Assurex Global, the Columbus, Ohio-based risk management and commercial insurance brokerage group, announced the formation of Assurex Global Reinsurance, Ltd., a captive insurance company, located in Bermuda, which it has established to “provide critically needed risk management solutions to corporate customers around the world.”
Board Chairman Greg Collins, president of Seattle-based Parker, Smith & Feek, an Assurex Global Partner, said in a written statement: “The formation of Assurex Global Re is another example of the entrepreneurial, client-focused nature of our local independent broker Partners around the globe. They are working side-by-side with their clients-as well as with other Assurex Global Partners-to seek innovative alternatives to risk management and coverage needs.”
The group’s bulletin described Assurex Global Re as “one of a newer breed of entities that allows for multiple captives, which are segregated cells for insuring heterogeneous or industry-specific groups. [Ed. Note: In Bermuda they are referred to as “Segregated Account Companies (SAC’s), and are similar in function to “rent a captives.”]
Collins indicated that “Assurex Global Re will be client focused-providing group solutions for the corporate clients of our independent broker Partners. The initial cell will be focused on heterogeneous corporate clients, who are dedicated to proactive management of their insurance needs. Future cells are expected to address more difficult commercial classes, such as medical malpractice, assisted living, California workers compensation, small commercial accounts, and construction.”
The company will be “managed by HSBC Insurance Solutions (Bermuda) Limited, an Assurex Global Partner,” said the announcement. “Discover Re Managers, the alternative risk subsidiary of the St. Paul Insurance Group, will underwrite the first program to be reinsured by the company. Innovative Risk Management, based in Irving, Texas, will provide program management services, while claims will be managed by The Frank Gates Service Company, Columbus, Ohio.”
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