Assurex Global Reinsurance Ltd., a captive insurance company formed by Assurex Global Partners, LLC announced the formation of a specific cell to provide critically needed risk management and insurance needs to construction industry clients.
The new captive cell was announced by David Nichols, chairman of Assurex Global Partners LLC and vice president with Seattle-based Parker, Smith & Feek, an Assurex Global Partner.
The formation of Assurex Global Construction Risks (AGCR) “provides
contractors with cost-effective, long-term risk management financing
solutions,” Nichols said. “We hope to provide the construction industry with a very viable alternative to traditional commercial markets.”
AGCR is domiciled in Bermuda and managed by HSBC Insurance Solutions (Bermuda) Ltd., an Assurex Global Partner. Zurich American Insurance Company and other subsidiary underwriting companies will underwrite and provide state- of-the art claims management to qualified captive members/insureds. Zurich
Services Corporation will provide loss-control services to the construction clients of AGCR. Innovative Risk Management, based in Irving, Tex., will provide program management services.
Insured contractors of AGCR will be Class C shareholders of this cell
captive. The captive will make available workers’ compensation, general liability, and automobile liability/physical damage coverage for large and middle-market construction firms.
AGCR is the second captive cell formed by Assurex Global Re, according to David Hokanson, managing director of Assurex Global Partners LLC.
The first cell is addressing workers’ comp, general liability and commercial auto risks in the middle market. AG Re anticipates the development of future cells, which all will be based in Bermuda. Transportation, small commercial and home builders are among the various programs under active discussion, according to Hokanson.
Assurex Global Re is one of a newer breed of entities that permits
multiple captives, which are segregated cells for insuring heterogeneous or industry-specific groups.
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