Captive Insurance Solutions
Where cost-savings meets enhanced control
Your Guide to Group
Captive Insurance
Find freedom from traditional insurance
Discover the benefits of joining forces with other businesses through Flatlands Jessup’s group captive insurance solutions. By being part of a group captive, which is essentially a shared insurance program, your business can share risks and resources with like-minded companies, leading to potentially lowered costs and more control over your insurance.
Understanding Captive Insurance
Explore the benefits of captive insurance and discover how Flatlands Jessup's approach to captives helps empower businesses through increased control over their insurance outcomes.
What is Group
Captive Insurance?
Group captive insurance represents a strategic opportunity for businesses to take charge of their insurance costs. In this insurance model, multiple companies come together to own and control their own insurance company.
As members of this captive insurance entity, businesses gain significant control over insurance variables, including risk management and claims processing.
Types of Group Captives: Homogeneous vs. Heterogeneous
There are two primary types of group captives:
Homogeneous Captives: Members are from the same industry, often creating a robust framework for addressing industry-specific risks.
Heterogeneous Captives: Comprising companies from various industries, these captives benefit from a diversification of risk, which can lead to more stable and reduced insurance costs over time.
Forming a Captive Insurance Company
Starting a group captive involves careful consideration of your current insurance strategies followed by an actuarial analysis to determine potential savings and benefits. If qualifying criteria are met, our team collaborates with you to connect with suitable partners to form a robust insurance network.
Why Flatlands Jessup?
At Flatlands Jessup Insurance Group, we leverage over 60 years of industry experience to navigate complex insurance landscapes like captive insurances. Our approach integrates cutting-edge technology with a personalized touch, ensuring that your journey towards group captive insurance is smooth and tailored to your specific needs.
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Our Commitment to You:​
Professional Guidance
With decades of experience, we provide insights that help you understand and leverage captive insurance to its fullest potential.
Technology Solutions
Our investments in technology mean you get state-of-the-art solutions that enhance your insurance experience.
Best-in-Class Customer Service
At Flatlands Jessup, every client is a priority. We are dedicated to delivering exceptional service that addresses your unique business needs.
To learn more about the Flatlands Jessup Insurance Group, click here.
How does Group Captive Insurance work?
Unlike traditional insurance, a group captive allows its member companies to have greater control over their insurance costs, coverage and claims management. Here’s a breakdown of how a group captive operates:​
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Customized Premium Pricing
Unlike traditional insurance, premiums in a captive are often based on your own loss history, which can incentivize and reward effective risk management.
Economic Advantages
By pooling risks with other businesses, you benefit from lower overall costs, the potential return of unused premiums, and dividends that reflect your prudent management of claims.
Control and Stability
Group captive insurance puts you in control, allowing for more predictable premiums and tailored coverage options that reflect your business' risks, not industry averages.
Governance by Members
You have a say in governance processes, ensuring decisions align with your interests. The collective nature of a captive means risks are shared across multiple companies, reducing individual costs and exposure.
How Flatlands Jessup is Your Captive Insurance Partner
There are a wide variety of agencies, but only one who checks all the boxes that the team at Flatlands Jessup checks. Hear more about it in the video to the right:
Ready to take control of your insurance costs?
If you're interested in exploring your group captive insurance options for your organization, Flatlands Jessup is here to make it easy. We get to know the risks and priorities of your business, allowing us to align your group captive insurance coverages and risk management strategy with your business's needs.
