Industry News
Group Captives May Be Contractors’ Solution to Rising Insurance Premiums
Author, Sam Clayton, Vice President, Construction Group, Rancho Mesa Insurance Services, Inc.
Over the last few years, contractors have started to see rate increases on multiple lines of coverage within their insurance program. And, the difficulty insurance companies are having in the property market, especially here in California with the wildfire risk, has been pretty well publicized. We have seen both homeowners and commercial landlords forced away from the standard property market and into surplus lines, or, worst case scenario, the California Fair Plan. We are also seeing commercial auto policies come under pressure due to increases in litigation, costs to repair vehicles and social inflation.
Artisans Captive – Risk Control Workshop Recap
Author, Amber Webb, Account Executive, Rancho Mesa Insurance Services, Inc.
On January 20th and 21st of 2022, Captive Resources hosted the Artisans Captive Risk Control Workshop at The US Grant in San Diego, CA. The workshop was intended for all Artisans’ risk and/or safety mangers, human resources, claims managers, supervisors, owners, brokers and any others who wished to attend.
Three Signs You’re Ready for Captive Insurance
Author, Kevin Howard, Account Executive, Rancho Mesa Insurance Services, Inc.
As a business owner, you might hear about group captive insurance but are unsure whether or not it would be a fit for your business model. With auto rates rising dramatically and property and casualty premiums poised to shift upwards over the next 5 years, exploring a group captive could benefit your business. A group captive could help you potentially recover more than 60% of your premiums, generating substantial returns on your investment in safety.
Group Captive Insurance 101
Author, Sam Clayton, Vice President, Construction Group, Rancho Mesa Insurance Services, Inc.
The property and casualty market over the last decade has been what we consider “soft.” Overall, insurance premiums have remained relatively flat, or in the case of workers’ compensation rates have decreased considerably. However, we are seeing significant pricing pressure in commercial auto. In the next few years we expect to see the same pressure in workers compensation. One alternative risk financing strategy that you may want to consider before the coming hard market is a member-owned group captive.