Increasingly, we find that alternatives to insurance make better sense for many of our business clients. With 5,000 captives and risk retention group worldwide and growing, we expect this trend to continue. In order to ensure that TIS remains a leader in this specialized area of risk innovation, we created the Alternative Risk Division. Through this division, we design, implement, and manage captives, risk retention groups, and self insured trusts.
When To Explore Alternatives
As a general rule, we find that if a business is spending in excess of $500,000.00 for any one-line of liability insurance coverage (general liability, business automobile, or worker’s compensation), then exploring an alternative to insurance is appropriate.
Why to Explore Alternatives | The Potential Benefits
A few of the potential benefits for captives and other alternatives include:
- Stabilization of premium levels so that you are no longer subject to insurance market cycles;
- Ability to customize your insurance coverages to your specific needs;
- Underwriting flexibility to provide coverage where unavailable or cost prohibitive;
- Control over your claims management process;
- Realization of the investment income produced on premiums and capital;
- Access to the worldwide reinsurance market;
- Tax advantages in certain situations;
- Accumulation of funds which can be used to offset future premiums or be returned to the policyholder as dividend.
How to Get Started
If you would like to know whether an Alternative Risk Program is right for your company, engage TIS to perform a feasibility study which will develop the information needed to make an informed decision.
The TIS Advantage
Selecting a firm to manage this type of project requires serious consideration and evaluation. TIS will deliver what others cannot including:
- The Big Picture: TIS can manage your entire risk program, not just those coverages that fit within the alternative market. Because of this broad perspective, the management of your entire risk program will be integrated. The result? Together we can identify opportunities to maximize the value of your captive or other insurance alternative.
- Being Covered: TIS delivers its multi-industry expertise to advise you on coverage design and solutions. By applying this expertise to the coverage design of your alternative program, we will present to you options and recommendations. Traditional captive managers, on the other hand, ask you to guess which coverages are right for you.
- Independence: TIS is an independent agency and not affiliated with any other captive managers, actuaries, underwriters etc. Therefore, we have the ability to partner with the best possible service providers that will fit with your industry and alternative risk program. Whether it is choice of domicile, captive management firm or actuary, we can choose who to partner with based on their experience and expertise in your particular field. In addition, by remaining independent and utilizing independent service providers, we can ensure that the proper checks and balances are in place for your alternative risk program.
Find out more
For more information on our Alternative Risk Division, please This e-mail address is being protected from spambots. You need JavaScript enabled to view it or call us at (865) 470-3765
