A major association representing association executives is now utilizing its captive insurance company to market an insurance package to its members.
The American Society of Association Executives formed a captive insurance company in the District of Columbia in 2003. In Julyof this year, ASAE began marketing an Association Office Package Policy program to its members. The program is fronted by Great American Insurance Company and provides property, liability, automobile and workers’ compensation insurance to ASAE members.
ASAE is a membership organization of 22,000 association chief executives, staff professionals and industry partners, representing nearly 11,000 organizations. Members manage trade associations, individual membership societies and voluntary organizations across the U.S. and 50 countries around the globe, as well as provide products and services to the association community.
D.C. officials are happy the captive is now operating.
“Association business is a critical segment to the District’s future growth in captive insurance. DISB is pleased with this development,” said DISB Commissioner Thomas E. Hampton.
ASAE and its consultant, Beecher Carlson Insurance Services, chose the District as the the jurisdiction to launch ASAE’s property and casualty captive insurance member program.
DISB has been regulating captives since 2000, and has licensed 64 companies since then.
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