REDUCE TOTAL COST OF RISK
Membership in a captive requires a significant commitment to risk management. Rather than a conventional insurance company profiting from the member’s superior financial condition and risk management programs and using those profits to subsidize the premiums of other less attractive companies, members of the captive can reduce their cost of risk when losses are less than projected.
Having members included in the claims process yields a much
better result than dictating claim outcomes.
STABILITY OF THE PRICING CYCLE
With the group captive's buying power, there is less exposure to market pricing, so the captive avoids the disruptive underwriting cycles in the traditional marketplace.
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MILLION TOTAL PREMIUM
Big Rig Insurance Ltd. (BRIL) was created in 2016 to enable commercial trucking companies to obtain adequate insurance coverage at affordable rates and to be treated as a partner in the overall risk management process. The founders of the BRIL perceived that the commercial insurance industry was not responsive to this basic commercial necessity. The Cayman Islands were selected as the domicile because of the offshore, on-island services available. The close proximity to the United States, English law and a stable political setting were also factors.
BRIL believes that its management strength lies in its strong individual involvement by shareholders during semi-annual board meetings. It is anticipated that committees will be established and that the Board will rely on the recommendations of these Committees to establish policies. Day-to-day management will be provided by BRIL’s licensed off-shore Insurance Manager. New shareholders will be recommended through the New Member Committee and the Executive Committee, which has already been established.
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171 Elgin Avenue, PO Box 10233
Willow House, Cricket Square, GeorgeTown
Grand Cayman KY1-1002, Cayman Islands