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CAPTIVE INSURANCE PREDICTIONS FOR 2021

2020 may have been one of the most challenging years in recent memory, but it was incredibly successful for captive insurance companies. 2021 is a year that has the potential to be even better. It is an excellent time for business owners to evaluate the captive insurance structure and capitalize on the opportunities.

This is not just my predictions; I went out to a few of the captive regulators globally to get their feeling and predictions for 2021. In addition, I surveyed many of our captive clients for their predictions on how they think they may change their captives in the coming year to manage the changing risk of their businesses.

First, what is a captive insurance company?

A captive insurance company is a closely held insurance corporation whose purpose is to underwrite property, casualty, liability and medical stop loss insurance for the parent company and any subsidiaries. While there are other additional functions, these organizations' primary goal is to handle enterprise risk management.

These closely held insurance companies provide uniquely designed solutions to assist the parent company and any subsidiaries cover the risk for entire enterprise and mitigate the risk that exists in any business.

How does a captive insurance company work?

The easiest way to understand how captive insurance works is to look at its structure at the most basic level. A company starts a captive insurance company as a separate, stand-alone brother – sister company or a wholly owned subsidiary. The captive then goes through the necessary captive insurance law regulations and can operate as a licensed insurer.

It's the parent company's task to identify the risk of the subsidiaries that the captive insurance needs to underwrite. The captive insurance companies' job is to offer risk management services, write policies, set premiums, and accept the payments. It primarily functions as a risk management and financial management tool.

What innovations are regulators expecting?

Now that I've established a basic understanding of how captive insurance companies, let's look at what the global regulators expect to see in the coming year.

Cyber Insurance

The COVID-19 pandemic has changed the business world as we know it. As more and more organizations move towards online work, hiring remote workers is becoming increasingly common. Organizations are using cloud storage services now more than ever before.

That is why captive insurance industries are seeing a much higher demand for cyber insurance. By providing private insurance solutions that address cyber insurance, captives will be increased demand in 2021.

Employee Benefits

Right after the increase in cyber insurance, the second aspect that holds a lot of potential for captive insurance companies in 2021 is employee benefits. As employees are working remotely, the rise of COVID and increasing medical expenses has caused the price of medical insurance to go through the roof. Organizations are looking to captives to provide them with sophisticated risk management advice and provide them with a solution.

One of the quickest ways businesses can get a handle on their rising costs and shrinking benefits is with a captive. Companies need to review the feasibility of putting their benefit program inside a managed self-insured plan and reinsuring the specific and aggregate stop loss coverage through a combination of a captive insurance company and commercial reinsurance.

Environmental Liability

The impact of climate change is being seen worldwide, and more governments are looking to make dynamic policy changes to combat environmental deterioration.

While that might not impact how the environmental liability insurance functions, it certainly does have an impact on the premium that the organizations have to play. As a result, businesses turn to captive insurance companies to find the most ideal enterprise risk management solution for them.

2020 was a golden year for the captive insurance industry

Last year was exceptionally useful and profitable for captive insurance companies and their owners. As mentioned above, we also saw an increase in the formation and funding of existing captive insurance companies specifically to cover cyber insurance, group medical benefits, and environmental liability solutions.

We had a marked increase in companies holding their employee benefits inside their captives. Regulations expect that this level of demand from these new sources is only going to increase in 2021. The future looks bright for captive insurance companies that can capitalize on these areas.

What are potential gaps that captive insurance companies can capitalize on?

One of the main issues that arose due to the COVID-19 pandemic is that many organizations had to alter their production methods completely. As a result, to ensure that they can retain their customers, companies are looking to use captive insurance to provide extended warranties. These warranties can entice their customers, and make them comfortable with products that may have had to change due to available components or manufacturing methods.

Additionally, another area that will prove to be lucrative in the coming year is supply chain interruption insurance. The pandemic has seen an increased level of interruption in the supply chain of businesses globally. As a result, organizations are using their captives or forming new captives to insure against unexpected supply chain interruptions.

Conclusion

There's no denying that the pandemic had a severe impact on the global economy in the year 2020. However, the captive insurance industry managed to thrive and looks to repeat the same in 2021.

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Case Studies

Jonas Angus
President , TPE Solutions, Inc.

As an owner of a small business and also of a captive insurance company, we conducted a two-year search and interviewed about ten of the leading Captive Managers is America. At the end of the search we thankfully selected Risk Management Advisors to be our Captive Manager and have been very pleased with their services over the past 5 years.”

