National Interstate Insurance Company, a specialty transportation insurance writer and a subsidiary of Great American Insurance Co., introduced Calypso, a new rental captive insurance program for passenger transportation fleet risks.
According to National Interstate, the program, designed with successful, mid-sized fleet operators in mind, provides the benefits of group captive participation, which were previously available only to consolidators or the largest independently owned risks. All traditional insurance coverages are offered from one source, the fleet operator’s insurance broker, reducing the potential for gaps in coverage and the timing issues associated with multiple billing programs.
In addition, Industry standard coverage forms with coverage extensions and limits are provided. Calypso requires no capital contributions or long-term commitments. Premiums are payable in four quarterly installments spaced equally throughout the policy term.
All Calypso policies feature a common expiration date. National Interstate further notes that Calypso and the TRAX captive insurance program (a member-owned group captive designed for larger fleet operators with annual insurance premiums of $250,000 or greater) are the only group captive insurance programs designed exclusively to serve the passenger transportation industry. Calypso was designed to serve fleet operators with annual insurance premiums for all coverages totaling $100,000 or more.
The company states that both group captive programs provide customized coverages; enhanced services (loss control and claims interaction capability); and a relative freedom from fear of non-availability of coverage or capacity. Also emphasized is that the return of unused premiums and investment income are key financial benefits of both Calypso and TRAX.
National Interstate estimates that the captive community today stands at over 4,100 entities, accounting for more than $21 billion in annual premiums and $54 billion in total capital and surplus. National Interstate’s home office is in Richfield, Ohio, and the company has other offices in Texas, North Carolina, California Hawaii, Nevada, Georgia Connesticut.
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