Unlocking Cost-Effective Insurance Solutions: Captive Growth and Employee Benefits Strategies

Property & Casualty

Captive growth is expected to continue, with the number of newly formed captives in states like Vermont, Utah, and Montana seeing substantial increases. Vermont, the largest U.S. captive domicile, licensed 26 new captives by May 2024, with more expected to be licensed this year. (IRMI) U.S. Captive Insurance Growth Surges in 2024.

This sustained growth means our Captives Vertical has been busy working with qualified companies looking for more cost-effective solutions for their insurance needs. “We work with all types of industries, from contractors, transportation, agriculture to manufacturing, and financial institutions,” says Nick Napolitano, AssuredPartners National Captives Practice Leader. He adds, “When there isn’t an easy answer, that’s when we get to work. The expertise of our team is its strength, and we welcome a challenge!”

Our P&C Captives Team has the resources to find or create solutions to all types of insurance challenges. Whether finding coverage for hard-to-place industries or providing processes for better risk management, the Captives Vertical Team has been instrumental in bringing in new businesses while shoring up larger accounts and helping retain existing clients.

Employee Benefits

Benefits costs per employee are expected to rise about 5.4% in 2024 (Employer Healthcare Coverage to Rise in 2024, Survey Shows | Kiplinger). Our Employee Benefits Captive Team is aware of this and other pain points employers have regarding their benefits plans.

Geoff Christian, MBA, CWCC, Benefits Captive Leader at AssuredPartners, says, “After listening to employer after employer talk about rising costs of benefit plans, our team knew there had to be a way to provide some relief.” That’s why we decided to develop a better plan and recently launched Amplify, an exclusive employee benefits captive designed to offer businesses unparalleled control, data transparency, and better cost efficiency.

Christian adds that Amplify is tailored for companies with 50 or more employees to move beyond traditional fully insured or level-funded options and embrace a captive model that rewards strong claims performance and helps keep fixed costs level. Through the hard work of the EB Captives Team, Amplify already has hospital systems, engineering, and healthcare technology companies located throughout the Midwest. The companies transitioned from a partially self-funded or fully insured plan or from another captive to Amplify. The EB Captives Team’s support and dedication to helping clients find the right care that focuses on better outcomes for employees is key to the plan’s success.

Alternative Strategies

Another solution developed by the Alternative Strategies Team is to help property management administration of the Tenancy Credit Reporting Bill AB 2747. The Bill states that if you are a California landlord or property manager, you will now be required to offer positive rent reporting to your residents at a price of no greater than $10.00 for the service, effective April 1, 2025. “AssuredPartners is getting ahead of the curve by partnering with Foxen to offer all current clients and prospects in the multifamily space its rent reporting product, Rentistry,” says Sarah Creighton, VP of Alternative Risk Strategy. Implementing this product enables property owners and operators to:

• Report on-time payments to all three leading credit bureaus: Transunion, Experian, and Equifax
• Offer an amenity to renters that helps them build a credit tradeline and significantly improve their credit scores
• Offer rent reporting to all eligible residents on a lease, including heads of household and roommates
• Customize the program to your exact specifications

Ready to explore innovative insurance solutions tailored to your business? Whether you're seeking cost-effective captives, smarter employee benefits strategies, or property management solutions, our team of experts is here to help!