Hub International has launched an exclusive member-owned group captive insurance solution for hospitality industry.

The captive insurance solution, according to the company, is designed to enable hospitality clients and prospects to gain better insight into exposures and risks and “to turn that knowledge into cost savings and rewards”.

The captives, which can be used an alternative to conventional insurance, allows companies to retain the benefits of their good risk management practices, instead of paying the benefits to independent insurance firms.

The insurer said that the solution will allow clients to earn back as much as 60% of their insurance premium.

Additionally, the solution will provide control over insurance operations, such as underwriting, claims management, and investments.

HUB Hospitality Specialty practice leader Kevin Eggleston said: “HUB’s Hospitality captive allows qualified members the ability to turn insurance cost into a future income stream, especially the best-in-class hospitality operators who historically manage their risks well.

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“The captive is for our clients with a solid safety culture who desire greater control in how their claims are handled and want to turn their insurance premium into an investment opportunity.”

The captive includes tailored insurance solutions and risk services for workers’ compensation, general liability, liquor liability, auto liability and auto physical damage as well as claims management and advocacy services.