Ohio announces first captive insurance company
Mary Taylor, Lieutenant Governor of Ohio, has announced that Imprise Financial PCC is the state’s first protected cell captive (PCC) insurance company.
Through its PCCs Imprise Financial will allow businesses to insure some of their own commercial risks, as well as have greater control of their risk management programmes and achieve long-term financial stability.
In June, 2014, Governor John Kasich introduced legislation which allows businesses to form captive insurance companies domiciled in Ohio for their own commercial insurance needs and granting the Ohio Department of Insurance the authority to regulate such captive insurance programmes.
The PCC insurance structure removes market-entry barriers that companies typically face when considering a self-insurance programme.
Taylor, who is also director of the Ohio Department of Insurance, said: "This is a momentous occasion for Ohio and more specifically, for Ohio businesses.
“Giving businesses the option to form a captive is another tool designed to help them thrive in Ohio."
Imprise Financial's first protected cell will insure certain contractual liability risks of NWAN, a third-party administrator of service contracts and warranties for the motor industry.
David Neuenschwander, vice president and shareholder of NWAN, said: “Establishing a captive insurance programme with Imprise Financial allows us to be more flexible in the services we offer our clients and makes our operation more efficient.
“We are already realising the benefits of our captive insurance programme and it has become an integral part of achieving our long-term goals."
Kelly Price, president of Imprise Financial, added: "We are very excited about the opportunity to help businesses add certainty to their risk-management programmes and maximise their financial potential.
"Staff at the Ohio Department of Insurance have been extremely professional and diligent throughout the licensing process and we are pleased to bring this innovative insurance solution to our clients."