R.D., Controller of a privately held Pennsylvania-based $150 million construction firm, initiated a review of all the firm’s providers in 2017. Insurance brokers were asked to complete a comprehensive RFP.
One of the areas the Controller looked to improve was the construction company’s risk mitigation efforts with the possible use of captive insurance. She traveled to the Cayman Islands to gather more information of this potential risk mitigation tool.
After deciding that a captive plan met the construction company’s goals, R.D. conducted due diligence of 3 captive insurance consulting firms. The construction company selected Capterra Risk Solutions based on its comfort with the team. The construction firm recognized that there are various risks in any business decision, but R.D. is confident that Capterra is a talented partner constantly working to keep the captive in compliance.
R.D. commented that the captive plan provides the following benefits for their Company:
- Helps risk mitigation as captive covers previously uncovered risks
- Creates potential to capture underwriting profits with strong loss mitigation techniques
- Builds awareness of potential claims, risks, and exposures, resulting in improved operations
“Our expectations of launching the captive have been exceeded. The Capterra Risk team keeps us updated on changes in captive regulations and squarely within compliance with the Tennessee Department of Commerce & Insurance.
“We like that Capterra is appropriately cautious. And they encourage us to get involved with activism.”
R.D., Controller, Pennsylvania based Construction Firm