Captive & Alternative Risk Insurance Programs
Know the possibilities. Our team of Captive Insurance and Alternative Risk Professionals are experts in custom variable cost programs that provide the flexibility and rewards of insurance ownership.
Leading the Way With Captive & Alternative Risk
Canopy Insurance is at the forefront of Captive and Alternative Risk product offerings. We have strategically partnered with the largest Captive Managers in the marketplace to provide greater access for our clients. Our consultative approach to Captive and Alternative Risk placement ensures that we can assist our clients to find the right fit the first time.
Today there are over 7,000 captive insurance companies registered and licensed in more than 70 domiciles around the world.
The alternative insurance market, which includes captive insurance companies, has been rapidly expanding with many domiciles experiencing double-digit growth in 2021. It comes as no surprise that many companies today are facing a variety of challenges that may affect their bottom line.
Companies that are financially sound, with sufficient insurance premium and a focus on risk management, and that are driven by an interest in financing assumed risk positions, are ideal candidates to consider a captive.
The primary drivers for companies to evaluate the effectiveness of a captive insurance company as part of their enterprise risk management program include the following:
- Increased premiums and reduced capacity due to a hardening market
- Lack of control over risk management and claims handling
- Lack of availability of certain coverages in the traditional commercial insurance market
- Increased retentions
Benefits of Captive & Alternative Risk Programs
- Potential to capture unearned underwriting profits
- Greater control of claims management
- Flexibility in coverage
- Long-term pricing stability
- Greater protection from marketplace conditions
- Ability to gain investment income on premiums
What is a Captive?
A captive is an insurance company that is owned by the businesses it insures to give more control, reduce risks and increase the potential for profits.
Single Parent Captive
A single parent captive, also known as a pure captive, is owned and controlled by one organization and formed as a subsidiary of that organization.
A group captive, also known as a sponsored captive, is an insurance company owned and controlled by its members.