VIEW CASE STUDY

Alex Weidner

President , Howard Core Company

“Many factors go into owning your own company. It isn’t always A+B=C. One-year suppliers are filling orders on schedule with quality products and customers are happy. Another year, the once reliable supply chain breaks, inventory is no longer produced on time or in best quality and customers become unhappy. Sometimes even with good quality products and service provided to customers, something happens on their side and they are no longer able to pay.

Working with RMA and having a captive insurance has helped our company not take such a financial hit when things outside of our control affect our bottom line. Wes and his team at RMA are very knowledgeable and have helped us understand an area we knew nothing about but benefit from greatly. Standard insurance policies do not protect us from these unknown variables and having a captive in place has offset the damage that “normal” insurance will not/does not.

VIEW CASE STUDY

VIEW CASE STUDY

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Terms of Use

Last Modified: January 2020

These Terms of Use, including any policies, rules and other terms that are expressly incorporated herein by reference (collectively, the “Terms”), set forth a legally binding agreement between you (“you” or “your”) and Risk Strategies Company and its subsidiaries (“we,” “us,” or “our”).  These Terms govern your use of this website (the “Site”).  Please read these Terms carefully before proceeding.

PLEASE TAKE NOTICE AND BE AWARE THAT SECTION 17 (DISPUTE RESOLUTION) OF THESE TERMS CONTAINS A MUTUAL ARBITRATION AGREEMENT AND CLASS ACTION WAIVER THAT REQUIRES YOU AND US TO RESOLVE ANY AND ALL DISPUTES WITH EACH OTHER ON AN INDIVIDUAL BASIS THROUGH FINAL AND BINDING ARBITRATION. PLEASE REVIEW THE FOLLOWING INFORMATION, INCLUDING, WITHOUT LIMITATION, SECTION 17 (DISPUTE RESOLUTION), CAREFULLY. 

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These Terms govern your ACCESS TO AND use of the Site. BY USING THE SITE, YOU EXPRESSLY AGREE TO BE BOUND BY THESE Terms.  IF YOU DO NOT AGREE TO THESE Terms, DO NOT USE the Site.

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We will email you or post a notification on the Site in the event of any material changes to these Terms.  Such changes, whether in the form of modifications, additions, or deletions, shall be effective when specified in the relevant notification or, if the change is immaterial, immediately upon appearing on the Site.  Please check these Terms periodically for changes.  Your continued use of the Site following our posting of any changes to these Terms means that you accept those changes.

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We may provide links and pointers to websites, goods, and/or services maintained, owned, or controlled by others (“Third-Party Sites”) that are not affiliated with us and may be located in different countries and that may subject to different regulatory and other legal requirements.  We have not reviewed all of the Third-Party Sites linked to the Site and are not responsible for the content or services offered on such Third-Party Sites, including, but not limited to, any advertising, order processing and fulfillment, or payment terms related to such Third-Party Sites.  Access to Third-Party Sites through our Site does not constitute an endorsement by us or any of our subsidiaries or affiliates of any such Third-Party Sites, or the content or services offered by them.  We have no responsibility or liability for these Third-Party Sites’ independent policies or actions and are not responsible for the privacy practices of such Third-Party Sites or retailers.  Complaints, claims, concerns, or questions regarding Third-Party Sites should be directed to the applicable third party.

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10. SITE UPDATES

We will not be liable if, for any reason, all or part of the Site is ever unavailable.  We reserve the right at any time and from time to time to modify or discontinue, temporarily or permanently, the Site (or any part thereof) with or without notice.  We undertake no obligation to update, amend, or clarify information on the Site, except as required by law.  No specified update or refresh date applied on the Site should be taken to indicate that all information on the Site has been modified or updated.  Please remember when reviewing information on the Site that such information may not represent the complete information available on a subject.  In addition, subsequent events or changes in circumstances may cause existing information on the Site to become inaccurate or incomplete.

On occasion, information on the Site may contain errors.  We reserve the right to, at any time without prior notice, correct any errors, inaccuracies, or omissions, and to change or update information.

