Looking for Captive Agent Insurance in Florida?
ReNu Insurance Group specializes in group captives. A group captive is an insurance company wholly owned and controlled by its policyholders. Multiple companies pool their resources to form a single insurance company.
Group captives offer the following benefits beyond the traditionally regulated commercial insurance marketplace.
Control & Profitability
Members of the group captive contribute their own capital, but they own and control the company, collectively invest resources, and share profits and losses. Additionally, each member benefits from unused loss funds and any income earned on investments.
Captive owners have more control over safety, loss control, and claims administration and can tailor their program to their needs. They can also establish and enforce strict guidelines to ensure compliance.
Best in Class Companies
Members analyze the companies included in their pool. This ensures best in class companies and increases the odds of success for the group captive insurance company.
By aligning themselves with other like-minded businesses, they can avoid those with less successful safety records. In the traditional market, strong safety leaders subsidize less diligent companies.
Members share experiences, pool buying power, learn best practices, and improve efficiencies in their operations. As the company matures, members gain valuable skills to improve the management of premiums, the claims experience and coverage.
Motivated to Succeed
Members are highly motivated to improve risk management strategies and reduce costs, since they directly benefit from their success. They strive to create a strong safety culture, control losses, manage claims, grow their business, and improve their returns.
Stability & Transparency
Since members own and manage their group captive, they’re highly accountable and deal transparently. The group captive achieves stability as it accumulates capital and increases its ability to retain risk. Consequently, it can provide stable coverage, despite what happens in the commercial market.
Better Manage Risk
High prices, fluctuating prices, limited coverage, and unavailable coverage are just a few of the reasons your company may want to consider a group captive rather than the traditional marketplace.
When insurance is prohibitively expensive, unavailable, or poorly matched to your needs, a group captive can provide tailored coverage. Members benefit from an average premium reduction of 20 percent.
Improve Cash Flow
A group captive eliminates the profits of underwriters and invests it along with any gains from premiums held in investments. Members typically enjoy an average return of 25 percent on premiums.
Additionally, traditional insurers usually allot at least 60 percent of premiums to loss payments. A group captive dedicates between 5 and 15 percent, since they have fewer expenses.
Contact us if you’re interested in joining a group captive or if you have additional questions. We’re your captive agent expert and we’re here to help.