Group Captive Insurance
Why choose Zurich for Group Captive Services?
Zurich’s Group Captive unit manages more than 45 programs with over 3,200 member companies in North America in a wide range of industry segments. We serve Group Captives with broad industry expertise, including dedicated programs in construction, temporary staffing, transportation, logistics and many more.
Zurich delivers centralized, dedicated services in underwriting, claims, Risk Engineering, actuarial, reinsurance, accounting services and legal expertise. Our service teams help ensure that Group Captive members benefit from the efficiency and oversight of cutting-edge insurance and risk management strategies needed in today’s dynamic economy.
Contact
Kristi Lavery, VP,
Client Strategy and Services
kristi.lavery@zurichna.com
The Strategic Advantages of Group Captive Insurance
A group captive insurance program can be a powerful tool for businesses seeking greater control over their insurance costs and risk management strategies. By joining forces with other like-minded companies, your business can move beyond the traditional insurance market and gain several strategic advantages.
Moreover, group captives offer the opportunity to share in underwriting profits. When the group performs well, members can receive dividends, turning an expense into a potential revenue stream. This model also fosters a culture of collaboration and continuous improvement in risk management. With a long history in the captive market, Zurich has the experience to help you navigate this innovative approach to insurance. We work with you to develop a program that is tailored to your specific needs and goals.
Primary products available for Group Captive
Is a Group Captive Right for Your Business?
Deciding if a group captive is the right fit for your business requires a careful evaluation of your company's risk profile and long-term financial strategy. Generally, businesses that are a good match for a group captive program have a strong commitment to safety and a desire for greater control over their insurance destiny. If your business has a better-than-average loss history and you are looking for a way to be rewarded for your risk management efforts, a group captive could be an excellent choice.
It's also important to consider the collaborative nature of a group captive. You will be joining a group of other business owners who are all working together to reduce risk and control costs. At Zurich, our specialists can help you determine if your business is a good candidate for a group captive. We can walk you through the process and help you understand the potential benefits and responsibilities of joining a group captive program.
A Group Captive Targeting Sustainability
Zurich recently announced the formation of a new Group Captive bringing together member companies with a common interest in advancing sustainable business practices. Impact Re, Ltd., will provide the risk-optimization benefits of a member-owned, Zurich-fronted captive, while supporting members’ individual sustainability and ESG objectives.
FAQs
A group captive is a vehicle allowing various related and/or unrelated businesses to come together and form a collective insurance company, managing select portions of their risks. While small and midsize businesses often lack the scale and resources to form single-parent captives, they can enjoy many of the same benefits by joining forces with companies with which they have affinities, such as similar business segments. Participation in a group captive allows members greater oversight of all facets of their insurance program’s cost savings, as well as the benefit of sharing in investment income.
A typical group captive is an insurance company established and controlled by multiple member companies to insure portions of the participating businesses risks. Member-owned group captives are wholly owned and controlled by the participants and insure only the member companies that own the captive. Like single-parent captives, group captives can receive risk management expertise from traditional insurance companies experienced in the business of fronting in local markets, reinsurance, claims handling and cash-flow services.
Primary products available for Group Captive Insurance customers include Workers’ Compensation, General Liability, and Commercial Auto and Auto Physical Damage (APD).
Working closely with your broker, a captive consultant can advise on the application process and provide recommendations on a Zurich captive that is the right fit for your company.
