Hanover Stone Partners, a risk management services firm, and USA Risk Group, an independent captive management firm, have collaborated to offer captive management, governance and related services to businesses and other commercial entities. The two firms will provide a full range of alternative risk financing activities, including using captives to self-fund U.S. employee benefits.
“Captive formations and utilization continue to expand as businesses find new uses for captives – especially given the current drive to self-fund employee benefits under the U.S. Affordable Care Act, as well as their ongoing involvement in property-casualty programs to increase retentions, fill gaps in insurance programs, and address complex and emerging risks,” said John J. Kelly, managing partner, Hanover Stone Partners.
Kelly added the partnership allows the company’s to help clients widen their use of captives to fund employee benefits along with all aspects of their captive insurance planning, management, program development, and governance.
Gary Osborne, president of USA Risk Group, said working with Hannover Stone Partners will deepen its capabilities and complement its existing captive and alternative risk services.
Hanover Stone Partners has nearly 50 senior risk advisors and 30 partner firms, including USA Risk Group, located throughout the U.S. Together with members of the firm’s specialty practice, Hanover Stone CaptiveGuard, they offer a suite of advisory services to help commercial clients with the development and implementation of alternative risk funding strategies, including captive insurance feasibility, domicile evaluation, actuarial and underwriting management, performance reviews, governance, and insurance regulatory compliance.
Established in 1981, USA Risk Group manages captives in 20 domiciles. The firm provides a full range of products and services encompassing every aspect of alternative risk management — from initial consulting, to program structuring and formation, to ongoing administration and regulatory compliance.
USA Risk Group has captive management operations in Arizona, Barbados, the British Virgin Islands, Grand Cayman, Malta, South Carolina, Tennessee and Vermont, managing companies in 20 domiciles.
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