Willis Towers Watson (WTW) has launched Homestead Insurance Company Incorporated Cell, a group captive solution designed for upper middle market companies.
The new proposition will reinsure The Hartford, which in turn will issue admitted insurance policies to selected members for the group programme.
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The Hartford middle and large commercial head Mo Tooker said: “We’re excited to partner with Willis Towers Watson on this captive solution.
“We understand the needs of midsize businesses and how critical it is to take a flexible and consistent approach in managing risk to create better economic outcomes for clients.”
Through this programme, companies can buy insurance products in a cost-efficient way over a five-to-10 year period.
The programme will also allow members to keep the underwriting profit that is otherwise retained by insurance companies.
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By GlobalDataHomestead members will benefit from up-front premiums, and long-term cost that will be much less than traditional programmes, subject to maintaining good loss experience.
Additionally, the programme comes with opportunities for additional savings through dividends, better handling of claims, and control over all administrative decisions of the group programme.
WTW middle market and specialty broking head Jim O’Connor said: “Homestead is another valuable risk transfer option, in addition to our industry-specific differentiated broking solutions strategy, that provides unique advantages to our clients beyond standard risk transfer.”