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TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, IN NO EVENT SHALL WE AND/OR OUR SUCCESSORS, ASSIGNS, AFFILIATES, LICENSORS, SERVICE PROVIDERS, CONTENT PROVIDERS, MEMBERS, EMPLOYEES, AGENTS, OFFICERS, DIRECTORS, AND MANAGERS BE LIABLE FOR ANY INCIDENTAL, DIRECT, INDIRECT, PUNITIVE, ACTUAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, OR OTHER DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES (EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR SUCH DAMAGES ARE REASONABLE FORESEEABLE), RESULTING FROM THE USE OR THE INABILITY TO USE THE SITE.  IN NO EVENT SHALL THE COLLECTIVE LIABILITY OF US AND OUR SUCCESSORS, ASSIGNS, AFFILIATES, LICENSORS, SERVICE PROVIDERS, CONTENT PROVIDERS, MEMBERS, EMPLOYEES, AGENTS, OFFICERS, DIRECTORS, AND MANAGERS TO YOU, FOR ANY AND ALL DAMAGES, LOSSES, AND CAUSES OF ACTION, WHETHER IN CONTRACT, TORT OR OTHERWISE, EXCEED, IN THE AGGREGATE, ONE HUNDRED U.S. DOLLARS ($100). SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES AND/OR THE LIMITATION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES. ACCORDINGLY, IN CERTAIN JURISDICTIONS, SOME OF THE ABOVE LIMITATIONS OF LIABILITY MAY NOT APPLY TO YOU; ALL OTHER PROVISIONS OF THESE TERMS REMAIN IN FULL FORCE AND EFFECT.

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You agree to indemnify, defend, and hold harmless us, our affiliates, our subsidiaries, and each of our and their respective shareholders, members, managers, directors, officers, employees, personnel, agents, successors and assigns from and against any and all claims, allegations, demands, actions, causes of action, lawsuits, investigations and proceedings (including any and all liability, damages, costs, expenses (including reasonable attorneys’ fees), settlements, fines, penalties and losses of any kind or nature whatsoever resulting from any of the foregoing) arising out of or in connection with: (i) your violation or breach of these Terms; (ii) your use of the Site; (iii) your dispute with another user; (iv) your violation of any rights of any third party; or (v) your violation of applicable law.  This indemnification obligation will continue after you stop using the Site. We reserve the right, at our own expense, to assume the exclusive defense and control of any claim and matter otherwise subject to indemnification by you at your expense, and you shall not in any event settle or otherwise dispose of any matter without our prior written consent.

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We will not be liable or responsible to you, nor be deemed to have defaulted or breached these Terms, for any failure or delay in our performance under these Terms when and to the extent such failure or delay is caused by or results from acts or circumstances beyond our reasonable control, including, without limitation, acts of God, flood, fire, earthquake, explosion, governmental actions, war, invasion or hostilities (whether war is declared or not), terrorist threats or acts, riot or other civil unrest, national emergency, revolution, insurrection, epidemic, lockouts, strikes or other labor disputes (whether or not relating to our workforce), restraints or delays affecting carriers, inability to obtain or delay in obtaining adequate or suitable supplies, breakdown of materials or telecommunications, or power outage.

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Ultimately, the selected arbitrator must have expertise in the subject matter of the dispute.  The expenses of the arbitration charged by the arbitrator shall be borne by the prevailing party or otherwise as appropriately allocated between the parties to the arbitration by the arbitrator in his or her discretion.  However, in every other regard, each party shall pay for and bear its own costs and legal fees, costs, and expenses.  The arbitration shall be completed within one hundred twenty (120) days of either giving notice or filing a demand to arbitrate with the American Arbitration Association (whichever shall first occur).

Final Arbitration

The arbitrator’s award shall be binding and may be entered as a judgment in any court of competent jurisdiction.  The testimony, evidence, ruling, and all documentation regarding any arbitration shall be considered confidential information.  Neither party may use, disclose, or divulge any such information unless otherwise required by law.

Class Action Waiver

To the fullest extent permitted by applicable law, no arbitration under these Terms shall be joined to an arbitration involving any other party subject to these Terms, whether through class arbitration proceedings or otherwise.  You agree to an arbitration on an individual basis.  IN ANY DISPUTE, NEITHER YOU NOR WE WILL BE ENTITLED TO JOIN OR CONSOLIDATE CLAIMS BY OR AGAINST OTHER USERS IN COURT OR IN ARBITRATION OR OTHERWISE PARTICIPATE IN ANY CLAIM AS A CLASS REPRESENTATIVE, CLASS MEMBER, OR IN A PRIVATE ATTORNEY GENERAL CAPACITY.  The arbitral tribunal may not consolidate more than one (1) person’s claims, and may not otherwise preside over any form of a representative or class proceeding.  The arbitral tribunal has no power to consider the enforceability of this class arbitration waiver and any challenge to the class arbitration waiver may only be raised in a court of competent jurisdiction.

