Target Markets Program Administrators Assn. (TMPAA) is soliciting program administrators for its Target Markets Insurance Company (TMIC), a protected cell captive alternative risk option for program administrator E&O risk being developed exclusively for its membership and promoted at its tenth annual summit last week in Scottsdale, Ariz.

TMPAA began gauging member interest in a captive early this year and introduced the concept at its midyear meeting in May. Since then, TMPAA has compiled a list of 14 “early adopters” who will assist in building out the program, said Glenn Clark, president of Rockwood Programs Inc., which will be underwriting the captive. Members who join the captive will become members of its board of directors, and each will be asked to serve on the board or a committee, such as claims, underwriting or administration, Clark said.

Spearheading the project is new TMPAA member Breckenridge Insurance Services Inc., which specializes in alternative risk transfer. Other members involved are Milliman Inc., which will handle actuarial services; Ullico Casualty Group Inc., protected captive cell manager; and law firm Wilson Elser, which will oversee defense, claims and risk management services.

Lloyd’s of London is the issuing carrier for the program’s $3 million in primary limits/$3 million aggregate, with other TMPAA carrier members available to provide excess coverage of up to $10 million. The captive will be domiciled in Washington, D.C. and available for Jan. 1, 2011 renewals. Although price will vary depending on coverage, the initial investment is estimated to range between $50,000 to $150,000, Clark said.

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