Lieutenant Governor Mary Taylor announced that Imprise Financial PCC Inc. is now licensed as Ohio’s first ‘protected cell’ captive insurance company.
Through its protected cells, Imprise Financial will allow businesses to insure some of their own commercial risks, realize greater control of their risk-management programs, and achieve long-term financial stability.
In June, 2014, Governor Kasich signed into law legislation allowing businesses to form captive insurance companies domiciled in Ohio for their own commercial insurance needs and granting the Ohio Department of Insurance the authority to regulate such captive insurance programs. The protected cell captive insurance structure eliminates market-entry barriers that companies typically face when considering a self-insurance program.
Imprise Financial’s first protected cell will insure certain contractual liability risks of NWAN Inc., a third-party administrator of service contracts and warranties for automobiles, recreational vehicles, and motorcycles.
Captives have become a popular risk-management tool for businesses. Rates charged are based upon the businesses specific loss history instead of a risk pool that may or may not be representative of the actual loss history.
Source: Ohio Department of Insurance
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