to offer a product that can help those companies achieve the kind of benefits their larger peer companies have enjoyed for years.

“Through the partnerships formed with our actuaries, carriers, loss control specialists and claims managers, we have the ability to identify and select only those companies that will best help Command achieve its goals,” Klimaski concluded.