The Hartford builds construction group captive

The Hartford has launched its first dedicated construction group captive, as the insurer looks to expand its captive business into new industry sectors.

Speaking to Captive Review, Mike Low (pictured), head of captives at The Hartford, said the newly launched HartBuild programme is designed to provide construction companies with a long-term risk financing solution backed by The Hartford’s underwriting, claims and risk engineering expertise.

The group captive, domiciled in Vermont and managed by SRS, officially launched on 1 April with five founding members and is now being opened to additional participants.

The captive is aimed primarily at companies operating in the lower end of the middle-market construction sector, with members able to place workers’ compensation, commercial auto and general liability risks through the programme.

Low said The Hartford deliberately focused on launching the captive in construction because it wanted to build on expertise that already exists across the wider organisation.

“What we’re trying to do is use the platform to bring a captive structure to different parts of the business where we already have the specialisation from an underwriting perspective, and then also from a claims and a risk engineering and service perspective as well,” he said. “Bundled together with the 30 years we’ve been in captives, it’s a good combination.”

To read the full article on Captive Review, click here. 

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