Assurex Global Partners Form Captive
NU Online News Service, Oct. 24, 3:48 p.m. EDT?Assurex Global, a privately held risk management and commercial insurance brokerage group, has announced the formation of a captive insurance company to provide protection for a range of perils beginning with difficult corporate risks and branching into malpractice.
The new firm, named Assurex Global Reinsurance, Ltd., was announced by Columbus, Ohio-based Assurex's Global Board Chairman Greg Collins, president of Seattle-based Parker, Smith & Feek, an Assurex Global Partner.
A captive is an insurer formed by a corporation to insure the risks of the owner and/or closely related third parties. Captives provide alternative funding mechanisms to commercial insurance markets.
"The formation of Assurex Global Re is another example of the entrepreneurial, client-focused nature of our local independent broker Partners around the globe," Mr. Collins said. "They are working side-by-side with their clients?as well as with other Assurex Global Partners?to seek innovative alternatives to risk management and coverage needs."
Assurex Global Re said it is one of a "newer breed" of entities that allows for multiple captives, which are segregated cells for insuring heterogeneous or industry-specific groups.
Mr. Collins said the captive will be client focused, "providing group solutions for the corporate clients of our independent broker partners"
"The initial cell will be focused on heterogeneous corporate clients, who are dedicated to proactive management of their insurance needs. Future cells are expected to address more difficult commercial classes, such as medical malpractice, assisted living, California workers' compensation, small commercial accounts and construction," he said.
Assurex Global Re will be based in Bermuda and managed by HSBC Insurance Solutions Limited, an Assurex Global Partner located in Bermuda.
Discover Re Managers, the alternative risk subsidiary of the St. Paul Insurance Group, will underwrite the first program to be reinsured by the company. Innovative Risk Management, based in Irving, Texas, will provide program management services. Claims will be managed by The Frank Gates Service Company, Columbus, Ohio.
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