March 2025 Edition

This month is shaping up to be a busy one as we close out the first quarter of 2025. With spring on the horizon, I’m especially looking forward to longer days and hopefully, more opportunities for a few late-afternoon rounds of golf.

As we move into March, it’s a great time to revisit the benefits of a Captive for your business or your clients. During my travels, speaking with business owners, P&C companies, and CPAs, I continue to find that many are unaware of the advantages a Captive can offer as a strategic risk management tool.

So, why consider a Captive?

Captives provide a range of benefits, including:

✔ Reduction and Control of Insurance Costs

✔ Supplemental Insurance Coverage

✔ Protection for “Excludable Items”

✔ Customized, Industry-Specific Coverage

If you have any questions about how a Captive can benefit your business, feel free to reach out to me directly at 1-833-US-CAPTIVE (1-833-872-2784) or LPapola@US-Captive.com.

Looking forward to a great spring ahead!

Sincerely,

Larry Papola

Lawrence J. Papola, Jr.

President

LPapola@US-Captive.com

1-833-US-CAPTIVE

(1-833-872-2784)

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Tennessee Captive Insurance Market Continues Strong Growth

The Tennessee Department of Commerce & Insurance (TDCI) has reported its fifth consecutive year of growth in the captive insurance sector, with notable increases in both active cells and risk-bearing entities in 2024.

At the end of 2024, Tennessee licensed 11 new captives and 94 new cells, bringing the state’s total to 182 captives and 657 active cells. This marks a 17 per cent rise in active cells and a 14.7 per cent overall growth in risk-bearing entities compared to the previous year.

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Most Commercial Lines Rates Increased Year over Year, Ivans Reports

According to the Ivans Index, a regular premium renewal rate index compiled by the Ivans insurance exchange service, premium renewal rates for commercial auto, businessowners policy (BOP), general liability, commercial property, and umbrella increased year over year in January 2025, while workers compensation saw a decrease.

Month over month, workers compensation saw an increase in premium renewal rate changes, while commercial auto, BOP, general liability, commercial property, and umbrella experienced decreases, according to Ivans.

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Captive Claim Highlight

Client Profile

Industry: Professional Services

Specialty: Service & Safety Equipment - Aircraft Operators

Location: California

Description: An Insured in the manufacturing industry experienced an error due to employee oversight, where a piece of essential equipment was omitted from a shipped order and unable to be located. With the possibility that the missing item was accidentally placed in another order and potentially affecting product safety, the Insured recalled those items to verify their safety. Through their Captive's Actual Net Loss Insurance Policy "Product Recall Expense" coverage, the Insured was able to recover the associated expenses with shipping and recovering those orders

Line of Coverage: Intellectual Property

This exposure was elected for coverage by the client under their Captive Policy. This resulted in a claim payment amount of approximately $25,000.

*Please note that each claim will undergo an independent investigation and thorough review process. Various components specific to the claim at hand will be assessed thoroughly to determine if the loss is covered by the policy.

Happening This month:

3/3: World Wildlife Day

3/7: Employee Appreciation Day

3/9: Daylight Saving Begins (DST)

3/17: St. Patrick’s Day

3/20: Spring Begins

3/23: National Puppy Day

3/29: Vietnam War Veterans Day

This Month is Observed as:

Women's History Month

National Nutrition Month

Why Form a Captive?

There are numerous potential advantages to forming a captive insurance company. Captive insurance companies are formed for both economic and risk management purposes. By forming a captive insurance company, a business can dramatically lower insurance costs in comparison to premiums paid to a conventional property and casualty insurance company.

Captives 101

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Let our team of experts guide you through the daunting task of selecting the right insurance coverage for you or your business:

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48 South Service Road

Suite 400

Melville, NY 11747

Office: 1-833-US-CAPTIVE

(1-833-872-2784)

Fax: 1-888-929-6565