Dolly the sheep was cloned. The Marlins became the first Wild Card team to win the World Series. And on Guernsey, a small island off the south coast of England, the first Protected Cell Company was created.
Quickly replicated around the world known variously as Segregated Accounts Companies and Segregated Portfolio Companies, they put captives within reach of thousands of medium-sized business owners.
But without being able to issue A rated policies or access the reinsurance market, their impact was limited to insuring niche areas of enterprise risk.
I–RE works with captive managers, captive insurance companies and insurance brokers for clients in the USA.
We underwrite high-performing, mid-market businesses seeking a way to participate in the underwriting profit their commercial property and casualty insurance premiums generate. They recognize it’s in their interest to be effective at managing their risks, as part of running a profitable enterprise. It keeps their insurance premiums under control and reduces business disruption.
They also realize that the way they manage risk benefits their current insurers, and that they are effectively subsidizing premiums for less well-run businesses when participating in the general insurance marketplace. So, everyone benefits from their superior performance, apart from them.
The businesses we work with have sizable insurance premiums, which are driven by average industry claims experience across the general property and casualty insurance market. The result is that their annual insurance costs are far greater than any claims they are likely to make in the normal course of running their business.
If they were a large enterprise, they would have the scale required to access reinsurers and a ‘fronting’ insurer to issue an A rated policy.
But, to date, it has not been an option for mid-market businesses to insure their own property and casualty risks through their own captive.
That’s where I–RE comes in.
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