Pleiades given captive award by CICA

Bermuda-based Pleiades Insurance Co has been given the 2016 CICA Outstanding Captive Award by the Captive Insurance Companies Association (CICA) at its international conference.

The conference took place from March 6-8 at the Westin Kierland in Scottsdale, Arizona.

The Outstanding Captive Award is presented to a captive insurance company or risk retention group that has shown creative uses for a captive, been successful in managing the captive in terms of net results and usefulness to its owners, has prevailed over difficult times or situations, and has gained acceptance, recognition, and a positive reputation among rating agencies, regulators and colleagues in the captive industry.

Pleiades Insurance Co is wholly owned by Subaru of America, and was incorporated in Bermuda in 1988. During its 27 years of operation, Pleiades has consistently responded to the needs of Subaru, growing both the range of insurance business written and its value to its shareholders, according to CICA.

Originally Pleiades provided only auto liability, workers’ compensation, general liability, and product liability coverages. Over the years, Pleiades has increased both lines of coverage and premium volumes. It now writes coverages for Subaru dealerships, along with mechanical/extended warranty lines of business, along with other business lines and employee benefit coverages. Pleiades has been inducted into the Bermuda Captive Hall of Fame.

Mary Harrington, Pleiades director and vice president, attributes Pleiades success to the company’s value for thinking outside the box and commitment to Pleiades as an integral part of the business.

“The captive is an integral part of our risk management programme and we’re always looking for new ways to use it,” Harrington said.

Harrington has been involved with Pleiades since its incorporation in 1988 and says creativity has helped them to expand their captive, which even provides coverage for customers.