Business Insurance

Alternative Risk

Performance matters!  Those who control losses through risk management have better options.

The fact that you are reviewing this page suggests that you may be among the many leaders of business organizations seeking an alternative to their current business insurance structure. 
Captives continue to be a growing space in the insurance market for several reasons, including the most common reason of control. Each year more and more companies understand that losses are a controllable cost and that their long-term expenses will be a function of those losses. New captive shareholders quickly realize that their insurance costs are primarily driven by their own performance.  A captive can provide enhanced risk control services and a platform for the sharing of best practices designed to achieve high performing results for captive members.

Reasons driving this type of search vary, but here’s what we’ve learned from our clients:

  • Those that consistently perform well grow tired of subsidizing policyholders that do not.
  • When insurance markets harden, high-performing policyholder premiums still increase.  Said another way, you may not have many claims, but your premiums may continue to rise as you pay for your carrier’s underperforming clients.
  • Sophisticated  policyholders often become frustrated with claim adjusting and generic risk control services.
  • Safety and Risk Management support is often scarce, leaving businesses leaders to their own devices to identify and implement meaningful solutions.
Our team has experience implementing many types of captives, for our clients, including single parent captives, agency captives, stop loss benefits captives, and property & casualty group captives.  Whatever your need, the PayneWest Alternative Risk Team has the capacity and expertise to help your company identify its best option. 

Focus on Group Captives:  Are you a candidate for a Property and Casualty group captive? Every group captive is different and over the years, PayneWest has vetted and gained access to an ever-growing menu of the nation’s leading group captives.  Candidates must have the financial wherewithal to take some risk on yourself, coupled with an already established risk management commitment, and a favorable claim history.  Of course, most group captives will require a sizable insurance premium spend in excess of $200,000 for the General Liability, Auto and Workers Compensation lines.

 

Members of a group captive enjoy the following advantages: 

  • The ability to create a financial strategy for your insurance spend.
  • Adding a greater stability to your insurance spend with more predictable pricing.
  • Enhanced safety resources.
    • A reward for performance with an opportunity to receive your share of the captive underwriting profit.
    • An opportunity to share best practices with other high-performing members like you.
    • The potential to increase coverage and reduce costs with group coverage purchases.

Choosing whether a group captive is a fit for your organization, and, selecting the right group requires analysis, education, and expertise.  The PayneWest team has decades of experience helping our clients navigate the Alternative Risk universe. 

 

As a member of MMA, PayneWest has access to the world’s largest captive manager, Marsh, and its depth of resources. We look forward to working with your company.   

Captive Types

  • 831(a)
  • 831(b)
  • Single parent
  • Group
  • Association
  • Employee benefits
  • Stop loss

Your alternative risk team

Contact Tex

Tex Seaton

Tex has more than 25 years of experience in business insurance, with expertise in commercial construction, non-profit management and risk management practices. By providing targeted risk management with innovative insurance solutions, Tex offers an integrated approach with a focus on improving business operations.

Contact Scott

Scott Simmons

As the managing director of Client Services, Scott is responsible for the strategic direction of PayneWest’s Alternative Risk division, as well as the agency’s Claim, Risk Control and Quality Assurance teams. Scott also directs the operations of PayneWest’s workers’ compensation program, Preferred Risk Alliance. Under his leadership, the PayneWest Client Services team of talented individuals works directly with our clients to provide risk management-focused advocacy along with a wide array of customized risk management, insurance and risk financing solutions.

Tell us what you need. We’ll take it from there.

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