Aligning insurance carrier and agent interests to produce a winning solution for both
An agency captive is a reinsurance facility whereby the agent is assuming risk by reinsuring a portion of their book of business insured through a traditional carrier.
Agency Captives provide benefits for carriers and agents alike.
Insurance Carrier Benefits
- Aligns the carrier and agent with respect to insuring profitable business
- Increases retention
- Increases profitability
- Enhances agent relationship
Insurance Agent Benefits
- Provides an additional stream of revenue
- Ability to share in underwriting profits and related investment income
- Strategic relationship with insurance carrier
- Ownership of a reinsurance company
Risk Services have worked with multiple nationally recognized AM Best A-rated traditional insurance carriers to develop Agency Captive programs for their independent agents. Our carrier sponsored Agency Captive programs have enabled carriers to incentivize their key agencies to produce over one billion dollars of new superior loss ratio business through aligning the interests of the insurance carriers and the agents. Additionally, Risk Services has worked on agent driven Agency Captive programs whereby an agent with a profitable book of business establishes a strategic relationship with an insurance carrier to share in their underwriting profits and related investment income.
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“Mind the gap.”
In London, this means beware of the gap between the concourse and the subway car. In captive insurance, this means beware of the collateral required by the fronting carrier between the loss fund and the aggregate attachment point.[rä-jer-izem]
Words of wisdom from our CEO, Michael Rogers
“PCALIC has had the pleasure of working with Risk Services as a captive manager for over 15 years. They have proven themselves to be professional, thorough, accommodating, and experienced. They always go above and beyond to serve the client.”
Brian Barrick, PCH Mutual Insurance Company, Inc., A Risk Retention Group