18. MISCELLANEOUS

The division of these Terms into sections and the headings of the various sections in these Terms are for convenience of reference only and shall not affect the construction or interpretation of these Terms.  You acknowledge and agree that any principle of construction or rule of law that provides that an agreement shall be construed against the drafter of the agreement in the event of any inconsistency or ambiguity in such agreement shall not apply to these Terms.  Our failure to insist upon or enforce strict performance of any provision of these Terms shall not be construed as a waiver of any provision or right.  Neither the course of conduct between the parties nor trade practice shall act to modify any of these Terms.  We may assign our rights and duties under these Terms to any party at any time without notice to you and without your express consent.  You will not assign any of your rights or delegate any of your obligations under these Terms without our prior written consent.  Any purported assignment or delegation in violation of this Section is null and void.  No assignment or delegation relieves you of any of your obligations under these Terms.  There shall be no third-party beneficiaries to these Terms. Any provision of these Terms that contemplates performance or observance subsequent to any expiration or termination of these Terms, or which is otherwise necessary to interpret the respective rights and obligations of the parties hereunder, shall survive any expiration or termination of these Terms and continue in full force and effect.  If any provision of these Terms shall be held unlawful, void, or for any reason unenforceable, then that provision shall be deemed severable from these Terms and shall not affect the validity and enforceability of any remaining provisions.  These Terms, together with our Privacy Policy and all other documents incorporated herein by reference, constitute the entire agreement between the parties pertaining to the subject matter hereof and supersede any agreements previously existing between the parties with respect to such subject matter.

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Under California Civil Code Section 1789.3, California users of the Site are entitled to the following specific consumer rights notice: The Complaint Assistance Unit of the Division of Consumer Services of the California Department of Consumer Affairs may be contacted in writing at 1625 North Market Blvd., Suite N. 112, Sacramento, CA 95834, or by telephone at (916) 445-1254 or (800) 952-5210.  We may be contacted via e-mail at legal@risk-strategies.com.

20. QUESTIONS

If you have any questions or comments regarding these Terms, our Privacy Policy, or the Site, please feel free to contact us by e-mail at legal@risk-strategies.com

Privacy Policy

Last Updated: January 2020

This privacy policy (“Privacy Policy”) describes how Risk Strategies Company and its subsidiaries (collectively, “Risk Strategies”, “we”, “us”, or “our”) collects and uses the personal information related to:

  • The use our websites and associated services that link to this Privacy Policy, includingwww.risk-strategies.comand other websites controlled by Risk Strategies (the “Sites”);
  • Our former, current and prospective clients;
  • Individuals who communicate with us; and
  • Individuals who use our products and services (“Services”) and individuals whose personal information we receive in providing the Services.

This Privacy Policy also describes the choices available to you regarding our use of your personal information and how you can access and update this information. This Privacy Policy is part of, and hereby incorporated into, the Sites’ Terms of Use. We recommend that you review the Terms of Use governing your use of this Site and its content by clicking here.

Our Sites

The Sites are controlled by Risk Strategies Company, unless a Site identifies (in its terms of use or otherwise) that it is controlled by another Risk Strategies entity. Risk Strategies, as well as individual divisions of Risk Strategies, may have their own websites with their own privacy policies, in which case this Privacy Policy will not apply to such websites unless such website provides a link to this Privacy Policy.

Information We Collect

When using our Sites, you may voluntarily provide information about yourself. We collect this information when you contact us through our Sites, create an account, provide us with personal information required to fulfill Services, or interact with us for any other purpose.

We may collect the following personal information about you through our Sites:

  • Contact information such as name, email address, mailing address, and phone number;
  • Billing information such as payment card number and billing address;
  • Unique identifiers such as user name, account number, and password;
  • Preference information such as marketing preferences and interests in relation to our Services;
  • Information associated with your inquires to us, including information you may voluntarily submit to us by completing forms on our Sites; and
  • Information associated with your use of our Sites and Services.

We may also collect additional personal information (subject to applicable legal requirements and restrictions) in providing our Services, operating our business, and interacting with individuals in the course of our business, which may include:

  • Demographic information such as race, gender, marital status, date and place of birth, employer, job title and employment history;
  • Identification numbers issued by government bodies or agencies (e.g. your social security or national insurance number, passport number, ID number, tax identification number, or driver’s license number);
  • Information necessary to secure insurance products, provide risk consulting services, and/or offer guidance on other Services to you, which may include (where necessary) health data, criminal records data and other special categories of personal information required to provide such Services;
  • Information about the insurance quotes individuals receive and the policies they obtain;
  • Information about current and/or previous claims, which may include health data, criminal records data and other special categories of personal information related to such claims;
  • Income and other financial information; and
  • Records of real property, products or services purchased, obtained, or considered, or other purchasing or use histories or tendencies.

Risk Strategies may also collect non-personally identifiable information when you visit or use our Sites or in the course of providing Services.

