CIC Services is excited to introduce a new captive insurance program that will truly be a Game Changer, opening the door to captive ownership for companies that would otherwise not be large enough to consider replacing their commercial insurance through a captive. Designed with the small and middle market businesses in mind, the CICS Bundled Program allows an insured business to reinsure their current commercial insurance premiums and retain up to 40% of the premium/risk and retain their existing insurance broker all without sacrificing coverage.
What is Captive Insurance?
Captive insurance is a formal method of self-insurance and enables businesses and business owners to participate in risk and keep all or a portion of insurance profits. Underwriting profit can be invested and carry over from year-to-year, making the captive stronger financially and helping to control the cost of traditional insurance. Captives can often receive favorable tax treatment to help them quickly accumulate assets and loss reserves.
What is the CICS Bundled Program?
The Bundled Program makes a captive insurance company a viable option for many mid-market companies that may have previously not been candidates for a captive program. Operating in concert with an A+ rated carrier, experienced underwriters, and third-party actuaries, the CICS Bundled Program allows a business to own a captive insurance company without the high transactional costs and minimums that have typically closed the door to self-insurance for smaller companies. Businesses that participate in the Bundled Program are not required to purchase a fractional share of an already established group captive. Each participating business owns and controls 100% of their individual captive insurance company.
How Does the CICS Bundle Program Work?
The CICS Bundled Captive Insurance Program is a game-changing program for both the insured businesses and their insurance brokers. Outside of the occasional claim payment, traditional insurance is typically a “sunk cost” for well-managed businesses -premiums paid are usually gone forever. Commercial insurance rate increases also cause frustration for business owners as they often experience rate increases even when they have low or no claims – subsidizing the poor performance of the market with their good loss performance.
The CICS Bundled Program has been designed to match rate, limits, and policy language for existing commercial insurance policies. The insured business/captive owner is then able to retain anywhere from ~10% to 40% of their premiums and risk, selecting whichever amount they desire. Policies and certificates of insurance are issued by the A+ rated carrier who also provides integrated reinsurance, protecting the captive insurance company and business owner from catastrophic loss.
As the captive is wholly owned by the business owner, they also retain 100% of the underwriting profit (premiums received, fewer claims and expenses) significantly reducing the net cost of the businesses’ insurance program.
Who is A Good Fit For Our New Captive Insurance Program?
Does your business have proactive risk management and loss control program?
Do you continue to pay increasing commercial insurance premiums with a low claims experience?
Does your business pay a total of at least $250,000 in combined property and casualty premiums?
If you answered yes to the questions above, your business could be a perfect fit.
Bundled Program = Game Changer
The Bundled Captive Insurance Program is a revolutionary program for small and middle market businesses:
- Same Coverage Language and Limits
- A+ rated fronting and reinsurance included
- Reduce Net Premium Spend Up To 40%
- Client Retains 100% Insurance Profits
- Creates Investable Loss Reserves
- Keep Your Insurance Broker
How Do I Get Started?
Contact CIC Services today and we’ll perform an initial no-cost analysis of your current insurance program to help you determine if owning a captive insurance company through the CICS Bundled Program is right for you and your business.
Change the game. Take back control and keep your hard-earned premium dollars. Contact CIC Services today!