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OLDWICK - AUGUST 14, 2017 12:41 PM (EDT)
In this A.M.BestTV episode from the Vermont Captive Insurance Association (VCIA) Conference in Burlington, VT, panelists say their insureds focus on service, support and claims handling, which helps keep business flowing despite competitive pricing in the traditional market. Click on http://www.ambest.com/v.asp?v=vcia4817 to view the entire program.
Panelists said the advantages of a captive outweigh the competitive pricing found in the marketplace.
“It definitely makes sense to have a captive today,” said Kevin Jones, vice president, Iron Horse Insurance Company (a subsidiary of Chevron Corporation). “Regardless of the market, we still need that captive as a vehicle to implement our risk retention and risk management philosophies throughout the company, since we are somewhat resistant to the changes in the insurance market.”
Colin Donovan, president, STICO Mutual Insurance Co. (a Risk Retention Group), and Pamela Davis, founder, president and chief executive officer, Nonprofits Insurance Alliance Group, said they believe captives do many things better than the traditional market.
“Our retention rate is in the high 90s, and has been for years, so our members get it. They have seen us in action. If they have had a claim, they have seen how we approach it,” said Donovan.
“For almost 30 years, my company has served only 501(c) (3) non-profit organizations,” said Davis. “Our only mission is to support the non-profit sector and we are continuing to grow in this soft market.”
For full video coverage of the VCIA conference, including exclusive executive interviews, visit www.ambest.tv/vcia17.
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