Yes, we have a heterogeneous Group Captive called PB Captive that is currently looking for Members. It is domiciled in the Cayman Islands and is targeted for larger middle market accounts that are looking to join a captive. It acts like an A fund /B fund captive with Berkley Risk providing the excess and aggregate protection.
We also have an auto program that is reinsured by an agency-owned captive on a quota share basis. Berkley Risk provides A+ paper, underwriting, claims and risk control expertise to the Captive.
We support new or existing agency-owned, group or association Captives that are in the need for A+ carrier paper and want a partner to pass some of the risk to.
The appropriate Captive Manager will depend on jurisdiction; we can discuss.
Berkley Risk can work with numerous captive domiciles; the right domicile will depend on your goals for the Captive and long term plans.
We are a full service insurance company offering all services which include underwriting, risk control, accounting, reinsurance placement and claims. We prefer to provide the services, however, will contemplate third party vendors if necessary.
Berkley Risk prefers to keep the underwriting in house; we will work with the captive partners to define the underwriting “box” to guarantee a seamless approach to underwriting.
Each individual deal is unique. The financial strength of the partners, the severity of the risk, the length of the claims development are all part of the security requirement. In general the security will be between 1.25 - 1.50 of the ultimate expected annual loss by year.
Each individual deal is unique. The services provided, the length of the claim development, the compensation to agents/brokers, and the limits being provided will all affect the expense ratio. In general the expense ratio will be in the high 20’s to low 30 percent range.
Berkley Risk is not looking to be a pure front for any type of captive arrangement. Berkley Risk wants to partner with the captive owners to provide paper, services and capacity.
Berkley Risk has access to three different W.R. Berkley papers all with A+ or better ratings.
Berkley Risk specializes in casualty lines of coverage. We are looking to add volume in the Workers Compensation, General Liability and Automobile Liability lines of business.
Berkley Risk prefers to be a part of the primary limits. Working with the captive to provide the primary limits and then helping the captive to place excess limits in the reinsurance marketplace.
Your idea or group, a pro forma or 5 to 10 years of data on an existing captive or group of business and 5 – 10 years of exposure and loss data.