Artex forms group captive for transportation
Artex Risk Solutions, which has operations in Bermuda and is Bermuda:Re+ILS’s Company of the Month for March, has launched a group captive for the transportation sector.
The captive, which will provide coverage for workers’ compensation, auto liability and auto physical damage, is designed to address risks for transportation, trucking for hire, convenience store operators and petroleum marketers.
“The US transportation industry has experienced pockets of reduced insurance and risk management options in recent years due to labour shortages, supply chain challenges and a distressed insurance market,” said Martin Hughes, executive vice president, specialty risk transfer for Artex in North America. “The new group captive addresses a need for alternative risk solutions in the space.”
Artex Risk Solutions is the captive consultant and manager of the vehicle and will also provide claims advocacy services. The insurance providers are Midwest Employers Casualty/Carolina Casualty, both member companies of Berkley while claims administration and loss control will be managed by Gallagher Bassett and Carolina Casualty.
Artex said the objectives of the programme are to provide the participant owners with the ability to take control of their insurance programme through quality claims and loss control services, to retain underwriting profits and investment income and to reduce the cost of insurance.
“By joining together to create true sharing of risk, group captive participants have the ability to control and stabilize the cost of insurance over time,” Artex said.
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