A Florida workers’ compensation insurer has reached a deal with a California company to underwrite its workers’ compensation policies through its Florida agency-owned captive program.
Zurich Financial Services Group recently announced that through its wholly-owned subsidiary, Zurich American Insurance Co., it plans to aggressively expand its share of Florida’s captive insurance market by using Patriot National Insurance Group’s agency force.
“We are continually looking for ways to further assert ourselves as a captive solutions provider and the agreement with Patriot allows that,” said Rod DeMaso, head of captives for Zurich’s Programs & Direct Markets Unit.
Under the program, the Fort Lauderdale, Florida-based Patriot Preferred Agency Captives will act as program administrator responsible for all underwriting and claims services. Acting as a captive program, instead of just marketing the risk to an insurer, agencies can reinsure the risk through an affiliated company. They can also act as risk managers, staff their own claims departments, and negotiate deductibles or reinsurance as need be.
Patriot National introduced its agency-owned captive platform in 2009 and says that in two years it has surpassed $100 million in annual workers’ compensation premium.
Patriot National current’s captive business is run through two subsidiaries. The Fort Lauderdale, Florida-based Guarantee Insurance Co. specializes in large deductible policies, segregated cell portfolio captives, and agency-owned captives.
The insurer has a similar relationship with the Washington, D.C-based Ullico Casualty Insurance Co.
Topics Florida Workers' Compensation
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