Professionals Group Inc., based in Okemos, Mich., has formed a facility to offer alternative risk products through its insurance subsidiary, ProNational Insurance Company.
The newly formed Bermudan insurance company, Professionals National Insurance Company Ltd., will be used as a rent-a-captive facility for core business in the health care professional liability arena. With the combined resources of Professionals Group, clients can access a full range of alternative risk transfer solutions.
The rent-a-captive concept gives clients the benefits of a captive insurance company without the up-front costs and capital investment required in forming their own captive. By participating in a rent-a-captive, organizations can share in the underwriting results and the investment income generated by their insurance premiums.
Since ProNational is a leading underwriter of professional liability coverages, it will offer clients risk sharing on alternative risk business. ProNational will maintain focus on its core markets of physicians, dentists and lawyers while targeting specific states for alternative risk transfer opportunities.
Professionals National was capitalized and created under special legislation by the Bermudan government. The newly formed company provides segregated cell protection through a special legislative process.
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