(The following article was adapted from Mr. Payne's presentation at the Aon Specialty Product Network Resource Fair, which was held in July in Banff, Alberta, Canada.)

I ONCE read an article about gambling that contrasted slot-machine players with blackjack players. It said people who play the slots believe they are the victims of fate. Other than perhaps holding a rabbit's foot, they feel there is little they can do to influence what happens to them in the casino, or in the world at large. Blackjack players, on the other hand, feel that they can control their destinies.

When it comes to insurance, most of your small clients are a lot like slot-machine players. They buy guaranteed-cost policies from carriers, believing they have no ability to significantly control the terms and costs of their coverage. Middle-market clients, however, are more like blackjack players. These entrepreneurs believe they can control their destinies in most aspects of business-including their insurance, if given the option. That's where group captives come in. By joining them, entrepreneurs gain control over their insurance destinies.

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