For businesses that have not yet taken the leap to gain more control of their own financial destinies, perhaps some new statistics from the A.M. Best Company may convince them. When it comes to commercial coverage, captive insurance continues to outperform traditional markets, especially sensitive to fluctuation during the past few years of pandemic disarray. In fact, A.M. Best estimates more than 7,000 captives operate globally—a 70% percent increase in 40 years! In the U.S. alone, Business Insurance reports 30 captive domiciles, including 29 states. And some industry experts estimate that a notable 50% of today’s property casualty insurance is written through captives.
Despite these compelling statistics, many companies—big, medium or small—are reluctant to change. Perhaps a fear of the unknown, concern about risk or a lack of understanding hold them back. Yet, for those companies who have opted for policyholder-owned alternative solutions, the benefits are plentiful. This is especially true for companies who partner with innovative insurers. One such leader in the industry is eMaxx, a captive insurance company based wholly in the U.S. with a team of technology and risk management specialists ready to recommend, implement and optimize customizable products for both operational and client-based needs.
eMaxx works with clients throughout the nation to manage their own insurance programs. Members participate on a board of directors and serve on governing committees. They receive underwriting profits and dividend returns. Their investment income accumulates to their benefit. Programming operating costs decrease. They gain control over policy costs and are insulated from potentially vast premium swings. Members benefit from expert litigation management and have access to extensive claims management loss prevention and safety programs. This is particularly useful for niche markets such as energy, utilities, recycling, waste, towing, transportation, construction and crane & rigging. All of these programs can be tailored for each client.
For businesses still unsure of exploring a captive insurance company, then perhaps testimony from satisfied partners can bolster confidence:
“There is no insurance company in the market that has this technology platform. It truly provides the tools that customers need today to manage its risk…” Michael Penza, president, Samuel Coraluzzo Company – transportation, Vineland, N.J.
“eMaxx continues to stay ahead of the curve. A variable cost captive program combined with this technology provides the ability for my company to have control over the outcome of insurance costs.” James Townsend, president, Townsend Energy, Inc., Danvers, Mass.
Clearly captive insurance has maintained its stability during difficult economic years. It is a nimble, lucrative, customizable option for smart business owners. Contact the team at eMaxx and become one of the thousands of companies that recognize all that this dynamic partnership offers.