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By Rick Stasi and Everett Newman Jr., CIC

There is an important adage that should have special meaning to insurance agents and brokers: If you live by price, you will die by price. In today’s market, property-casualty insurance has become a commodity and often brokers are charged merely with finding the lowest price possible for their clients. Such an environment leaves little opportunity for real growth, innovation or long-term relationships.

Alternative risk strategies–especially new captives, rent-a-captive and risk-sharing options–can play an important role in helping brokers open new markets, reshape their programs and provide true value-added services to clients.

Related: Read “Recap on captives.”

Through captives, brokers can become strategic partners and not just vendors. Under captive arrangements, clients become stakeholders in their insurance program, allowing them the opportunity to collect underwriting profits.

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