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POPSRrg The “Group” part of a Risk Retention Group or rrg often consists of agents and brokers who have a pressing need for a type of insurance that is not readily available in the open market. For example, in many “inner city” areas of the USA, most insurance companies would prefer not to issue automobile liability insurance policies.
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POPSPrivate insurance companies Private insurance Companies like to grow their client rosters. An insurance broker who introduces his client to a Captive manager may be rewarded with a share of the formation fee as well as a share of reinsurance commissions. Economics of Captive Insurance and review the components of An Insurance Premium as well as the Frictional Expenses associated with commercial insurance policies.
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POPSInsurance captive Forming and managing insurance captive is relatively expensive for small companies and relatively inexpensive for larger ones. But the benefits of a Captive are relatively larger for small companies than for large ones. For small to medium size Captives initial formation fees range from about $45,000 up to $75,000 or more. After the Captive is formed it must be capitalized.
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POPSGroup captive Group Captive is formed by Co-ops and especially Farm and Grower Co-ops are a bit different. In those cases, members customarily rely on each other to a large degree. They share the same suppliers, the same weather, the same risks and often the same way of life. It makes good sense for such enterprises to explore the possibilities that Captive Insurance presents to them.
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POPSGroup captives We use the term Multi-Parent to refer to Group Captives and Association Captives. Captives owned by Cooperative organizations also fall into this category. They can save substantial money and they can make insurance available to their membership that might not be available or affordable otherwise.
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