Cica 2013 group captives spring presentation

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Spring Consulting Group

Spring Consulting Group Consultant, Ryan Ralston, presents his thoughts on Group Captives.

Business

The Problem – Starting Point
• Newer industry, not well understood by insurers
• Pricing appeared high relative to risk
• Industry focus on safety and loss control not given
credit by underwriters
• Individual companies willing to share information
within industry to improve safety
• Accounts services by local brokers, little synergy in
market
• Cost prohibitive to own individual captive

The Benefits - Group Captive
• New competition (self-insurance)… led to…
• Premium rate reduction… led to…
• Investment in safety and loss control… led to…
• Reduced losses… led to…
• Underwriting profits returned to group… led to…
• Expanded coverage… led to…
• High retention rate… led to…
• Long-term market driven solution… and a fun group

Establishing a Group Captive
• Find like minded companies/people
• Share a common friend (or enemy)
• Establish main objectives of program
o Focus on safety / loss control
o Premium reductions
o Coverage term expansions

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Cica 2013 group captives spring presentation

1. Group Captive Overview

2. The Problem – Starting Point • Newer industry, not well understood by insurers • Pricing appeared high relative to risk • Industry focus on safety and loss control not given credit by underwriters • Individual companies willing to share information within industry to improve safety • Accounts services by local brokers, little synergy in market • Cost prohibitive to own individual captive

3. The Benefits - Group Captive • New competition (self-insurance)… led to… • Premium rate reduction… led to… • Investment in safety and loss control… led to… • Reduced losses… led to… • Underwriting profits returned to group… led to… • Expanded coverage… led to… • High retention rate… led to… • Long-term market driven solution… and a fun group

4. Establishing a Group Captive • Find like minded companies/people • Share a common friend (or enemy) • Establish main objectives of program o Focus on safety / loss control o Premium reductions o Coverage term expansions

Cica 2013 group captives spring presentation

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