All personally identifiable information collected on our Sites is considered personal information and will be treated in accordance with this Privacy Policy.  By using our Sites and submitting your personal information, you agree with and consent to the processing, transfer, usage, and storage of your personal information in accordance with this Privacy Policy.

Cookies

We collect information relating to your interactions with us and our Sites, including browser configuration, the type of operating system you are using, and information about your Internet service provider and other information we collect through the use of cookies and similar technology.

Risk Strategies may use cookies to improve your online browsing experience. These cookies will not store data like your name, physical address, e-mail address, or telephone number. They merely inform us that you have previously visited our site.

“Cookies” are small pieces of information that are stored by your browser on your computer’s hard drive. Most Web browsers automatically accept cookies, but you can usually change your browser settings to prevent it from doing so.

How We Use Your Information

We may use your information for any lawful purpose, including the following:

  • To create, maintain and service your account;
  • To respond to your inquires;
  • To provide Services you request, including to provide publications to which you subscribe;
  • To operate, personalize, and improve the Sites, including for analytics purposes;
  • To send promotions and marketing materials that may be of interest to you;
  • For our other business purposes, such as research, payment processing, and operational purposes;
  • To comply with applicable law(s) and to maintain the security of our Sites; or
  • With your consent, or as otherwise disclosed at the time information is collected.

Information Sharing

Risk Strategies may share your personal information with other parties in the ways that are described in this Privacy Policy, including the following:

  • With our affiliate vendors, consultants, agents, contractors, and other service providers that we use to support our business;
  • To operate, maintain, and improve our Sites;
  • To provide Services you request;
  • With third party vendors who process data on our behalf such as payment processors, customer service providers, and email service providers;
  • As part of a corporate sale, merger, or acquisition, or other transfer of all or part of our assets, including as part of a bankruptcy proceeding;
  • Pursuant to a subpoena, court order, governmental inquiry, or other legal process or as otherwise required by law, or to protect our rights or the rights of third parties;
  • With your consent or as otherwise disclosed at the time of data collection or sharing.

We may share information that has been anonymized or aggregated without limitation.

Third-Party Links and Tools

Our Sites may provide links to third-party websites or applications.  We do not control the privacy practices of those websites or applications, and they are not covered by this Privacy Policy.  You should review the privacy notices of other websites or applications that you use to learn about their data practices.

Our Sites may also include integrated social media tools or “plug-ins,” such as social networking tools offered by third parties.  If you use these tools to share personal information or you otherwise interact with these features on the Sites, those companies may collect information about you and may use and share such information in accordance with your account settings, including by sharing such information with the general public.  Your interactions with third-party companies and your use of their features are governed by the privacy notices of the companies that provide those features.  We encourage you to carefully read the privacy notices of any accounts you create and use.

California Privacy Rights

If you are a California resident, California law may provide you with additional rights regarding our use of your personal information.  To learn more about your California privacy rights, visit the CCPA Privacy Notice.

Nevada Privacy Rights

Although we do not currently conduct sales of personal information, Nevada residents may submit a request directing us to not sell personal information we maintain about them if our practices change in the future.

To exercise this right, please contact us:

  • By phone at (617) 330-5700.
  • Email atlegal@risk-strategies.com.

Minors

Risk Strategies is committed to protecting the privacy needs of children and encourages parents and guardians to take an active role in their children’s online activities and interests.  We do not knowingly collect information from children under the age of sixteen (16), and Risk Strategies does not target its Sites to children.

Your Choices

If you decide that you do not wish to receive marketing emails from Risk Strategies, you may opt-out of receiving further e-mails by clicking “Unsubscribe” in such emails. You may also opt out or unsubscribe from future emails by sending a request to info@risk-strategies.com using the subject line “Unsubscribe from email communications.” To ensure your opt-out request is properly processed, be sure to send your message using the same email account to which we sent our correspondence.

Updating Your Information

You may change any of your personal information in your account by editing your profile within your account or by sending an e-mail to us at info@risk-strategies.com. Each request will be reviewed and responded to in accordance with applicable laws.

Changes to Our Privacy Policy

We may update this Privacy Policy to reflect changes to our information practices. If we make any material changes, we will notify you by email (sent to the e-mail address specified in your account) or by means of a notice on our Sites prior to the change becoming effective. We encourage you to periodically review this Privacy Policy for the latest information on our privacy practices. If our information practices change, we will post these changes on this page.

Contact

If you have questions, comments, or concerns about this Privacy Policy, please contact us:

  • By phone at (617) 330-5700.
  • Email atlegal@risk-strategies.com

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Privacy Policy